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The goal of forecasting is to make statements about the future, while the goal of data mining is to extract patterns from large datasets. (The term \"data mining\" was a buzzword 15 years ago to broadly refer to working on the data, which is a misuse.) Many techniques can be applied to both forecasting and data "},"link":[{"rel":"replies","type":"application/atom+xml","href":"http:\/\/blog.drhongtao.com\/feeds\/5359099204767290459\/comments\/default","title":"Post Comments"},{"rel":"replies","type":"text/html","href":"http:\/\/blog.drhongtao.com\/2014\/12\/forecasting-data-mining.html#comment-form","title":"0 Comments"},{"rel":"edit","type":"application/atom+xml","href":"http:\/\/www.blogger.com\/feeds\/8877300363130773882\/posts\/default\/5359099204767290459"},{"rel":"self","type":"application/atom+xml","href":"http:\/\/www.blogger.com\/feeds\/8877300363130773882\/posts\/default\/5359099204767290459"},{"rel":"alternate","type":"text/html","href":"http:\/\/blog.drhongtao.com\/2014\/12\/forecasting-data-mining.html","title":"Forecasting and Data Mining"}],"author":[{"name":{"$t":"Tao Hong"},"uri":{"$t":"http:\/\/www.blogger.com\/profile\/09489402674214644453"},"email":{"$t":"noreply@blogger.com"},"gd$image":{"rel":"http://schemas.google.com/g/2005#thumbnail","width":"16","height":"16","src":"http:\/\/img2.blogblog.com\/img\/b16-rounded.gif"}}],"thr$total":{"$t":"0"}},{"id":{"$t":"tag:blogger.com,1999:blog-8877300363130773882.post-627089754544346206"},"published":{"$t":"2014-12-22T00:06:00.004-05:00"},"updated":{"$t":"2014-12-22T00:07:56.923-05:00"},"category":[{"scheme":"http://www.blogger.com/atom/ns#","term":"terminology"}],"title":{"type":"text","$t":"Statistical Models and Econometric Models"},"summary":{"type":"text","$t":"\nStatistical models are the models built with statistical techniques. The counterpart can be artificial intelligence models, which are based on artificial intelligence. (Note that statistics and artificial intelligence are not mutually exclusive.) If a statistical model includes economic variables, no matter on the left or right side of the equation, the model can be called an econometric model.\n"},"link":[{"rel":"replies","type":"application/atom+xml","href":"http:\/\/blog.drhongtao.com\/feeds\/627089754544346206\/comments\/default","title":"Post Comments"},{"rel":"replies","type":"text/html","href":"http:\/\/blog.drhongtao.com\/2014\/12\/statistical-models-econometric-models.html#comment-form","title":"0 Comments"},{"rel":"edit","type":"application/atom+xml","href":"http:\/\/www.blogger.com\/feeds\/8877300363130773882\/posts\/default\/627089754544346206"},{"rel":"self","type":"application/atom+xml","href":"http:\/\/www.blogger.com\/feeds\/8877300363130773882\/posts\/default\/627089754544346206"},{"rel":"alternate","type":"text/html","href":"http:\/\/blog.drhongtao.com\/2014\/12\/statistical-models-econometric-models.html","title":"Statistical Models and Econometric Models"}],"author":[{"name":{"$t":"Tao Hong"},"uri":{"$t":"http:\/\/www.blogger.com\/profile\/09489402674214644453"},"email":{"$t":"noreply@blogger.com"},"gd$image":{"rel":"http://schemas.google.com/g/2005#thumbnail","width":"16","height":"16","src":"http:\/\/img2.blogblog.com\/img\/b16-rounded.gif"}}],"thr$total":{"$t":"0"}},{"id":{"$t":"tag:blogger.com,1999:blog-8877300363130773882.post-3442685011796990120"},"published":{"$t":"2014-12-15T00:30:00.000-05:00"},"updated":{"$t":"2014-12-15T00:30:00.541-05:00"},"category":[{"scheme":"http://www.blogger.com/atom/ns#","term":"terminology"}],"title":{"type":"text","$t":"Calendar Month and Billing Month"},"summary":{"type":"text","$t":"\nCalendar month is the period of duration from the same date of one month to the same date of the next month, which can be 28, 29 (February during a leap year), 30 or 31. Most countries in the world are using solar calendar.