Prophesying the Short-Term Dynamics of the Crude Oil Future Price by Adopting the Survival of the Fittest Principle of Improved Grey Optimization and Extreme Learning Machine

Crude oil market analysis has become one of the emerging financial markets and the volatility effect of the market is paramount and has been considered as an issue of utmost importance. This study examines the dynamics of this volatile market of crude oil by employing a hybrid approach based on an extreme learning machine (ELM) as a regressor and the improved grey wolf optimizer (IGWO) for prophesying the crude oil rate for West Texas Intermediate (WTI) and Brent crude oil datasets. The datasets are augmented using technical indicators (TIs) and statistical measures (SMs) to obtain better insight into the forecasting ability of this proposed model. The differential evolution (DE) strategy has been used for evolution and the survival of the fittest (SOF) principle has been used for elimination while implementing the GWO to achieve better convergence rate and accuracy. Whereas, the algorithmic simplicity, use of less parameters, and easy implementation of DE efficiently decide the evolutionary patterns of wolves in GWO and the SOF principle updates the wolf pack based on the fitness value of each wolf, thereby ensuring the algorithm does not fall into local optimum. Furthermore, the comparison and analysis of the proposed model with other models, such as ELM–DE, ELM–Particle Swarm Optimization (ELM–PSO), and ELM–GWO shows that the predictability evidence obtained substantially achieves better performance for ELM–IGWO with respect to faster error convergence rate and mean square error (MSE) during training and testing phases. The sensitivity study of the proposed ELM–IGWO provides better results in terms of the performance measures, such as Theil’s U, mean absolute error (MAE), average relative variance (ARV), mean average percentage error (MAPE), and minimal computational time.

Healthcare Operations and Black Swan Event for COVID-19 Pandemic: A Predictive Analytics

COVID-19 pandemic has questioned the way healthcare operations take place globally as the healthcare professionals face an unprecedented task of controlling and treating the COVID-19 infected patients with a highly straining and draining facility due to the erratic admissions of infected patients. However, COVID-19 is considered as a white swan event. Yet, the impact of the COVID-19 pandemic on healthcare operations is highly uncertain and disruptive making it as a black swan event. Therefore, the study explores the impact of the COVID-19 outbreak on healthcare operations and develops machine learning-based forecasting models using time series data to foresee the progression of COVID-19 and further using predictive analytics to better manage healthcare operations. The prediction error of the proposed model is found to be 0.039 for new cases and 0.006 for active COVID-19 cases with respect to mean absolute percentage error. The proposed simulated model further could generate predictive analytics and yielded future recovery rate, resource management ratios, and average cycle time of a patient tested COVID-19 positive. Further, the study will help healthcare professionals to devise better resilience and decision-making for managing uncertainty and disruption in healthcare operations.

Optimization of extreme learning machine model with biological heuristic algorithms to estimate daily reference crop evapotranspiration in different climatic regions of China

• Hybrid ELM models (PSO-ELM, GA-ELM and ABC-ELM) were proposed for estimating ET 0 in different climate zones of China. • PSO-ELM model had the highest accuracy, followed by GA-ELM and ABC-ELM. • Hybrid ELM models outperformed standalone ELM and empirical models in different climate zones. • PSO-ELM model with T max , T min and RH obtained accurate ET 0 estimates in TCZ, SMZ and TMZ. • PSO-ELM model with only T max and T min was better performance on ET 0 estimates in MPZ. Accurate prediction of reference crop evapotranspiration (ET 0) is important for regional water resources management and optimal design of agricultural irrigation system. In this study, three hybrid models (PSO-ELM, GA-ELM and ABC-ELM) integrating the extreme learning machine model (ELM) with three biological heuristic algorithms, i.e., PSO, GA and ABC, were proposed for predicting daily ET 0 based on daily meteorological data from 2000 to 2019 at twelve representative stations in different climatic zones of China. The performances of the three hybrid ELM models were further compared with the standalone ELM model and three empirical models (Hargreaves, Priestley-Talor and Makkink models). The results showed that the hybrid ELM models (R 2 = 0.973–0.999) all performed better than the standalone ELM model (R 2 = 0.955–0.989) in four climatic regions in China. The estimation accuracy of the empirical models was relatively lower, with R2 of 0.822–0.887 and RMSE of 0.381–1.951 mm/d. The R 2 values of PSO-ELM, GA-ELM and ABC-ELM models were 0.993, 0.986 and 0.981 and the RMSE values were 0.266 mm/d, 0.306 mm/d and 0.404 mm/d, respectively, indicating that the PSO-ELM model had the best performance. When setting T max , T min and RH as the model inputs, the PSO-ELM model presented better performance in the temperate continental zone (TCZ), subtropical monsoon region (SMZ) and temperate monsoon zone (TMZ) climate zones, with R 2 of 0.892, 0866 and 0.870 and RMSE of 0.773 mm/d, 0.597 mm/d and 0.832 mm/d, respectively. The PSO-ELM model also performed in the mountain plateau region (MPZ) when only T max and T min data were available, with R2 of 0.808 and RMSE of 0.651 mm/d. All the three biological heuristic algorithms effectively improved the performance of the ELM model. Particularly, the PSO-ELM was recommended as a promising model realizing the high-precision estimation of daily ET 0 with fewer meteorological parameters in different climatic zones of China. [ FROM AUTHOR] Copyright of Journal of Hydrology is the property of Elsevier B.V. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full . (Copyright applies to all s.)

Carbon price prediction for China's ETS pilots using variational mode decomposition and optimized extreme learning machine.

With the national goal of "carbon peak by 2030 and carbon neutral by 2060 in China", studies on carbon prices of China's Emissions Trading System (ETS) pilots have shown growing interest in the related fields. Carbon price fluctuations reflect the scarcity of carbon resources, and accurate prediction can improve carbon asset management capabilities. Therefore, in order to clarify the dynamics of carbon markets and assign carbon emissions allocation rationally, we propose a hybrid feature-driven forecasting model with the framework of decomposition-reconstruction-prediction-ensemble. In this paper, the non-stationary, nonlinear and chaotic characteristics of carbon prices in China's ETS pilots have been verified, and then the prediction model is built based on the tested features. Firstly, the original carbon price series are decomposed by Variational Mode Decomposition (VMD), and then reconstructed by Sample Entropy (SE). Next, Extreme Learning Machine (ELM) optimized by Particle Swarm Optimization (PSO) is conducted to predict the subsequences. Lastly, the forecasting series of every subseries are summed to obtain the final results. The empirical results based on carbon prices of China's ETS pilots proved that the proposed model performs more efficiently than the current benchmark models. As carbon prices are expected to increase across all ETS during the post-COVID-19 recovery stage, the new prediction model will be useful for improving the guiding principles of the existing government policies including the likely introductions of Border Carbon Adjustment (BCA) in the EU and the US, and governing the large global public companies to deliver their "net zero" commitments.