Citation:

Bui Anh Tu, Ngo Tri Thu. "Predicting Construction Price Index Using Deep Learning Method" International Research Journal of Economics and Management Studies, Vol. 3, No. 4, pp. 117-124, 2024.

Abstract:

The Construction Cost Index (CCI) has been widely used to forecast project costs. In recent years, predicting the construction cost index of construction projects has become a significant research topic in the global construction management field. This study introduces various approaches and forecasting models to predict the construction cost index and evaluates the optimal mechanisms of machine learning and deep learning models. The primary purpose of this research is to provide stakeholders in the construction industry with a reliable tool for estimating construction costs for upcoming projects, especially in the current high-inflation environment. The method employed in this study is the Long Short-Term Memory (LSTM) model in the field of deep learning. The results of this study will serve as a useful reference for forecasting construction cost indices in the near future.

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Keywords:

Construction Cost Index, deep learning, Long Short Term Memory.