CCI Prediction

CCI Prediction

Challenge

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​.

Solution

• 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​​.