Cost Estimation Model Using Modified Parameters for Construction Projects

Abstract

Construction projects require huge amounts of capital and have many risk factors due to the unique industry characteristics. For a project to be successful, accurate cost estimation during the design phase is very important. Thus, this research aims to develop a cost estimation model where a modification method integrates influential factors with significant parameters. This study identified a modified parameter-making process, which integrates many influential factors into a small number of significant parameters. The proposed model estimates the cost using quantity-based modified parameters multiplied by their price. A case study was conducted with 24-residence building project, and the estimation accuracy of the suggested method and a CBR model were compared. The proposed model achieved higher overall cost-estimation accuracy and stability. A large number of influence factors can be modified as simple representatives and overcome the limitations of a conventional cost estimation model. The paper originality relates to providing a modified parameter-making process to enhance reliability of a cost estimation. In addition, the suggested cost model can actively respond to the iterative requirements of recalculation of the cost.