SLIIT International Conference on Advancements in Science and Humanities [SICASH]
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SLIIT International Conference on Advancements in Science and Humanities is organized by the Faculty of Humanities and Sciences of the Sri Lanka Institute of Information Technology (SLIIT), the annual research multi-conference of the faculty.
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Publication Open Access Forecasting Global Annual Average CO2 Concentrations(Faculty of Humanities and Sciences, SLIIT, 2024-12-04) Rasanjali, R.P.B; Tharupathi, M.D.G; Dharmarathne, S.R.J.M; Weerakoon, M.M; Peris, T.S.GThis study aims to enhance the accuracy of CO₂ level forecasts, compare the effi cacy of diff erent predicti ve models, and provide insights for policy development. Employing ti me series and regression analysis techniques, the study uses historical data from global monitoring stati ons (1979- 2022) to model the annual mean concentrati on of atmospheric CO2 The results reveal that the ARIMA (1,1,1) model outperforms the simple linear regression model in predicti ve accuracy. Nevertheless, the regression model came across a technical problem as residuals are signifi cantly autocorrelated. The Augmented Dickey-Fuller test was applied to ensure stati onarity of the fi rst diff erence of the original series. The model was trained using data from 1979 to 2022 and validated for 2023. The errors of the ARIMA(1,1,1) was found to be white noise. The ARIMA model projected CO₂ concentrati ons of 419.5, 421.8 and 424.2 for the years 2023, 2024, and 2025 respecti vely, with a percentage error of just 0.048% for the 2023. In contrast, the corresponding percentage of error for the simple linear regression model was -1.236%. These fi ndings underscore the ARIMA model’s superior performance in forecasti ng future CO₂ levels and its suitability for environmental monitoring and climate change miti gati on strategies. This research provides a valuable methodological framework for future atmospheric science studies and informs policy decisions aimed at addressing rising CO₂ concentrations.Publication Open Access Development of an ARIMA Model to Predict the Monthly Price of Bitcoin in USD(Faculty of Humanities and Sciences, SLIIT, 2024-12-04) Kapukotuwa, R.W.M.C.L.B.; Muthuranwela, M.M.P.L.; Samarakoon, H.G.I.L.; Dilshan, P.G.S.; Sajeewani, A.K.R.K.; Peiris, T. S. G.This study examines the bitcoin price in USD in the world by developing a suitable ti me series model to identi fy its future trends. This data set consists of monthly bitcoin prices from August 2010 to July 2024. It was found that the original series is not stati onary and not seasonality. The stati onary was achieved by the fi rst diff erence. Of the parsimonious models identi fi ed based on the Parti al Autocorrelati on Functi on (PACF) and Autocorrelati on Functi on (ACF) of the stati onary series, an auto-regressive integrated moving average (ARIMA) (2,1,2) model was identi fi ed as the best-fi tt ed model. The signifi cance of the model and its parameters and informati on criteria such as the Akaike Informati on Criterion (AIC), Schwarz Criterion, and log-likelihood was used to identi fy the best-fi tt ed model. The model was trained using data from August 2010 to March 2024. The residuals of the model were found to be white noise. The mean absolute percentage error (MAPE) for validati on data is 7.09%. The percentage errors for the validati ng set are all positi ve and varied from 3.5% to 12.9%. The predicted Bitcoin price (USD) from August to October 2024 are $59947.88, $60308.7, and $60669.53. Bitcoin price can be uti lized by market demand and supply, regulatory environment, and technology development.Publication Open Access Development of Time Series Model to Predict Daily Gold Price(Faculty of Humanities and Sciences, SLIIT, 2024-12-04) Gayashan, W. A. K.; Dayarathna, A. K. G.; Rajakaruna, R. W. M. A. P.; Perera, T. J. N.; Peiris, T. S. G.Gold is ancient and one of the most precious and popular commoditi es in the world. Gold price forecasti ng is criti cal in fi nancial decision-making, providing valuable informati on for investors in the gold market, sellers of gold items and stakeholders. Not much studies have been carried out in to forecast daily gold prices of Sri Lanka. The aim of this paper is to forecast the daily gold price rate (Rupees/troy ounce) using data from 2nd January 2018 to 14th June 2024 published by the Central Bank of Sri Lanka. The best fi tt ed model was identi fi ed as ARIMA (1,1,1) + ARCH (2). The model was trained using data from 2nd January 2018 to 31st May 2024 and validated using data from the 3rd of June 2024 to 14th of June 2024. The model was stati sti cally tested using standard stati sti cal procedure and errors were found as white noise. The Mean Absolute Percentage Error (MAPE) for the training data set and validati on data set were 0.748% and 1.002% respecti vely. The validati on confi rmed that the ARIMA (1,1,1) + ARCH (2) model eff ecti vely captures the dynamics of gold price movements, off ering robust predicti ve power. These results indicate that the model is highly accurate and reliable for forecasti ng, making it a valuable tool for fi nancial insti tuti ons and investors aiming to predict market trends and make informed investment decisions.Publication Open Access Forecasting the Monthly Real Wage Rate of the Public Sector in Sri Lanka(Faculty of Humanities and Sciences, SLIIT, 