Review of Cost Estimation Models

Nikhil K Gilson, Alester Joseph Vanreyk

Abstract: Cost estimation is an important task in the management of construction projects. The quality and success of a construction project depends on accurate estimation of the construction cost. The cost estimation models, which in the early stage estimate the construction costs with minimum project details, are helpful in the initial design stage of a construction project. Improved cost estimation models, which are available to managers, will facilitate more effective control of time and costs in construction projects. This review paper studies the cost estimation models and compares the commonly used models for early cost estimation. The review also considers the common problems and errors in estimation models used for apartment buildings and to suggest a method that could be used for estimation with better accuracy.

Keywords: Cost estimation, multiple regression analysis, neural networks, case-based reasoning, Time Series Models.