Study On The Rbf Neural Network Approach To Quick Cost Estimate Of Construction Projects

5512 words - 22 pages

Study on the RBF neural network approach to quick cost estimate of construction projectsContents2Part I Literature Review 21. Executive Summary 42. Neural Network 42.1 What is Neural Network 62.2 Why Use Neural Networks 72.3 Artificial Neural Network Architecture 82.4 How Can Artificial Neural Networks Help Us 103. Introducing Radial Basis Function Networks 124. Radial Basis Functions 135. RBF Neural Network to Cost Estimate of Construction Projects 156. Knowledge Gaps 17References 20Part II Research Reflection Part I Literature ReviewAfter several weeks' carefully analysing various academic sources, these literature review has compiled a list of the most valuable to the particular study. We have considered academic literature to be that of text books and well-credited journals.1. IntroductionCost estimating is essential for cost planning and budgeting and takes place in all stages of project development. Accurately forecasting the cost of projects is vital to the survival of any business or organization (Horngren, et al., 2005). It is widely accepted that approximately 70% of the life cycle cost of a product is fixed during the early design phases (Y. Liu and A.H. Basson, 2001). Cost estimate of awaiting projects is one of the main components in the project feasibility study stage. The accuracy of cost estimate has a direct influence on the a lot of key factors, including investment decision, project design scheme, investment economic effect, the continuity of project construction and so on. Distinctly, getting an accurate cost estimate using an easy-use and quick approach is of great significance to the successful investment management and control of engineering projects (Ostwald, 2001).In many cases cost estimating also determines whether the client will go forth and agree on the construction contract. When the project design has been finalized, a complete and detailed cost estimate is prepared. The contractor uses this estimate for bidding and subsequent cost-control purposes if a competitive-type contract is involved. Bid decision is of highly importance to contractors. If a contractor makes a bid decision without careful evaluation among miscellaneous projects in the market, administrative chaos within the business and over-consumption of resources can be incurred, thus jeopardizing the fulfilment of the strategic development goal of the business. The purpose of the bidding department of the contractor's office is to win the bid. After receiving the scope of the work from the client, an overall review is carried out, the technical and commercial aspects are then evaluated using material specifications and quotations from the procurement department. Workmanship, including direct and indirect labor costs estimated and overheads for mobilization, accommodation, transportation, food, etc., estimated for the total project period (Mansour, et al., 2007).In the study done by Rifat Sonme Z in 2004, they suggest that there are a large number of...

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