| Title |
Model for Predicting Cost and Cost Range of the Public Office Building at the Planning Phase |
| Authors |
Hyun Chang-Taek ; Moon Hyun-Seok |
| Keywords |
Cost Prediction ; Cost Range ; Regression Analysis ; Public Office Building |
| Abstract |
Owners have to set the most adequate budget for their construction projects. For this reason, Predicting a proper construction cost is a very important factor in effective investment. Unlike the existing cost prediction models for the planning phase, in this study, the variables that have an interrelation with construction cost were selected as attributes using correlation analysis based on real cases. In developing a model for predicting cost and cost range, model was developed using the regression analysis. Then, the model was verified with eight project cases. The result of the verification showed error ratios of -7.46% ~ 6.27%. And the results of the cost range are accurate. The developed model can predict a construction cost with prediction intervals considering the characteristics and uncertainties of the project. |