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Elhag, T M S and Boussabaine, A H (2001) Tender price estimation using artificial neural networks. Journal of Financial Management of Property and Construction, 6(03), 193–208.

  • Type: Journal Article
  • Keywords: cost; tender; price estimation; neural networks; modelling
  • ISBN/ISSN: 1366-4387
  • URL: http://www.emeraldinsight.com/journals.htm?issn=1366-4387
  • Abstract:
    This paper develops an understanding of how tender price data can be analysed using Artificial Neural Networks (ANN) methods. Knowledge discovery is a recent development in the field of database exploration. The discovery of association rules is among the topics that knowledge discovery addresses. Hence, this paper examines the association between the tender price of projects and their cost attributes. The paper reports on relationships related to a particular event occurring and examines the rules, which state that, for example, when a particular cost attribute is present then the tender price of construction projects increases or decreases in a certain percentage of cases. The association between the cost attributes will also be described. The potential impact of this work on existing practices will be briefly discussed. This provides a means to examine many possible relationships between cost attributes and tendering price prior to any design or contractual decisions.

Fortune, C (2001) Exploring the model selection process in the formulation of building project advice. Journal of Financial Management of Property and Construction, 6(03), 167–77.

Kaka, A P (2001) Turnover forecasting for contracting companies based on published information. Journal of Financial Management of Property and Construction, 6(03), 217–29.

Kenley, R (2001) In-project end-date forecasting: an idiographic, deterministic approach, using cash-flow modelling. Journal of Financial Management of Property and Construction, 6(03), 209–16.

Lo, H P and Lam, M-L (2001) A bidding strategy using multivariate distribution. Journal of Financial Management of Property and Construction, 6(03), 155–65.

Ogunlana, S O, Bhokha, S and Pinnemitr, N (2001) Application of artifical neural network (ANN) to forecast construction cost of buildings at the pre-design stage. Journal of Financial Management of Property and Construction, 6(03), 179–92.

Skitmore, M (2001) Raftery curves for tender price forecasting: Empirical probabilities and pooling. Journal of Financial Management of Property and Construction, 6(03), 141–54.