Study of Cost Estimation in the Project Design Phase Based on the Gray System Model

Peng Wang¹, Runting Gong¹, Dandan Li²

COMPUTER MODELLING & NEW TECHNOLOGIES 2014 18(12C) 1015-1020

¹ School of Construction Management and Real Estate, Chongqing University, Chongqing, China, 400045
² City College of Science and Technology, Chongqing University, Chongqing, China, 402167

With the rapid development and transformation of the construction industry, the construction project cost has been increasing in recent years. It has not only affected mark competitiveness of the construction enterprise, but also consumed the more social resources. Then how to make the construction project cost control precisely and effectively is a key problem, especially in the project design phase. Based on the previous research, the paper summed up that the project managers had a single method of cost control and forecast, and also the accuracy was not high. This paper then explored a fit method for forecasting and controlling the budget in project design phase based on the Gray System Model (1,1).Comparing with several commonly prediction methods on project cost, it summed up their differences and selected a prioritization scheme—Gray System Model (1,1) for testing. In order to control and forecast the budget with a timely and reasonable, this paper lastly applied Gray System Model (1,1) for the project design phase of engineering practice and it proved that the evaluation method was feasible.