Greymodels: A Shiny Package for Grey Forecasting Models in R

Abstract

The Greymodels package presents an interactive interface in R for the statistical modelling and forecasting of incomplete or small datasets using grey models. The package, based on the Shiny framework, has been designed to work with univariate and multivariate datasets having different properties and characteristics. The functionality of the package is demonstrated with a few examples and in particular, the user-friendly interface is shown to allow users to easily compare the performance of different models for prediction and among others, visualize graphical plots of predicted values within a user chosen confidence interval. The built-in algorithms in the Greymodels package are extensions or hybrids of the GM\((1,\,1)\) model, and this article covers an overview of the theoretical background of the basic grey model and we also propose a PSO-GM\((1,\,1)\) algorithm in this package.