The Comparison in Time Series Forecasting of Air Traffic Data by Autoregressive Integrated Moving Average Model, Radial Basis Function and Elman Recurrent Neural Networks

Abstract

Nowadays, nonlinear time series and artificial neural networks (ANN) models are used for forecasting in the field of business, agriculture and soon. Recent studies have shown, ANN have been successfully used for forecasting of financial and agriculture data series The classical methods used for time series prediction like Box-Jenkins or ARIMA assumes that there is a linear relationship between inputs and outputs. ANN have more advantages that can approximate to model both linear and nonlinear structures in time series, they are not able to handling both structures equally well. The autoregressive integrated moving average (ARIMA) model and two ANN models namely, Radial basis function neural networks (RBFNN), and Elman recurrent neural networks (ERNN) methods were applied to Hyderabad airport traffic data. The data obtained for 15 years from 2002–2003 to 2016–2017 about domestic and international passenger of International Airport of Hyderabad, India. In this research paper, we compared the performances of ARIMA, RBFNN and ERNN were based on three measures: mean absolute error (MAE), mean absolute percentage error (MAPE), and root mean square error (RMSE). The results showed that RBFNN obtained the smallest MAE, MAPE and RMSE in both the modeling and forecasting processes. The performances of the three models ranked in ascending order were: ARIMA, ERNN and the RBFNN model.

Keywords: Time series, forecasting, artificial neural networks, ARIMA models, radial basis function neural networks, and Elman recurrent neural networks

Cite this Article

R. Ramakrishna, Berhe Aregay, Tewodros Gebregergs. The Comparison in Time Series Forecasting of Air Traffic Data by Autoregressive Integrated Moving Average Model, Radial Basis Function and Elman Recurrent Neural Networks. Research & Reviews: Journal of Statistics. 2018; 7(3): 75–90p.