It is a common occurrence that due to the challenges of cost estimation in budgeting the various stages of construction projects, sale price and profitability cannot be calculated accurately. While these inaccuracies are sometimes due to the unique characteristics of a project, more often than not they are the result of lack of knowledge, the subjective evaluation of data, direct and indirect cost distribution errors and underestimating project risks. There are various methods to classify and estimate costs; however, such methods are usually not enough to overcome the above-mentioned difficulties. This article will examine the possibilities of using artificial intelligence methods in evaluating and overcoming the uncertainties resulting from project specific characteristics.
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