Short-run forecasting of United States coal production |
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| Authors: | Manouchehr Vaziri John Hutchinson |
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| Institution: | (1) Department of Civil Engineering, University of Kentucky, 40506-0046 Lexington, Kentucky, USA |
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| Abstract: | Summary This paper focuses on short-range modelling and forecasting of aggregate US monthly coal production. The 1976–83 time-series data suggest a multiplicative autoregressive integrated moving average (ARIMA) model to replicate national level monthly coal production. The identified model required 12-month seasonal differencing and has an autoregressive component of lag 1 and a moving average component of lag 12. Model predictions for 1984 were very reasonable when compared with actual production: cyclical patterns were correctly replicated and the deterministic increasing trend was properly identified. The estimated model was enhanced by updating it with data for 1984. Intervention analysis was used to determine the impact of labour negotiations in coal production. Information relative to the identified ARIMA model was then used to model the intervening event of labour negotiations. Intervention modelling produced forecasts for 1984 superior to those identified by the ARIMA model. The mean predicted 1984 US monthly coal production of 1976–84 ARIMA and intervention models were 96.05 and 99.65% of the observed value of 74 178 thousand short tons per month, respectively. Simplicity of the ARIMA and intervention models, the realiability of their predictions, and the ease of updating make them very attractive when compared with large scale econometric models for use in short-term coal production forecasting. |
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| Keywords: | Coal production time-series analysis forecasting mathematic modelling systems analysis |
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