\n\nPrior to the smart grid era, the utilities were sending meter readers to read meters every month. Apparently they were not able to read all the meters at the same time. "},"link":[{"rel":"replies","type":"application/atom+xml","href":"http:\/\/blog.drhongtao.com\/feeds\/3442685011796990120\/comments\/default","title":"Post Comments"},{"rel":"replies","type":"text/html","href":"http:\/\/blog.drhongtao.com\/2014\/12\/calendar-month-billing-month.html#comment-form","title":"0 Comments"},{"rel":"edit","type":"application/atom+xml","href":"http:\/\/www.blogger.com\/feeds\/8877300363130773882\/posts\/default\/3442685011796990120"},{"rel":"self","type":"application/atom+xml","href":"http:\/\/www.blogger.com\/feeds\/8877300363130773882\/posts\/default\/3442685011796990120"},{"rel":"alternate","type":"text/html","href":"http:\/\/blog.drhongtao.com\/2014\/12\/calendar-month-billing-month.html","title":"Calendar Month and Billing Month"}],"author":[{"name":{"$t":"Tao Hong"},"uri":{"$t":"http:\/\/www.blogger.com\/profile\/09489402674214644453"},"email":{"$t":"noreply@blogger.com"},"gd$image":{"rel":"http://schemas.google.com/g/2005#thumbnail","width":"16","height":"16","src":"http:\/\/img2.blogblog.com\/img\/b16-rounded.gif"}}],"thr$total":{"$t":"0"}},{"id":{"$t":"tag:blogger.com,1999:blog-8877300363130773882.post-7729559147294287031"},"published":{"$t":"2014-11-20T11:11:00.000-05:00"},"updated":{"$t":"2014-12-17T14:09:51.722-05:00"},"category":[{"scheme":"http://www.blogger.com/atom/ns#","term":"fundamentals"},{"scheme":"http://www.blogger.com/atom/ns#","term":"terminology"}],"title":{"type":"text","$t":"Load Factor, Coincidence Factor, Diversity factor and Responsibility Factor"},"summary":{"type":"text","$t":"\nLoad factor is average load of a system divided by its peak load. The higher the load factor is, the smoother the load profile is, and the more the infrastructure is being utilized. The highest possible load factor is 1, which indicates a flat load profile.\n\nIn the old days, load factor is often used for long term peak demand forecasting. The forecasters first develop a energy forecast. They "},"link":[{"rel":"replies","type":"application/atom+xml","href":"http:\/\/blog.drhongtao.com\/feeds\/7729559147294287031\/comments\/default","title":"Post Comments"},{"rel":"replies","type":"text/html","href":"http:\/\/blog.drhongtao.com\/2014\/11\/load-factor-coincidence-factor-diversity-factor-responsibility-factor.html#comment-form","title":"0 Comments"},{"rel":"edit","type":"application/atom+xml","href":"http:\/\/www.blogger.com\/feeds\/8877300363130773882\/posts\/default\/7729559147294287031"},{"rel":"self","type":"application/atom+xml","href":"http:\/\/www.blogger.com\/feeds\/8877300363130773882\/posts\/default\/7729559147294287031"},{"rel":"alternate","type":"text/html","href":"http:\/\/blog.drhongtao.com\/2014\/11\/load-factor-coincidence-factor-diversity-factor-responsibility-factor.html","title":"Load Factor, Coincidence Factor, Diversity factor and Responsibility Factor"}],"author":[{"name":{"$t":"Tao Hong"},"uri":{"$t":"http:\/\/www.blogger.com\/profile\/09489402674214644453"},"email":{"$t":"noreply@blogger.com"},"gd$image":{"rel":"http://schemas.google.com/g/2005#thumbnail","width":"16","height":"16","src":"http:\/\/img2.blogblog.com\/img\/b16-rounded.gif"}}],"thr$total":{"$t":"0"}},{"id":{"$t":"tag:blogger.com,1999:blog-8877300363130773882.post-1030957379837444987"},"published":{"$t":"2014-11-18T23:53:00.000-05:00"},"updated":{"$t":"2014-11-19T22:00:17.280-05:00"},"category":[{"scheme":"http://www.blogger.com/atom/ns#","term":"best practices"},{"scheme":"http://www.blogger.com/atom/ns#","term":"fundamentals"},{"scheme":"http://www.blogger.com/atom/ns#","term":"terminology"},{"scheme":"http://www.blogger.com/atom/ns#","term":"weather"}],"title":{"type":"text","$t":"Standard Time, Daylight Saving Time and Local Time"},"summary":{"type":"text","$t":"\n\nThe earth is round like a ball. When it's night in the US, it's morning in China. To do business beyond a local region, people need a common reference to communicate time. Standard time is the synchronization of clocks in different geographical locations within a time zone to a common time standard, usually based on the meridian at the center of the time zone.\n\nDaylight saving time (DST) "},"link":[{"rel":"replies","type":"application/atom+xml","href":"http:\/\/blog.drhongtao.com\/feeds\/1030957379837444987\/comments\/default","title":"Post Comments"},{"rel":"replies","type":"text/html","href":"http:\/\/blog.drhongtao.com\/2014\/11\/standard-time-daylight-saving-time-local-time.html#comment-form","title":"0 Comments"},{"rel":"edit","type":"application/atom+xml","href":"http:\/\/www.blogger.com\/feeds\/8877300363130773882\/posts\/default\/1030957379837444987"},{"rel":"self","type":"application/atom+xml","href":"http:\/\/www.blogger.com\/feeds\/8877300363130773882\/posts\/default\/1030957379837444987"},{"rel":"alternate","type":"text/html","href":"http:\/\/blog.drhongtao.com\/2014\/11\/standard-time-daylight-saving-time-local-time.html","title":"Standard