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Application Machine Learning in Construction Management

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  • Nguyen, Phong Thanh

Abstract

Machine Learning is a subset and technology developed in the field of Artificial Intelligence (AI). One of the most widely used machine learning algorithms is the K-Nearest Neighbors (KNN) approach because it is a supervised learning algorithm. This paper applied the K-Nearest Neighbors (KNN) algorithm to predict the construction price index based on Vietnam's socio-economic variables. The data to build the prediction model was from the period 2016 to 2019 based on seven socio-economic variables that impact the construction price index (i.e., industrial production, construction investment capital, Vietnam’s stock price index, consumer price index, foreign exchange rate, total exports, and imports). The research results showed that the construction price index prediction model based on the K-Nearest Neighbors (KNN) regression method has fewer errors than the traditional method.

Suggested Citation

  • Nguyen, Phong Thanh, 2020. "Application Machine Learning in Construction Management," MPRA Paper 109899, University Library of Munich, Germany, revised 01 Aug 2021.
    • Handle: RePEc:pra:mprapa:109899
    as

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    References listed on IDEAS

    as
    1. Thanh NGUYEN, Phong & Le Hoang Thuy To NGUYEN, Quyen, 2020. "Critical Factors Affecting Construction Price Index: An Integrated Fuzzy Logic and Analytical Hierarchy Process," MPRA Paper 103437, University Library of Munich, Germany, revised 31 May 2020.
    2. Canhoto, Ana Isabel & Clear, Fintan, 2020. "Artificial intelligence and machine learning as business tools: A framework for diagnosing value destruction potential," Business Horizons, Elsevier, vol. 63(2), pages 183-193.
    3. Shasha Xie & Jun Fang, 2018. "Prediction of construction cost index based on multi variable grey neural network model," International Journal of Information Systems and Change Management, Inderscience Enterprises Ltd, vol. 10(3), pages 209-226.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Artificial Intelligence; K-Nearest Neighbors (KNN); machine learning; price index; construction management;
    All these keywords.

    JEL classification:

    • C53 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Forecasting and Prediction Models; Simulation Methods
    • C8 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs
    • E0 - Macroeconomics and Monetary Economics - - General
    • L16 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Industrial Organization and Macroeconomics; Macroeconomic Industrial Structure
    • L74 - Industrial Organization - - Industry Studies: Primary Products and Construction - - - Construction

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