Title :
Application of Gray System Theory in Bidding Estimation for Construction Projects
Author :
Wu Yaoxing ; Chen Zhenghui
Author_Institution :
Coll. of Civil Eng. & Constr. Manage., Hunan Univ. of Sci. & Eng., Yongzhou, China
Abstract :
Through inducting the gray system theory, the modeling method, applicable condition and the means of precision inspection for Gray GM(1,1) forecasting model are given a brief and comprehensive introduction. On base of a case study how to use the method in the field of project cost forecasting and determine bidding price have been discussed. The features of small-samples and high-accuracy of gray system are fully displayed.
Keywords :
construction industry; forecasting theory; grey systems; pricing; project management; GM(1,1) forecasting model; bidding estimation; bidding price; construction projects; gray system theory; Civil engineering; Costs; Educational institutions; Engineering management; Estimation theory; History; Inspection; Predictive models; Project management; System testing;
Conference_Titel :
Management and Service Science, 2009. MASS '09. International Conference on
Conference_Location :
Wuhan
Print_ISBN :
978-1-4244-4638-4
Electronic_ISBN :
978-1-4244-4639-1
DOI :
10.1109/ICMSS.2009.5301662
