| Authors |
An Sung-Hoon ; Yoon Jie-Eon ; Kang Kyung-In |
| Keywords |
Assessment Model ; Preliminary Cost Estimates ; Discriminant Analysis ; Accuracy |
| Abstract |
Clients have wanted to assess the quality of preliminary cost estimates, because construction costs are estimated under a high level of uncertainty about the project future. Therefore, the object of this study was to develop the assessment model of preliminary cost estimates using a discriminant analysis. The factors that influenced the preliminary cost estimates are selected, and 58 projects, which were actually estimated and constructed, were collected from the construction companies. The discriminant analysis was used to structure the assessment model of preliminary cost estimates. With the all independent factors in the discriminant analysis, though original classification results of accuracy ranges had high figures, over-fitting was conducted. On the other hand, with the selected key factors using the stepwise method, original classification results and cross-validated classification results showed that this methodology was proper for the assessment model of preliminary cost estimates. Consequently, the assessment model of preliminary cost estimates was structured with the discriminant functions, which were acquired by the discriminant analysis using stepwise method. |