Time, Daylight Saving Time and Local Time"}],"author":[{"name":{"$t":"Tao Hong"},"uri":{"$t":"http:\/\/www.blogger.com\/profile\/09489402674214644453"},"email":{"$t":"noreply@blogger.com"},"gd$image":{"rel":"http://schemas.google.com/g/2005#thumbnail","width":"16","height":"16","src":"http:\/\/img2.blogblog.com\/img\/b16-rounded.gif"}}],"thr$total":{"$t":"0"}},{"id":{"$t":"tag:blogger.com,1999:blog-8877300363130773882.post-7602219985589648634"},"published":{"$t":"2014-11-11T21:02:00.003-05:00"},"updated":{"$t":"2014-11-11T21:05:02.822-05:00"},"category":[{"scheme":"http://www.blogger.com/atom/ns#","term":"fundamentals"},{"scheme":"http://www.blogger.com/atom/ns#","term":"terminology"}],"title":{"type":"text","$t":"Prediction Interval and Confidence Interval"},"summary":{"type":"text","$t":"\nThis is a pair of terms very difficult to distinguish, because statisticians and economists don't follow the same standard. Since load forecasting falls under the umbrella of forecasting, I'm following the terminology developed by the forecasting community. Special thanks to Rob Hyndman, who answered many questions from me during my preparation of this post. I highly recommend you his two blog "},"link":[{"rel":"replies","type":"application/atom+xml","href":"http:\/\/blog.drhongtao.com\/feeds\/7602219985589648634\/comments\/default","title":"Post Comments"},{"rel":"replies","type":"text/html","href":"http:\/\/blog.drhongtao.com\/2014\/11\/prediction-interval-confidence-interval.html#comment-form","title":"0 Comments"},{"rel":"edit","type":"application/atom+xml","href":"http:\/\/www.blogger.com\/feeds\/8877300363130773882\/posts\/default\/7602219985589648634"},{"rel":"self","type":"application/atom+xml","href":"http:\/\/www.blogger.com\/feeds\/8877300363130773882\/posts\/default\/7602219985589648634"},{"rel":"alternate","type":"text/html","href":"http:\/\/blog.drhongtao.com\/2014\/11\/prediction-interval-confidence-interval.html","title":"Prediction Interval and Confidence Interval"}],"author":[{"name":{"$t":"Tao Hong"},"uri":{"$t":"http:\/\/www.blogger.com\/profile\/09489402674214644453"},"email":{"$t":"noreply@blogger.com"},"gd$image":{"rel":"http://schemas.google.com/g/2005#thumbnail","width":"16","height":"16","src":"http:\/\/img2.blogblog.com\/img\/b16-rounded.gif"}}],"thr$total":{"$t":"0"}},{"id":{"$t":"tag:blogger.com,1999:blog-8877300363130773882.post-5789693448154637148"},"published":{"$t":"2014-11-07T07:30:00.000-05:00"},"updated":{"$t":"2014-11-17T12:11:45.592-05:00"},"category":[{"scheme":"http://www.blogger.com/atom/ns#","term":"fundamentals"},{"scheme":"http://www.blogger.com/atom/ns#","term":"terminology"},{"scheme":"http://www.blogger.com/atom/ns#","term":"weather"}],"title":{"type":"text","$t":"Weather, Climate and Temperature"},"summary":{"type":"text","$t":"\nWeather is the condition of the atmosphere, such as temperature, humidity and rainfall, at a particular place over a short period of time, i.e., a few days. For instance, a weather forecast usually goes a few days ahead. Climate refers to the weather pattern of a place over a long period, i.e., a few decades or more. A well-known term is \"climate change\".\n\nIn load forecasting, the most "},"link":[{"rel":"replies","type":"application/atom+xml","href":"http:\/\/blog.drhongtao.com\/feeds\/5789693448154637148\/comments\/default","title":"Post Comments"},{"rel":"replies","type":"text/html","href":"http:\/\/blog.drhongtao.com\/2014\/11\/weather-climate-temperature.html#comment-form","title":"0 Comments"},{"rel":"edit","type":"application/atom+xml","href":"http:\/\/www.blogger.com\/feeds\/8877300363130773882\/posts\/default\/5789693448154637148"},{"rel":"self","type":"application/atom+xml","href":"http:\/\/www.blogger.com\/feeds\/8877300363130773882\/posts\/default\/5789693448154637148"},{"rel":"alternate","type":"text/html","href":"http:\/\/blog.drhongtao.com\/2014\/11\/weather-climate-temperature.html","title":"Weather, Climate and Temperature"}],"author":[{"name":{"$t":"Tao Hong"},"uri":{"$t":"http:\/\/www.blogger.com\/profile\/09489402674214644453"},"email":{"$t":"noreply@blogger.com"},"gd$image":{"rel":"http://schemas.google.com/g/2005#thumbnail","width":"16","height":"16","src":"http:\/\/img2.blogblog.com\/img\/b16-rounded.gif"}}],"thr$total":{"$t":"0"}}]}});