The Influence of Artificial Intelligence on Practices in Construction Cost Estimation

Abstract

The process of cost estimation holds significant importance in the construction sector, serving as a key metric for determining project success. The conventional approach to cost estimation is often marred by human subjectivity and bias, leading to potential inaccuracies. The advent and adoption of Artificial Intelligence (AI), including machine learning (ML) and deep learning (DL) algorithms, are introducing notable technological advancements in the construction industry, particularly in the realm of cost predictions. Despite the ongoing technological changes, the industry still predominantly relies on traditional cost modelling approaches for early estimates, showcasing a hesitation to fully embrace AI applications in this domain. This research delves into the utilization of various ML methods for costing, conducting an exploratory critical review to assess their usage and application in current costing practices. The findings suggest that ML algorithms have the potential to enhance the accuracy and efficiency of cost estimation. However, it is emphasized that while ML can be a valuable tool, it cannot entirely replace the expertise of professionals and is dependent on the availability of relevant data.