Accurate cost estimation at the early stage of a construction project is key factor in a project's success. But it is difficult to quickly and accurately estimate construction costs at the planning stage, when drawings, documentation and the like are still incomplete. As such, various techniques have been applied to accurately estimate construction costs at an early stage, when project information is limited. While the various techniques have their pros and cons, there has been little effort made to determine the best technique in terms of cost estimating performance. The objective of this research is to compare the accuracy of three estimating techniques (regression analysis (RA), neural network (NN), and support vector machine techniques (SVM)) by performing estimations of construction costs. By comparing the accuracy of these techniques using historical cost data, it was found that NN model showed more accurate estimation results than the RA and SVM models. Consequently, it is determined that NN model is most suitable for estimating the cost of school building projects.
Kim et al. REF presented three algorithms namely Regression, Neural Network and Support Vector Machine for cost estimation of building construction projects.
Comparison of School Building Construction Costs Estimation Methods Using Regression Analysis, Neural Network, and Support Vector Machine
Journal of Building Construction and Planning Research
Journal of Building Construction and Planning Research
Engineering