Application of Artificial Intelligence in Forecasting: A Systematic Review

Application of Artificial Intelligence in Forecasting: A Systematic Review

Albert Annor-Antwi and Ayman A. M. Al-Dherasi
Supervisor: Dr. Yang Chunting

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

American Journal of Computer Sciences and Applications

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

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How to cite this article:
Albert Annor-Antwi, Ayman A. M. Al-Dherasi, Supervisor: Dr. Yang Chunting. Application of Artificial Intelligence in Forecasting: A Systematic Review. American Journal of Computer Sciences and Applications, 2019; 2:22. DOI: 10.28933/ajcsa-2019-11-0605

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