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The Intersection of Machine Learning with Forecasting and Optimisation: Theory and Applications

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Forecasting with Artificial Intelligence

Abstract

Forecasting and optimisation are two major fields of operations research that are utilised to deal with uncertainties and to make the best decisions. These methods are widely used in academia and practice and have contributed to each other growth in several ways. These methods can be used together to solve various problems in transportation, scheduling, production planning, and energy where both forecasting and optimisation are needed. However, the nature of the relationship between these two methods and how they can be integrated for better performance have not been explored or understood enough. We advocate the integration of these two methods and explore several problems that require both forecasting and optimisation. I will investigate some of the methodologies that lie at the intersection of machine learning with forecasting and optimisation to address real-world problems. I will provide several research directions and use cases for researchers and practitioners interested to explore this interesting arena.

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Notes

  1. 1.

    In this study, we use forecasting and predictive analytics as interchangeable words. Similarly, (constrained) optimisation, and prescriptive analytics are used as interchangeable words.

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Authors and Affiliations

  1. The University of Queensland, St Lucia, QLD, Australia

    Mahdi Abolghasemi

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  1. Mahdi Abolghasemi
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Correspondence to Mahdi Abolghasemi .

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Editors and Affiliations

  1. France Telecom Group, Orange Business Services, Eragny, France

    Mohsen Hamoudia

  2. Institute For the Future (IFF), University of Nicosia, Engomi, Cyprus

    Spyros Makridakis

  3. School of Electrical and Computer Engineering, National Technical University of Athens, Zografou, Greece

    Evangelos Spiliotis

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Abolghasemi, M. (2023). The Intersection of Machine Learning with Forecasting and Optimisation: Theory and Applications. In: Hamoudia, M., Makridakis, S., Spiliotis, E. (eds) Forecasting with Artificial Intelligence. Palgrave Advances in the Economics of Innovation and Technology. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-031-35879-1_12

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  • DOI: https://doi.org/10.1007/978-3-031-35879-1_12

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  • Publisher Name: Palgrave Macmillan, Cham

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