| Title |
Neural Network Model for Construction Cost Prediction of Apartment Projects in Vietnam |
| Authors |
Van Truong LuuVan Truong Luu ; Soo-Yong Kim |
| Keywords |
artificial neural networks(ANN) ; Neural networks ; cost model ; prediction ; total construction cost ; Vietnam |
| Abstract |
Accurate construction cost estimation in the initial stage of building project plays a key role for project success and for mitigation of disputes. Total construction cost(TCC) estimation of apartment projects in Vietnam has become more important because those projects increasingly rise in quantity with the urbanization and population growth. This paper presents the application of artificial neural networks(ANNs) in estimating TCC of apartment projects. Ninety-one questionnaires were collected to identify input variables. Fourteen data sets of completed apartment projects were obtained and processed for training and generalizing the neural network(NN). MATLAB software was used to train the NN. A program was constructed using Visual C++ in order to apply the neural network to realistic projects. The results suggest that this model is reasonable in predicting TCCs for apartment projects and reinforce the reliability of using neural networks to cost models. Although the proposed model is not validated in a rigorous way, the ANN-based model may be useful for both practitioners and researchers. It facilitates systematic predictions in early phases of construction projects. Practitioners are more proactive in estimating construction costs and making consistent decisions in initial phases of apartment projects. Researchers should benefit from exploring insights into its implementation in the real world. The findings are useful not only to researchers and practitioners in the Vietnam Construction Industry(VCI) but also to participants in other developing countries in South East Asia. Since Korea has emerged as the first largest foreign investor in Vietnam, the results of this study may be also useful to participants in Korea. |