Monitor the condition and performance of your machines and assets in real-time.
It is always challenging to price construction projects due to the fluctuating costs that trend toward increasing over time.
Using Machine Learning algorithms, we provide stakeholders with an accurate way to predict upcoming project costs.
Historical data about different material prices were collected for the desired study period.
Formula was derived to compute Construction Cost Index (CCI) and a base year was selected.
The CCI was forecasted for each year using ML algorithms such as Neural Networks,
Linear Regression, and Time Series .
The models were evaluated for high accuracy to choose the best forecasting method.
Completed Date: 2022
93% accuracy rate was achieved in predicting the price of construction materials.
It became easier and more reliable to evaluate and budget large construction projects.
Reduces risks and prevents unprecedented losses by assisting in the decision-making process.