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Ayinla, K, Saka, A, Seidu, R and Madanayake, U (2023) The Impact of Artificial Intelligence on Construction Costing Practice. In: Tutesigensi, A and Neilson, C J (Eds.), Proceedings 39th Annual ARCOM Conference, 4-6 September 2023, University of Leeds, Leeds, UK. Association of Researchers in Construction Management, 65-74.
- Type: Conference Proceedings
- Keywords: artificial intelligence AI, artificial neural network ANN, construction sector, cost estimating, machine learning ML
- ISBN/ISSN: 978-0-9955463-7-0
- URL: http://www.arcom.ac.uk/-docs/proceedings/300e3d80cb908896546290edb0e33a37.pdf
- Abstract:
Cost estimation is a crucial process in the construction sector as the efficiency of the overall project cost serves as one metric in determining project success. Prevailing traditional approach suffers from human subjectivity and bias which affect accuracy. With the development and adoption of Artificial Intelligence (AI) such as the use of machine learning (ML) and deep learning (DL) algorithms, the construction industry is experiencing brisk technological change and new ways of working, particularly in terms of cost predictions and estimations. However, the application of AI is still in its infancy and the industry still prioritises traditional cost modelling approaches in determining early estimates. This research explores the application of the various ML methods for costing and assesses their usage and application in the costing practice via an exploratory critical review. Findings indicate that ML algorithms would improve the accuracy and efficiency of costing practice but cannot replace the professionals and data availability.