Cost modelling and price forecasting: practice and theory in perspective

Abstract

Various academics have pointed to the gap between research and practice in the field of building economics and suggest that the way forward may lie in terms of a paradigm shift in that a fundamentally different approach to cost modelling and price forecasting will be necessary. It can be argued that a change in thinking is required rather than an improvement in current practice. Expert systems, a form of artificial intelligence, hold exciting possibilities in this regard.