Sonmez, R (2008) Parametric range estimating of building costs using regression models and bootstrap. Journal of Construction Engineering and Management, 134(12), pp. 1011-1016. ISSN 0733-9364
Abstract
This paper presents a bootstrap approach for integration of parametric and probabilistic cost estimation techniques. In the proposed method, a combination of regression analysis and bootstrap resampling technique is used to develop range estimates for construction costs. The method is applied to parametric range estimation of building projects as an example. The bootstrap approach includes advantages of probabilistic and parametric estimation methods, at the same time it requires fewer assumptions compared to classical statistical techniques. This study is of relevance to practitioners and researchers, as it provides a robust method for conceptual estimation of construction costs.
| Item Type: | Article |
|---|---|
| Uncontrolled Keywords: | construction costs; estimations; parameters; probability; regression analysis |
| Index terms: | practitioner, integration, estimating, cost estimating, regression analysis, estimate, regression model, estimation, construction cost |
| Subjects: | organizational analysis, statistical analysis, practitioner, financial and cost management |
| Topics: | Roles and Professions, Cost Management, Research Practice, Organizational Design |
| Descriptive scope: | 3 PCA |
N.B. Descriptive scope is a count of how many of the five facets of empirical research are indicated by the words used in title, abstract and keywords. It is not intended as a judgement on the research; merely a count of the kind of word we would expect to indicate Phenomenon, Concepts, Theoretical framing, Empirical techniques, Analytical techniques. If all five are present, then a code of “5 PCTEA” will indicate this. If you feel the coding for this record is questionable, we welcome discussion around the terms we matched or the way we categorized them. The facet you would expect may not be coded, or a facet may be coded inappropriately. This can also bear on a larger question, of which facets should be treated as defining in construction management research. Please get in touch, and we will look at it. More details here