Application of Improved GM(1,1)-Markov Chain Model of Business Order Prediction

Yi Liu; Wei Guo Lin; Ming Zhong Yang

doi:10.4028/www.scientific.net/AMM.143-144.468

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HomeApplied Mechanics and MaterialsApplied Mechanics and Materials Vols. 143-144Application of Improved GM(1,1)-Markov Chain Model...

Application of Improved GM(1,1)-Markov Chain Model of Business Order Prediction

Abstract:

Accurate prediction of the order quantity for the next period is very important for the enterprise to enhance the commercial competitive advantage in a highly competitive business environment. GM(1,1) theory is one of the prediction methods that can be built with a small sample and yet has a strong ability to make short-term predictions. The objective of the paper is to propose a order quantity prediction model which is combined the improved GM(1,1) model and Markov chain model .The effectiveness of the proposed approach to the order prediction is demonstrated using real-world data from a famous company in Liuzhou.The results indicate that the method of prediction is satisfying.

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Periodical:

Applied Mechanics and Materials (Volumes 143-144)

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468-472

DOI:

https://doi.org/10.4028/www.scientific.net/AMM.143-144.468

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Online since:

December 2011

Authors:

Yi Liu, Wei Guo Lin, Ming Zhong Yang

Keywords:

Business Order Prediction, Improved GM(1,1), Markov-Chain

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