A Novel Grey Forecasting Model

Although the grey forecasting model has been very successful in the application of many fields, its performance still could be improved. This paper presents a novel grey forecasting model termed RSCGM_mv-u(1, 1). Using mean-value to modify the algorithm of the forecasting model to find statistical features or probability distributions approximately, and update the parameter of the model by the observation data. Subsequently, using the residual series to improve the precision and estimate with MSE and AME. The results provide RSCGM_mv-u(1, 1) can effectively forecasting the system developing.