Li, H (1996) Neural network models for intelligent support of mark-up estimation. Engineering, Construction and Architectural Management, 3(1-2), pp. 69-81. ISSN 0969-9988
Abstract
Cost estimation is an important decision-making process where many factors are interrelated in a complex manner, thus making it difficult to analyse and model using conventional mathematical methods. Artificial neural networks (ANNs) offer an alternative approach to modelling cost estimation. ANNs are simple mathematical models that self-organize information from training data. This paper explores the use of ANNs in cost estimation. Research issues investigated are twofold. First, this paper compares the performance of ANNs to a regression-based method which leads to a better understanding of the applicability of ANNs. Second, this paper identifies the effect of different configurations of neural networks on estimating accuracy. Experimental results demonstrate the many advantages and disadvantages of using neural networks in modelling cost estimation.
| Item Type: | Article |
|---|---|
| Uncontrolled Keywords: | artificial neural network; cost estimating; training; regression analysis |
| Index terms: | estimation, decision-making process, regression analysis, modelling, cost estimating, mathematical model, mark-up, accuracy, artificial neural network, neural network, configuration, estimating |
| Subjects: | professional development, systems engineering, price determination, statistical analysis, decision analysis, mathematical modelling, financial and cost management, analytical methods, artificial intelligence, modelling and simulation |
| Topics: | Procurement, Risk Management, Engineering Principles, Information Management, Research Practice, Cost Management, Digital Applications |
| 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