Parametric Range Estimating of Building Costs Using Regression Models and Bootstrap
Publication: Journal of Construction Engineering and Management
Volume 134, Issue 12
Abstract
This paper presents a bootstrap approach for integration of parametric and probabilistic cost estimation techniques. In the proposed method, a combination of regression analysis and bootstrap resampling technique is used to develop range estimates for construction costs. The method is applied to parametric range estimation of building projects as an example. The bootstrap approach includes advantages of probabilistic and parametric estimation methods, at the same time it requires fewer assumptions compared to classical statistical techniques. This study is of relevance to practitioners and researchers, as it provides a robust method for conceptual estimation of construction costs.
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Information & Authors
Information
Published In
Journal of Construction Engineering and Management
Volume 134 • Issue 12 • December 2008
Pages: 1011 - 1016
Copyright
© 2008 ASCE.
History
Received: Aug 25, 2006
Accepted: Jul 1, 2008
Published online: Dec 1, 2008
Published in print: Dec 2008
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