Application of Artificial Intelligence in Forecasting: A Systematic Review

10 Pages Posted: 19 Nov 2019

See all articles by Albert Annor Antwi

Albert Annor Antwi

Zhejiang University of Science and Technology, School of Electrical and Electronic Technology and Computer Science, Students

Ayman Abdulsalam Mohamed Al-Dherasi

Zhejiang University of Science and Technology, School of Electrical and Electronic Technology and Computer Science, Students

Date Written: November 8, 2019

Abstract

Purpose:- The aim of this reach is to identify how Artificial Intelligence (AI) could be used in enhancing forecasting to achieve more accurate outcomes. The research also explores the influence that forecasting has on global economy and the reasons why it needs to be accurate. Also, the research explains various pitfalls identified in forecasting. Method:- This research implements two research approaches which are review of literature and formulation of hypotheses. Seven hypotheses are created. Findings:- AI, when integrated with other technologies such as Machine Learning (ML) and when provided with the right computer power, yields much more accurate results than many other forecasting methods. The technology is costly, however, and it is prone to cyber-attacks. Conclusion:- The future of business is highly reliant on forecasting, which directly impacts the global economy. But, not every business will have the power to own the forecasting technology due to the cost, and business will need to increase security to protect the forecasting systems.

Keywords: Artificial Intelligence, Forecasting, Business, Finance, Market, Machine Learning

Suggested Citation

Annor Antwi, Albert and Al-Dherasi, Ayman Abdulsalam Mohamed, Application of Artificial Intelligence in Forecasting: A Systematic Review (November 8, 2019). Available at SSRN: https://ssrn.com/abstract=3483313 or http://dx.doi.org/10.2139/ssrn.3483313

Albert Annor Antwi (Contact Author)

Zhejiang University of Science and Technology, School of Electrical and Electronic Technology and Computer Science, Students ( email )

China

Ayman Abdulsalam Mohamed Al-Dherasi

Zhejiang University of Science and Technology, School of Electrical and Electronic Technology and Computer Science, Students ( email )

China

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