Application of New Information and Equal Dimensional Grey Model in Industrial Water Consumption

It has always been an important research objective to improve prediction accuracy with limited data. The Grey Model is a typical example in forecasting industrial water c onsumption with a small amount of data. As to the basic grey forecasting models, the prediction accuracy can still be improved. So this paper proposed an improved new information and equal dimensional grey model. The industrial water consumption of Rongchang County in Chongqing is predicted by the basic grey model and the improved new information and equal dimensional grey model. It is tested by residual examination and actual test. The precisions are higher than 95 %. The improved new information and equal dimensional grey forecasting model can greatly improve the prediction accuracy. The relative error is only 0.5 % tested with the actual water consumption in 2012. So it can be used to forecast the long-term industrial water consumption. Copyright © 2013 IFSA.