New model revolutionizes construction cost estimates, saving millions in project budgets.
Construction projects involve significant financial risks, known as contingency costs. Contractors traditionally estimate these costs based on past projects, but this method lacks a solid foundation. A new approach using risk analysis and fuzzy expert systems was proposed to create a more accurate cost contingency model for Indian construction projects. The study found that the new model's forecasts were within 20% accuracy compared to actual cost contingencies.