Fernando, N; T.A, K D and Zhang, H (2024) An artificial neural network (ann) approach for early cost estimation of concrete bridge systems in developing countries: The case of Sri Lanka. Journal of Financial Management of Property and Construction, 29(1), pp. 23-51. ISSN 1366-4387
Abstract
Purpose: The Government’s investment in infrastructure projects is considerably high, especially in bridge construction projects. Government authorities must establish an initial forecasted budget to have transparency in transactions. Early cost estimating is challenging for Quantity Surveyors due to incomplete project details at the initial stage and the unavailability of standard cost estimating techniques for bridge projects. To mitigate the difficulties in the traditional preliminary cost estimating methods, there is a requirement to develop a new initial cost estimating model which is accurate, user friendly and straightforward. The research was carried out in Sri Lanka, and this paper aims to develop the artificial neural network (ANN) model for an early cost estimate of concrete bridge systems. Design/methodology/approach: The construction cost data of 30 concrete bridge projects which are in Sri Lanka constructed within the past ten years were trained and tested to develop an ANN cost model. Backpropagation technique was used to identify the number of hidden layers, iteration and momentum for optimum neural network architectures. Findings: An ANN cost model was developed, furnishing the best result since it succeeded with around 90% validation accuracy. It created a cost estimation model for the public sector as an accurate, heuristic, flexible and efficient technique. Originality/value: The research contributes to the current body of knowledge by providing the most accurate early-stage cost estimate for the concrete bridge systems in Sri Lanka. In addition, the research findings would be helpful for stakeholders and policymakers to propose policy recommendations that positively influence the prediction of the most accurate cost estimate for concrete bridge construction projects in Sri Lanka and other developing countries.
| Item Type: | Article |
|---|---|
| Uncontrolled Keywords: | artificial neural network; concrete bridge project; cost estimating models; early-stage cost estimating |
| Index terms: | bridge construction, body of knowledge, cost model, validation, methodology, construction project, accuracy, artificial neural network, neural network, cost estimating, developing country, transparency, concrete bridge, cost estimate, bridge project, infrastructure project, Sri Lanka, public sector, construction cost, heuristic, quantity surveying |
| Subjects: | modelling and simulation, financial and cost management, artificial intelligence, knowledge management, profession, risk assessment, administrative law, infrastructure and transport systems, research methods, professional development, development economics, infrastructure engineering, production management, Geography |
| Topics: | Legal Issues, Digital Applications, International Construction, Roles and Professions, Risk Management, Cost Management, Geographical Context, Project Management, Research Practice, Information Management, Engineering Principles |
| 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