Forecasting Engineering Costs: Two Case Studiesby Sivajogi D. Koppula, (A.M.ASCE), Sr. Geotechnical Engr.; Hardy Assoc. (1978) Ltd., Edmonton, Alberta, Canada.; Design and Construction Div., Alberta Environment, Edmonton, Alberta, Canada.,
Serial Information: Journal of the Construction Division, 1981, Vol. 107, Issue 4, Pg. 733-743
Document Type: Journal Paper
In recent years the subject of statistical forecasting has been brought to a sharp focus as a major area of engineering management decision-making process by the growth of substantive literature and by the onset of sophisticated computers. The choice of the most suitable forecasting technique for a particular engineering application is by no means a simple decision. This study presents two statistical methods that fully make use of the available historical data — the Box-Jenkins stochastic method and the Holt-Winters smoothing method. The forecasts made by both the methods agree very well with the actual observations.
Subject Headings: Case studies | Forecasting | Computing in civil engineering | Stochastic processes | Decision making
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