Applying grey system theory for productivity forecasting of vietnamese milk industry – Vinamilk

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Author: 
Thanh Tuyen Tran
Abstract: 

In this study, we apply Grey System Theory-GM (1, 1) based on the statistics provided by the Vietnam dairy Products Joint-Stock Company (Vinamilk) from 2009 to 2016 and make prediction values for two years, i.e., 2017 and 2018. The results which help enterprises to figure out the target in the near future are shown with low tolerance proven by Mean Absolute Percent Error (MAPE). From this study, a useful method can be provided in the case of the Vietnam dairy Products Joint–Stock Company and the results may shed insight into decision-making concerning the direction of a firm, to improve economic efficiency and to determine the financial performance of the business now, and it is the basis for determining results of operations for production the following period. These results are very valuable for both academic study and business field in the future.

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