Title |
Development of Building Construction Cost Forecasting Model Using Artificial Neural Networks |
Keywords |
Building Construction cost ; forecasting ; artificial neural networks |
Abstract |
Construction cost forecasting model can be very helpful to appropriate management responding in price fluctuation and reducing its uncertainty. This research developed construction cost forecasting model using Building Construction Cost Index and Artificial Neural Networks. By this model, we could calculate the forecasted values of construction cost precisely and efficiently. And we also could find out that the standard deviation of forecasted values is 0.375 and it is a very exact result, so the standard deviation is just 0.33 percent of 112.28, the average of Building Construction Cost Index. And it show more exact forecasting result in comparison with Time Series Analysis. |