Estimation of life-cycle costs of buildings: regression vs artificial neural network
MetadataShow full item record
Purpose – The purpose of this paper is to compare the performance of regression and artificial-neural-networks (ANNs) methods to estimate the running cost of building projects towards improved accuracy. Design/methodology/approach – A data set of 20 building projects is used to test the performance of these two (ANNs/regression) models in estimating running cost. The concept of cost-significant-items is identified as important in assisting estimation. In addition, a stepwise technique is used to eliminate insignificant factors in regression modelling. A connection weight method is applied to determine the importance of cost factors in the performance of ANNs. Findings – The results illustrate that the value of the coefficient of determination=99.75 per cent for ANNs model(s), with a value of 98.1 per cent utilising multiple regression (MR) model(s); second, the mean percentage error (MPE) for ANNs at a testing stage is 0.179, which is less than that of the MPE gained through MR modelling of 1.28; and third, the average accuracy is 99 per cent for ANNs model(s) and 97 per cent for MR model(s). On the basis of these results, it is concluded that an ANNs model is superior to a MR model when predicting running cost of building projects. Research limitations/implications – A means for continuous improvement for the performance of the models accuracy has been established; this may be further enhanced by future extended sample. Originality/value – This work extends the knowledge base of life-cycle estimation where ANNs method has been found to reduce preparation time consumed and increasing accuracy improvement of the cost estimation.
Showing items related by title, author, creator and subject.
Chow, Chi Ngok (2010)The largest wool exporter in the world is Australia, where wool being a major export is worth over AUD $2 billion per year and constitutes about 17 per cent of all agricultural exports. Most Australian wool is sold by ...
Baccarini, David (2004)The cost performance of building construction projects is a key success criterion for project sponsors. Project cost performance is typically measured by comparing final cost against budget. A key component of the project ...
Benu, Fredrik Lukas (2003)This study examines agricultural productivity and farmers' welfare in West Timor, Indonesia. The driving force behind this study is to understand why the welfare of farmers has lagged behind others despite significant ...