Harding A, Lowe D, Hickson A, Emsley M, Duff R
The cost of procurement: a neural network approach
Abstract: "Existing research which has attempted to determine differences between the costs of the different procurement routes has consistently aimed to determine a single figure for the difference for projects as a whole. No attempt has been made to provide a difference which is project specific (Duff et al., 1998). Furthermore, no previous research has determined the cost to the client using any objective method.
The lack of data defining client costs and the absence of suitable modelling techniques have prevented such an objective evaluation being made (Masterman, 1994). These factors prompted research into the cost of procurement at UMIST. This research has required the collection of a substantial database of the total cost, to a client, of past projects, and the subsequent creation of a neural network model of these costs.
Results of the first phase of development of this model are presented, including regression analysis, preliminary neural network models and sensitivity analysis. An assessment of how these results will inform future development of the model is also made."
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Permission to reproduce these documents have been graciously provided by Icelandic Building Research Institute. The assistance of the editor, Mr. Gudni Gudnason, is gratefully appreciated