Research on Forecasting the Cost of Residential Construction Based on PCA and LS-SVM

Abstract

To forecast the costs of a residential construction rapidly and accurately in the initial stage of construction and lack of relevant information. Based on the strengths and weaknesses of previous studies about it, a new model to forecast the costs of a residential construction which is based on Principal Component Analysis (PCA) and Least Squares Support Vector Machine (LS-SVM) is proposed. First based on the factors analysis in the costs of a residential construction, chooses the indicators and samples of residential construction for the prediction of the Construction Costs, after which submits the selected indicators data to the Principal Component Analysis(PCA) to eliminate the Correlation in it; then, the new indicators data is imported into the Least Squares Support Vector Machine (LS-SVM) and training in it to build a new model to forecast the costs of a residential construction. Finally, selects 5 projects in conjunction with the new model for simulation analysis, the relative error are controlled within±7%.