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Application of Improved Grey Prediction Model for Chinese Petroleum Consumption

In: The 19th International Conference on Industrial Engineering and Engineering Management

Author

Listed:
  • Ying Ma

    (China Petroleum University)

  • Meng Sun

    (Shandong University)

Abstract

An improved Grey-based settlement predictor is promoted. Adopt Grey prediction as a forecasting means because of its fast calculation with a few of data inputs needed. However, our preliminary study shows that the general Grey model, GM (1,1) is inadequate to handle settlement prediction as its only adapt to the data with exponential law. In this paper, the prediction is improved significantly by adopting equal dimensionality information fill model aim at enhancing the prediction accuracy. The prediction is made on Chinese petroleum consumption in future.

Suggested Citation

  • Ying Ma & Meng Sun, 2013. "Application of Improved Grey Prediction Model for Chinese Petroleum Consumption," Springer Books, in: Ershi Qi & Jiang Shen & Runliang Dou (ed.), The 19th International Conference on Industrial Engineering and Engineering Management, edition 127, chapter 0, pages 171-176, Springer.
    • Handle: RePEc:spr:sprchp:978-3-642-38391-5_18
    DOI: 10.1007/978-3-642-38391-5_18
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    Cited by:

    1. Wang, Qiang & Song, Xiaoxin, 2019. "Forecasting China's oil consumption: A comparison of novel nonlinear-dynamic grey model (GM), linear GM, nonlinear GM and metabolism GM," Energy, Elsevier, vol. 183(C), pages 160-171.

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