WSEAS Transactions on Business and Economics
Print ISSN: 1109-9526, E-ISSN: 2224-2899
Volume 11, 2014
An Improvement the Accuracy of Grey Forecasting Model for Cargo Throughput in International Commercial Ports of Kaohsiung
Authors: Chia-Nan Wang, Van-Thanh Phan
Abstract: Based on the grey theory, grey prediction models, which are GM (1, 1), have been adopted to predict the cargo throughput and modified GM (1, 1) using Fourier series called “FRMGM (1, 1)” for improving the accuracy of forecast model. A forecasting the cargo throughput in the international commercial port of Kaohsiung from 2013-2015 has also been conducted based on the previous data to serve as a reference for port manager in making development plans and construction as well as orienting development in the future. All data source is collected from the Ministry of Transportation and Communication of Taiwan. Through simulation results, this study showed that both of two models are suitable but the FRMGM (1, 1) is the excellent model in forecast with average accuracy of predict is 100%. Hence, the FRMGM (1, 1) model is strongly suggested for forecast the cargo throughput in the port of Kaohsiung.
Keywords: Cargo throughput, grey forecasting model, international commercial ports, Kaohsiung
Pages: 322-327WSEAS Transactions on Business and Economics, ISSN / E-ISSN: 1109-9526 / 2224-2899, Volume 11, 2014, Art. #29