Refinement of Cost Estimates with Artificial Neural Nets

by Irtishad U. Ahmad, (A.M.ASCE), Florida International Univ, Miami, United States,
Syed T. Rahman, Florida International Univ, Miami, United States,



Document Type: Proceeding Paper

Part of: Computing in Civil Engineering

Abstract:

An estimate should be refined for undefined items. Usually, contingency is added to cover any inadequacies in estimate basis definition and inadequacies in estimating methods and data. The practice of applying a contingency factor to increase the bottom line estimate does not seem to have any logical basis. Methods based on assumed statistical distributions have been suggested.

Subject Headings: Benefit cost ratios | Neural networks | Computer software | Computer networks | Terminology and definition | Statistics | Artificial intelligence (AI)

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