Ontology-Based Integrated Cost Management System for Real Estate Development
Publication: ICCREM 2022
ABSTRACT
Cost management is key to real estate development. Previous studies have provided a conceptual scheme and quantity take-off tool improving the speed and accuracy of construction cost management (CMM) work. However, cost management requires cross-functional coordination and internal iterations—an efficient environment for data communication and computation. This study developed an ontology-based system to conceptualize CCM knowledge in terms of stages and disciplines. Multiple ontology models and their associated concepts, properties, and rules are extracted from extensive literature and expert interviews to describe CCM procedures for cost estimation and cost management. With the development of data infrastructure and operation platforms presented here, information necessary for and deriving from cost management work is simultaneously updated in the database and distributed following inference rules. Empowered by the model, organizations can save time for planning and decision-making through automatic data reuse and disposal. Construction cost has been well controlled in development, with an average deviation of 2% in our local application. Applications for the design and tender stages are implemented to demonstrate the effectiveness of the proposed model in the domain of cost management in real estate development.
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ICCREM 2022
Pages: 838 - 854
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Published online: Dec 15, 2022
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