A summary of grey forecasting models

Abstract

PurposeThe purpose of this paper is to summarize progress of grey forecasting modelling, explain mechanism of grey forecasting modelling and classify exist grey forecasting models.Design/methodology/approachGeneral modelling process and mechanism of grey forecasting modelling is summarized and classification of grey forecasting models is done according to their differential equation structure. Grey forecasting models with linear structure are divided into continuous single variable grey forecasting models, discrete single variable grey forecasting models, continuous multiple variable grey forecasting models and discrete multiple variable grey forecasting models. The mechanism and traceability of these models are discussed. In addition, grey forecasting models with nonlinear structure, grey forecasting models with grey number sequences and grey forecasting models with multi-input and multi-output variables are further discussed.FindingsIt is clearly to explain differences between grey forecasting models with other forecasting models. Accumulation generation operation is the main difference between grey forecasting models and other models, and it is helpful to mining system developing law with limited data. A great majority of grey forecasting models are linear structure while grey forecasting models with nonlinear structure should be further studied.Practical implicationsMechanism and classification of grey forecasting models are very helpful to combine with suitable real applications.Originality/valueThe main contributions of this paper are to classify models according to models' structure are linear or nonlinear, to analyse relationships and differences of models in same class and to deconstruct mechanism of grey forecasting models.