“…Among all forecast techniques being developed over the last few decades, the grey model and its alternatives have emerged as powerful tools in various application domains, such as economy (Evans, 2014;Huang & Jane, 2009;Ma, Zhu, & Wang, 2013), industry (Benítez, Paredes, Lodewijks, & Nabais, 2013;Hsu, 2011;Hsu, Liou, & Chuang, 2013), society (Jin, Zhou, Zhang, & Tentzeris, 2012;Pao, Fu, & Tseng, 2012;Wei, Zhou, Wang, & Wu, 2014) and engineering (Chen & Wang, 2012;He, Liu, & Chen, 2012;Ye, Lu, & Liu, 2013). Compared with conventional statistical models, the grey model has three superiorities: (1) requiring few sample size;…”