Application of Artificial Neural Networks to Predicting Construction Material Prices
Raja R. A. Issa · 2000
Since the price of some types of construction materials can change drastically in very short periods of time, the ability of a construction contractor to accurately predict future construction material prices is crucial to the success of his or her company. A construction contractor with the ability to accurately predict future material prices can have a serious advantage over his or her competitors when it comes to competing for. prospective projects. Artificial neural networks are ideal tools to help the contractor track past prices and conditions affecting these prices and then predict future prices. In order to show the effectiveness of this approach, the results of a pilot study predicting framing lumber prices using neural networks is discussed.