Future scenarios to inspire innovation

In recent years and accelerated by the economic and financial crisis, complex global issues have moved to the forefront of policy making. These grand challenges require policy makers to address a variety of interrelated issues, which are built upon yet uncoordinated and dispersed bodies of knowledge. Due to the social dynamics of innovation, new socio-technical subsystems are emerging, however there is lack of exploitation of innovative solutions. In this paper we argue that issues of how knowledge is represented can have a part in this lack of exploitation. For example, when drivers of change are not only multiple but also mutable, it is not sensible to extrapolate the future from data and relationships of the past. This paper investigates ways in which futures thinking can be used as a tool for inspiring actions and structures that address the grand challenges. By analysing several scenario cases, elements of good practice and principles on how to strengthen innovation systems through future scenarios are identified. This is needed because innovation itself needs to be oriented along more sustainable pathways enabling transformations of socio-technical systems

Exploiting road traffic data for very short term load forecasting in smart grids

If accurate short term prediction of electricity consumption is available, the Smart Grid infrastructure can rapidly and reliably react to changing conditions. The economic importance of accurate predictions justifies research for more complex forecasting algorithms. This paper proposes road traffic data as a new input dimension that can help improve very short term load forecasting. We explore the dependencies between power demand and road traffic data and evaluate the predictive power of the added dimension compared with other common features, such as historical load and temperature profiles

Elementary Quantum Mechanical Principles and Social Science: Is There a Connection?

In this paper we provide first for a brief overview of some of the work which has been performed on the interface of quantum mechanics and macroscopic systems (such as economics). We then provide for an overview of how such quantum mechanical concepts can enter financial option pricing theory. We round off the paper with some suggestions on where this area of research can be heading in the near future.superposition; wave function; Black-Scholes option price; information function; probability amplitude; Schrödinger equation; Newton- Bohm trajectory; mean forward (backward) derivative

Short and long-term wind turbine power output prediction

In the wind energy industry, it is of great importance to develop models that accurately forecast the power output of a wind turbine, as such predictions are used for wind farm location assessment or power pricing and bidding, monitoring, and preventive maintenance. As a first step, and following the guidelines of the existing literature, we use the supervisory control and data acquisition (SCADA) data to model the wind turbine power curve (WTPC). We explore various parametric and non-parametric approaches for the modeling of the WTPC, such as parametric logistic functions, and non-parametric piecewise linear, polynomial, or cubic spline interpolation functions. We demonstrate that all aforementioned classes of models are rich enough (with respect to their relative complexity) to accurately model the WTPC, as their mean squared error (MSE) is close to the MSE lower bound calculated from the historical data. We further enhance the accuracy of our proposed model, by incorporating additional environmental factors that affect the power output, such as the ambient temperature, and the wind direction. However, all aforementioned models, when it comes to forecasting, seem to have an intrinsic limitation, due to their inability to capture the inherent auto-correlation of the data. To avoid this conundrum, we show that adding a properly scaled ARMA modeling layer increases short-term prediction performance, while keeping the long-term prediction capability of the model

An overview of recent research results and future research avenues using simulation studies in project management

This paper gives an overview of three simulation studies in dynamic project scheduling integrating baseline scheduling with risk analysis and project control. This integration is known in the literature as dynamic scheduling. An integrated project control method is presented using a project control simulation approach that combines the three topics into a single decision support system. The method makes use of Monte Carlo simulations and connects schedule risk analysis (SRA) with earned value management (EVM). A corrective action mechanism is added to the simulation model to measure the efficiency of two alternative project control methods. At the end of the paper, a summary of recent and state-of-the-art results is given, and directions for future research based on a new research study are presented