Recent research at UMIST has resulted in the production of “ProCost”, a piece of software that predicts the final price of a proposed building at an early stage. This paper analyses the results of a nationwide questionnaire survey, as well as the outcomes of a series of interviews with three major UK based Quantity Surveying firms. The results of this research show that the vast majority of cost estimators believe that a single figure cost estimate is insufficient to meet their forecasting needs. For this reason, different formats for breaking down building costs into sub-elements are investigated. Based on the chosen format, regression analysis is used to develop a series of predictive models. One of these models is discussed in the current paper and the values predicted by it are compared with actual values. An analysis of the variance between the two follows.
|Title of host publication
|Proceedings of the 3rd Scientific Conference on Project Management, “Clustering in Construction Project Management”
|J P Pantouvakis
|Number of pages
|Published - 2004
|3rd Scientific Conference on Project Management, “Clustering in Construction Project Management" - Thessaloniki, Greece
Duration: 24 Sept 2004 → 25 Sept 2004
|3rd Scientific Conference on Project Management, “Clustering in Construction Project Management"
|24/09/04 → 25/09/04
- Cost estimation
- elemental cost analysis
- neural networks
- regression analysis