Grey Forecasting Model for Taiwan's Machine Tool Export Value
- 10.2991/eia-17.2017.15How to use a DOI?
- forecasting; grey theory; mathine tool
Machine tools facilitate the production of other industrial equipment and machinery - they are the opening point of almost every metal manufacturing activity. Taiwan has built up machine tool industry over a period of times. Our primary aim is to predict the future values for the export value of Taiwan's machine tool and to provide the reference for its developing tendency. Grey forecasting model has been broadly applied in numerous research fields and has achieved superior prediction accuracy. The article applies the grey forecasting model to forecast the export value of Taiwan machine tool. To measure the performance of the GM (1, 1) model, the criteria of MAPE is adopted. Empirical results indicate that the GM (1, 1) forecasting model has the MAPE, 4.52%, so the forecasting power of expression is high. That is, GM (1, 1) forecasting model has a high prediction validity of forecasting the export value of Taiwan machine tool. The establishment of the prediction model for Taiwan's machine tool export value hopes the Government and industry can, through predictable results, advance understanding of market trends and prepared countermeasures. The results should provide valuable information for dealing with similar managerial issues.
- © 2017, the Authors. Published by Atlantis Press.
- Open Access
- This is an open access article distributed under the CC BY-NC license (http://creativecommons.org/licenses/by-nc/4.0/).
Cite this article
TY - CONF AU - Ching-I LIN AU - K.A. TSENG AU - Shih-Hung TAI PY - 2017/07 DA - 2017/07 TI - Grey Forecasting Model for Taiwan's Machine Tool Export Value BT - Proceedings of the 2017 International Conference on Electronic Industry and Automation (EIA 2017) PB - Atlantis Press SP - 68 EP - 70 SN - 1951-6851 UR - https://doi.org/10.2991/eia-17.2017.15 DO - 10.2991/eia-17.2017.15 ID - LIN2017/07 ER -