Models for Predicting Material Price in Construction Project

S. Vinodhini, P. Velumani

Abstract: Changes in construction materials? prices have a great impact on the cost of construction projects. Such fluctuations in prices occur erratically at changed rates over time. There is no clear relationship that can be used to provide accurate calculations of materials' prices. One of the biggest problems that face the construction contracts is unbalanced rights and obligations between owners and contractors. It is necessary to have a system that is capable to estimate the size and amount of the change in materials' prices at reasonable accuracy. There is also a need to predict the change in building materials' prices during the execution phase of the project as well as during the preparation of tenders. Thus, determination of the appropriate lead time to order needed building materials to execute various activities could be done. This research proposes a methodology for to predict the aluminium material price using artificial neural network, trend analysis and SPSS analysis. The analysis was done and hence it proved that the artificial neural network analysis is better than other analysis.

Keywords: PREDICTING MATERIAL PRICES