Can Machine Learning and Artificial Intelligence technology help construction cost estimators?

by Sila Keskin in January 13th, 2023

Yes. ML and AI can be powerful tools for construction cost estimators. Here are a few ways that ML and AI can be used to improve the preconstruction process:

ML and AI Benefits Diagram

Predictive modeling

ML algorithms can be trained on historical data to predict the cost of a project based on various factors such as location, project size, and materials used. This can help estimators make more accurate cost predictions and identify potential cost savings.

Automating takeoff and quantity calculations

AI can be used to automate parts of this process, making measuring and calculating of quantities easier. This can save time and reduce the risk of human error.

Identifying patterns in data

These technologies can be used to analyze large amounts of data, such as bids and change orders, to identify patterns and trends that can help estimators make more informed decisions.

Streamlining the bidding process

They also can be used to automate the process of evaluating bids and selecting the most qualified contractor for a project. This can save time and improve the accuracy of the selection process.

Improving project management

Analyzing data from various sources is possible with the new technologies, such as schedules, budgets, and resource usage, to identify potential issues and make recommendations for how to address them.

AI help on project management

Identifying possible variations in the construction process

ML can be used to analyze the data from previous construction projects to identify variations in the construction process and to help estimators make better decisions in choosing the right construction methodology.

Identifying potential risks

Analysis is not the only thing these technologies help with. They can be used for forecasting, identifying potential risks and errors, and making recommendations to mitigate them.

Overall, ML and AI can bring significant value to the construction industry, by improving accuracy and efficiency, and by identifying and mitigating risks within the preconstruction process.

Gamyte’s AI-based Project Analyzer combines these technologies to assist you in cost estimation and to streamline your entire preconstruction process.

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