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Vol.5, No.2, May 2016. ISSN: 2217-8309 eISSN: 2217-8333
TEM Journal
TECHNOLOGY, EDUCATION, MANAGEMENT, INFORMATICS Association for Information Communication Technology Education and Science |
Predicting Bidding Price in Construction using Support Vector Machine
Silvana Petruseva, Phil Sherrod, Valentina Zileska Pancovska, Aleksandar Petrovski
© 2016 Silvana Petruseva et al, published by UIKTEN. This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 License. (CC BY-NC-ND 4.0)
Citation Information: TEM Journal. Volume 5, Issue 2, Pages 143-151, ISSN 2217-8309, DOI: 10.18421/TEM52-04, May 2016.
Abstract:
The bidding price can directly affect the construction firm business, so the decision what price to bid for a new project in order to sign a contract is a difficult and responsible decision. Data for fifty four tenders were collected from construction firms. Only data for twenty six tenders were contracts which were signed and used for further analysis. A model for forecasting the bidding price was developed. The model uses support vector machine. DTREG software package was used for predictive modeling. The obtained prediction was very accurate with only 2.5% error (mean absolute percentage error) of the model.
Keywords – Bidding price, construction, forecasting, support vector machine, DTREG software package. |
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