Airport Capital Improvements: Developing a Cost-Estimating Model and Database (2014) / Chapter Skim
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Pages 4-7
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CHAPTER 2: RESEARCH APPROACH The research approach can be broadly categorized into three phases: (1) Understanding the problem, (2)
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The output of the model is a cost estimate for a single project or a portfolio of projects, with both a point estimate and a high/low range that represents risk. The costs are inflation adjusted and take into account regional variations.
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Figure 1: ACCE main user interface Validating and refining the model Validation is a critical component of evaluating the performance and robustness of the cost model. The validation is an iterative process in which initial results are used to refine the model.
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• Case study validation: In case study validation, an additional set of historical construction projects are collected for testing purposes. For each case study, the predicted cost per the model is compared against the actual cost.
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