Elhag, T M S and Boussabaine, A H (2001) Tender price estimation using artificial neural networks. Journal of Financial Management of Property and Construction, 6(3), pp. 193-208. ISSN 1366-4387
Abstract
This paper develops an understanding of how tender price data can be analysed using Artificial Neural Networks (ANN) methods. Knowledge discovery is a recent development in the field of database exploration. The discovery of association rules is among the topics that knowledge discovery addresses. Hence, this paper examines the association between the tender price of projects and their cost attributes. The paper reports on relationships related to a particular event occurring and examines the rules, which state that, for example, when a particular cost attribute is present then the tender price of construction projects increases or decreases in a certain percentage of cases. The association between the cost attributes will also be described. The potential impact of this work on existing practices will be briefly discussed. This provides a means to examine many possible relationships between cost attributes and tendering price prior to any design or contractual decisions.
| Item Type: | Article |
|---|---|
| Uncontrolled Keywords: | cost, tender, price estimation, neural networks, modelling |
| Index terms: | modelling, exploration, tender price, database, construction project, artificial neural network, estimation, neural network |
| Subjects: | financial and cost management, environmental resource management, tendering, analytical methods, data management, modelling and simulation, production management, artificial intelligence |
| Topics: | Engineering Principles, Project Management, Procurement, Cost Management, Research Practice, Digital Applications, Sustainability |
| Descriptive scope: | 2 PC |
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