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.
