Milošević, I; Kovačević, M and Petronijević, P (2021) Estimating residual value of heavy construction equipment using ensemble learning. Journal of Construction Engineering and Management, 147(7): 04021073, ISSN 0733-9364
Abstract
Knowing the right moment for the sale of used heavy construction equipment is important information for every construction company. The proposed methodology uses ensemble machine learning techniques to estimate the price (residual value) of used heavy equipment in both the present and the near future. Each machine in the model is represented with four groups of attributes: age and mechanical (describing the machine) and geographical and economic (describing the target market). The research suggests that the ensemble model based on random forest, light gradient boosting, and neural network members, as well as support vector regression as a decision unit, gives better estimates than the traditional regression or individual machine learning models. The model is built and verified on a large data set of 500,000 machines advertised in 50 US states from 1989 to 2012.
| Item Type: | Article |
|---|---|
| Index terms: | heavy construction, estimate, neural network, construction company, forest, machine learning, estimating, methodology |
| Subjects: | artificial intelligence, environmental science, financial and cost management, organization, infrastructure and transport systems, research methods |
| Topics: | Digital Applications, Cost Management, Business Strategy, Research Practice, Engineering Principles, Sustainability |
| Descriptive scope: | 3 PCT |
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