Building Cost Forecasting Model
Project Description
COMPANY BACKGROUND
Austin Commercial is one of the nation’s largest, most diversified construction companies. As one of 3 operating companies with more than 6,000 employee-owners, Austin Commercial provides construction services across many market sectors, including Aviation, Corporate/Office, Healthcare, Semiconductor/Fabrication Plants and Sports Venues.
PROJECT SCOPE
Can we establish a building cost forecasting tool by establishing a statistical relationship between the cost of unprocessed materials (related to construction) and the cost of key processed construction materials?
Project Details
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Summary
Create an interactive tool where users can select several key project parameters (building type, structural system, etc.) as well as timeframe and receive an escalation (cost?) prediction based on the latest costs of unprocessed materials, labor, and other leading indicators. Phase 1A - Utilize industry contacts to research the quantity of key construction materials in various building types. Phase 1B - Use statistical analysis to establish time relationships between the cost of unprocessed materials important to construction and the cost of related processed materials later in the supply chain. Phase 2 - Build cost models that predicts the effect of current cost changes on the cost of a building in the future.
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Sponsor
- Austin Commercial
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Semester
- Fall 2022
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Academic Area
- Organizations Strategy and International Management
Construction