Investigation of Factors Impacting Construction Cost Estimate to Develop Construction-Driven Artificial Neural Network (ANN)

The construction industry is the backbone of any country’s economy. It is a primary source of foreign investments, creates new jobs, and maintains the economy flowing in various trades. Accurate cost estimation is a critical aspect for the construction industry, directly impacting project success and profitability. This master's thesis focuses on comprehensively identifying the key factors that influence cost estimation and provides valuable recommendations for constructing an optimized Artificial Neural Network (ANN) model. Through an extensive research methodology encompassing literature review, surveys, and interviews with industry professionals, this study uncovers significant factors that exert a substantial impact on cost estimation practices. The findings emphasize the importance of seamlessly integrating project delivery systems, meticulously considering project duration, and incorporating diverse perspectives from global regions. By incorporating these insights, stakeholders can make informed decisions, enhance project planning, and elevate overall project performance. This study successfully bridges the gap between theory and practice, presenting invaluable insights for stakeholders within the construction industry. Keywords: cost estimation, construction industry, Artificial Neural Network, factors, project delivery systems, project duration, global perspectives, informed decision-making, project planning, project performance