Application Machine Learning in Construction Management

Phong Nguyen

MPRA Paper from University Library of Munich, Germany

Abstract: Machine Learning is a subset and technology developed in the field of Artificial Intelligence (AI). One of the most widely used machine learning algorithms is the K-Nearest Neighbors (KNN) approach because it is a supervised learning algorithm. This paper applied the K-Nearest Neighbors (KNN) algorithm to predict the construction price index based on Vietnam's socio-economic variables. The data to build the prediction model was from the period 2016 to 2019 based on seven socio-economic variables that impact the construction price index (i.e., industrial production, construction investment capital, Vietnam’s stock price index, consumer price index, foreign exchange rate, total exports, and imports). The research results showed that the construction price index prediction model based on the K-Nearest Neighbors (KNN) regression method has fewer errors than the traditional method.

Keywords: Artificial Intelligence; K-Nearest Neighbors (KNN); machine learning; price index; construction management (search for similar items in EconPapers)
JEL-codes: C53 C8 E0 L16 L74 (search for similar items in EconPapers)
Date: 2020-12-29, Revised 2021-08-01
New Economics Papers: this item is included in nep-big, nep-cmp, nep-mac and nep-sea
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Published in Technology, Education, Management, Informatics journal 03.10(2021): pp. 1385-1389

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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:109899

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