PARAMETRIC ESTIMATION OF CONSTRUCTION COST USING COMBINED BOOTSTRAP AND REGRESSION TECHNIQUE

This paper presents a parametric estimation approach for the prediction of future construction cost. I n the proposed method, a combined regression analysis and bootstrap re-sampling technique is used to develop the range estimate for construction costs. In parametric esti mating, a model including the important parameters is developed to predict construction costs, using data of previous projects and the regression analysis is used to determine an adequate cost model.