Research on Application of Grey Prediction Theory for Scientists and Technicians Forecasting: Evidence from Henan Province in China

Abstract

Based on the statistical data during the period from 2001 to 2004 released by Henan Statistical Bureau in China, this paper aims to predict the amount of scientists and technicians of Henan province in China by the usage of GM (1, 1) model with the four items. The result of this empirical study is that the grey prediction theory can fit the scientists and technicians amount development precisely in Henan province. The accuracy of the prediction result is above 90% and corresponds with a distinction, which the grey theory can meet expectations with small samples or data. Research results show that this model established in this paper could provide valuable information for policy makers in their efforts to make appropriate technological policies.