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A Neural Network Model for Predicting Cost of Pre-Fabricated Housing

A Neural Network Model for Predicting Cost of Pre-Fabricated Housing

Mladen Vukomanović, Mirsad Kararić, Mladen Radujković
Copyright: © 2014 |Volume: 5 |Issue: 1 |Pages: 10
ISSN: 1938-0232|EISSN: 1938-0240|EISBN13: 9781466655218|DOI: 10.4018/ijitpm.2014010102
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MLA

Vukomanović, Mladen, et al. "A Neural Network Model for Predicting Cost of Pre-Fabricated Housing." IJITPM vol.5, no.1 2014: pp.14-23. http://doi.org/10.4018/ijitpm.2014010102

APA

Vukomanović, M., Kararić, M., & Radujković, M. (2014). A Neural Network Model for Predicting Cost of Pre-Fabricated Housing. International Journal of Information Technology Project Management (IJITPM), 5(1), 14-23. http://doi.org/10.4018/ijitpm.2014010102

Chicago

Vukomanović, Mladen, Mirsad Kararić, and Mladen Radujković. "A Neural Network Model for Predicting Cost of Pre-Fabricated Housing," International Journal of Information Technology Project Management (IJITPM) 5, no.1: 14-23. http://doi.org/10.4018/ijitpm.2014010102

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Abstract

Low performance of the construction industry stresses the need for improving current practices - especially in regard to cost. In this study the authors have found a critical set of variables for predicting total cost of pre-fabricated housing. A neural network model was applied on more than 30 projects. The model relies on 17 critical cost prediction variables. Verification, on 28 buildings, showed that: 85.7% of predicted values had the deviation lower 5%, while 10.7% had the deviation lower than 10%, in relation to the actual cost. After validating the model on new data the performances were as follows: 83.8% of predicted values had the deviation lower 5%, while 12.9% had the deviation lower than 10%. Thus, using this model, construction companies can influence project performance during project early phases, and acquire more competitive position on the market.

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