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ANN approach to determine cost contingency in international construction project

Author

Listed:
  • Gul Polat

    (Istanbul Technical University, Turkey)

Abstract

Construction companies try to expand into international markets to create new job op-portunities. Since international construction environment is highly subject to several complex conditions, carrying out international projects is much riskier than conducting domestic pro-jects. In this risky business environment, contractors usually include a reasonable contin-gency amount as an allowance for potential risks in their bid prices to shield themselves from the outcomes of possible failures. In this context, determination of the right amount of con-tingency is critical. In this study, an ANN-based contingency estimation model, which can assist construction companies to estimate contingency more systematically and accurately, is presented.

Suggested Citation

  • Gul Polat, 2012. "ANN approach to determine cost contingency in international construction project," Journal of Applied Management and Investments, Department of Business Administration and Corporate Security, International Humanitarian University, vol. 1(2), pages 195-201.
    • Handle: RePEc:ods:journl:v:1:y:2012:i:2:p:195-201
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    File URL: http://www.jami.org.ua/Papers/JAMI_1_2_195-201.pdf
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    Cited by:

    1. Anatoliy G. Goncharuk, 2015. "Application of the Investment Theory in Research and Practice," Journal of Applied Management and Investments, Department of Business Administration and Corporate Security, International Humanitarian University, vol. 4(2), pages 119-126.
    2. Mihir Dash, 2017. "Extending The PERT Model For Probabilistic Activity Direct Costs," Journal of Applied Management and Investments, Department of Business Administration and Corporate Security, International Humanitarian University, vol. 6(4), pages 231-236, November.

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