Service Needs

Reference No.

N-0008

Title

Enhancement of estimating process and accuracy for construction projects through artificial intelligence (AI), big data analytics or other innovative method.

Business Needs / Challenges

An accurate cost estimate is critical towards a successful construction project. Under-estimation would result in insufficient funding being reserved for a project, while over-estimation would lock up unnecessary funding which would otherwise be available for other deserving public construction projects. Cost estimation involves selection and analysis of suitable cost information from data bank in a professional manner for setting budget of a project in money-of-the-day prices, therefore it is challenging and contains many uncertainties. We are looking for the use of AI, big data analytics, etc. to enhance / optimise the estimating process and accuracy for setting a budget that meets project requirements during the development. The solution provider shall provide a proof-of-concept (PoC) of its solution through regression models, algorithm, etc. to demonstrate its capability to build up a rough cost estimate from data bank with accurate cost prediction.

Application Areas

Development
Housing
Infrastructure
Construction industry

Expected Outcomes

Demonstration of a practical AI cost estimation initial model with machine learning capability for apply in building construction projects.

Technologies to be Used

Artificial Intelligence (AI)
Data Analytics
Machine Learning
Predictive Analytics