2024-12-04) Gamage, S.K.A.; Gunasekara, K.L.R.K.; Gamage, P.S.H.; Ariyarathna, H.B.M.S.; De Mel, W.N.R.; Peiris, T.S.G.This study assesses the monthly real wage rate of the public sector of Sri Lanka by elaborati ng a suitable ti me series model to identi fy the future trends associated with the real wage rates of Sri Lanka. The sample data set consists of monthly real wage rate data from January 2018 to March 2024 from the Central Bank of Sri Lanka (CBSL). The real wage rate has been calculated selecti ng 2016 as the base year. Suitable parsimonious models were identi fi ed through the patt erns of the sample parti al autocorrelati on functi on (PACF) and sample auto-correlati on functi on (ACF) of the stati onary series. Based on the indicati ons such as Akaike informati on criterion (AIC), Schwarz Criterion (SC) and log likelihood an autoregressive integrated moving average (ARIMA) model of the type (0,1,2) was disti nguished as the best fi tt ed model. The residuals of the best fi tt ed model were ascertained to be white noise. The model has been validated for the fi rst three months of 2024. The Mean Absolute Percentage Error (MAPE) for the validati on data is 9.59%. The forecasted wage rate values from April 2024 to September 2024 are 54.562, 54.096, 53.631, 53.165, 52.7 and 52.234 respecti vely. The study’s fi ndings can be uti lized by policymakers, economists, and government workers to improve their fi nancial planning.Publication Open Access Forecasting Consumer Price Index in the United States(Faculty of Humanities and Sciences, SLIIT, 2023-11-01) Witharana, W. W. S. K; Udugama, U. K. D. T. N.; Fernando, P. M. R.,; Kaumadi, H. M. H.; Peiris, T. S. G.This report presents the Auto-Regressive Integrated Moving Average (ARIMA) model for forecasting the consumer price index (CPI) in US using monthly data from March 2010 to March 2023. The original series was not stationary, but the first difference series was found to be stationary using the Augmented Dicky Fuller test. The best-fitted model was identified based on the significance of the parameters, volatility (sigma2), log-likelihood, Akaike, Schwartz, and Hannan- Quinn information criterion. Parameters of the fitted model are significantly deviated from zero. The stability of the model has been checked using the roots of the unit root test. Residuals of the fitted model satisfied the randomness but nonconstant variance. The monthly forecasted values of CPI from April 2023 to August 2023 are 301.833, 302.444, 303.038, 303.639, and 304.261. The percentage errors of the forecasted values are less than one percent. This method and results provide useful information to policy and market makers for their planning,Publication Open Access Forecasting of Constant GDP per capita of Sri Lanka using ARIMA model(Faculty of Humanities and Sciences, SLIIT, 2023-11-01) Wijesinghe, W.R.A.N.M; Umayangi, K.A.S,; De Silva, H.D.K; Mundigalage, S.D.M; Peiris, T. S. GGDP per capita is a global measurement for assessing the economic prosperity of nations. Constant (Real) GDP per capita eliminates the effects of inflation which allows for a more accurate comparison of GDP per capita over time. However, no statistical models have been developed to predict annual constant GDP per capita (CGDPC) in Sri Lanka. In this study, ARIMA (1,1,0) model was developed using past data from 1961 to 2018 to forecast CGDPC. The best-fitted model was identified based on three possible models using sample ACF and sample PACF of the stationary series and comparing statistics such as AIC, BIC, maximum log-likelihood, and volatility. The residuals of the fitted model were white noise. The training dataset has percentage errors ranging from -6.50% to 3.80%. The model was validated for observed data in 2019, 2020, and 2021. The percentage error for the three points were -3.49, -6.10, and 1.49 respectively. The forecasted values for 2022, 2023, and 2024 obtained were 4506.728, 4653.895, and 4810.505 respectively showing that Sri Lanka’s economy is expected to grow due to the increase in CGDPC. The GDP per capita growth rates of 2.99%, 3.27%, and 3.37% for the next 3 years also confirm this. The results obtained from this study can be effectively used for better planning. However, it is recommended to improve the model further to reduce the percentage of errors using the ARIMAX approach.Publication Embargo Modeling Weekly Covid Data in Europe and Sri Lanka: Time Series Approach(Faculty of Humanities and Sciences, SLIIT, 2022-09-15) Jayakody, J. A. P. ANovel Corona Virus, commonly known as COVID-19 has become a global threat affecting more than 200 countries up to date. Still a vaccine that can assure of hundred percent prevention has not been discovered. All the countries are currently following WHO guidelines such as lockdowns and social distancing. This study was conducted to develop ARIMA models for COVID-19 data in Europe and Sri Lanka and validate the models. For both these regions, number of COVID-19 cases were collected considering for a period of one year in which the first real wave happened. ACF and PACF plots were used to identify the stationarity, and out of the results possible ARIMA models were developed for the two regions separately. For Europe, the best fitted model was ARIMA (0, 2, 1) and for Sri Lanka, the best fitted model was ARIMA (1,1,0). The models were evaluated using AIC criteria. The errors of the models were found to be white noise. The forecasted values that were obtained from the model showed an increase of cases in Europe and a constant flow in Sri Lanka.