Predictive Analytics: The Future of Cost Forecasting

Predictive Analytics: The Future of Cost Forecasting

Forecasting construction costs has always been a challenge due to volatile material prices, the cyclical nature of the market and geographic differences. Traditionally, construction estimates have leveraged cost data from past projects and currently available prices before being adjusted for future construction, using a cushion or a rule of thumb. Today, with improved data analysis techniques, such as data mining, price indexes have evolved. Watch this presentation to learn how new approaches through data science, data modeling and algorithms are being used to leverage external factors for predictive construction cost insights that were previously unattainable.