The application of Grey-Markov combined model for port cargo throughput forecasting

In this paper, we proposed a dynamic analysis model which combines grey GM(1,1)model and Markov chain model as the Grey-Markov model to predict the cargo throughput. Because the forecasting accuracy of single grey GM(1,1)model is lower. The Grey-Markov model can improve the accuracy prediction for the cargo throughput. The new combined model has the advantages of both Grey forecasting method and Markov chains forecasting method. Using the data of Qin Huangdao port is conducted to evaluate the Grey-Markov model which shows that the precision of the Grey-Markov model is better than the Grey model.