Estimation of Industrial Production Costs, Using Regression Analysis, Neural Networks or Hybrid Neural - Regression Method?

AbouNouri, Esmaeil; Bagherpour, Morteza

doi:10.22059/ier.2006.30940

Estimation of Industrial Production Costs, Using Regression Analysis, Neural Networks or Hybrid Neural - Regression Method?

Authors

¹ Department of Economics, Faculty of Economics & Administrative Science, University of Mazandaran (UMZ), Babolsar, Iran.

² Faculty of Socio-economics System Engineering, University of Science and Technology of Mazandaran, Babol, Iran.

10.22059/ier.2006.30940

Abstract

Estimation (Forecasting) of industrial production costs is one of the most important factor affecting decisions in the highly competitive markets. Thus, accuracy of the estimation is highly desirable. Hibrid Regression Neural Network is an approach proposed in this paper to obtain better fitness in comparison with Regression Analysis and the Neural Network methods. Comparing the estimated results from Regression Analysis and Neural Networks with the Hybrid Neural-Regression method has indicated the superiority of the latter method.