HYBRID FORECASTING SYSTEM BASED ON CASE-BASED REASONING AND ANALYTIC HIERARCHY PROCESS FOR COST ESTIMATION

Abstract

Cost estimating of highway projects with high accuracy at the early stage of project development is crucial for planning and feasibility studies. Various research have been attempted to develop cost prediction models in the early stage of a construction life cycle. This study uses the hybrid estimating tool to provide an effective cost data management for highway projects and accordingly develops a realistic cost estimating system. This study focused on the development of a more accurate estimate technique for highway projects in South Korea at the early stage using hybrid analytic hierarchy process (AHP) and case-based reasoning (CBR). Real case studies are used to demonstrate and validate the benefits of the proposed approach. It is expected that the developed CBR system is to provide decision-makers with accurate cost information to asses and compare multiple alternatives for obtaining the optimal solution and controlling cost.