Research on project cost prediction based on random forest algorithm

Dong Li; Yongcang Li; Changxi Ma

doi:10.1117/12.3030356

16 May 2024 Research on project cost prediction based on random forest algorithm

Dong Li, Yongcang Li, Changxi Ma

Proceedings Volume 13160, Fourth International Conference on Smart City Engineering and Public Transportation (SCEPT 2024); 131600H (2024) https://doi.org/10.1117/12.3030356
Event: 4th International Conference on Smart City Engineering and Public Transportation (SCEPT 2024), 2024, Beijin, China

Abstract

This paper takes the construction project of a road and bridge construction group in Gansu as an example, for its existing project cost prediction is subjective and lacks accuracy, and the project cost influencing factors are not considered comprehensively, etc., analyzes its cost composition and the project cost influencing factors in previous years, designs the process and method of cost prediction, establishes the cost prediction index system on the basis of which, and constructs a cost prediction model using the random forest algorithm to simulate the prediction of project cost on the basis of the accumulated historical data of the data service center. Data Service Center accumulated historical data as the basis of the project cost simulation prediction, the training samples and prediction test samples are fitted to test the effect of the model prediction, the results show that the regression model has a high prediction accuracy, and it can provide valuable reference for the budget management and bidding decision-making of highway construction cost.

(2024) Published by SPIE. Downloading of the abstract is permitted for personal use only.

Citation Download Citation

Dong Li, Yongcang Li, and Changxi Ma "Research on project cost prediction based on random forest algorithm", Proc. SPIE 13160, Fourth International Conference on Smart City Engineering and Public Transportation (SCEPT 2024), 131600H (16 May 2024); https://doi.org/10.1117/12.3030356

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