What is it about?
Cost estimation is one of the most significant steps in construction planning, which must be undertaken in the preliminary stages of any project; it is required for all projects to establish the project’s budget. Confidence in these initial estimates is low, primarily due to the limited availability of suitable data, which leads the construction projects to frequently end up over budget. This paper investigated the efficacy of artificial neural networks (ANNs) methodologies in overcoming cost estimation problems in the early phases of the building design process.
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Why is it important?
The ANN approach introduced as a management tool is expected to provide the stakeholders in the engineering business with an indispensable tool for predicting the cost with limited data at the early stages of construction projects.
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This page is a summary of: A model utilizing the artificial neural network in cost estimation of construction projects in Jordan, Engineering Construction & Architectural Management, December 2020, Emerald, DOI: 10.1108/ecam-06-2020-0402.
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