An Analytical Approach to Improve Construction Estimates

Abstract

The goal of this Senior Individualized Project was to use analytical methods to improve the construction estimation process. The analytical method used in this SIP is past project historical analysis, generally defined as, "data from past periods, usually used as a basis for forecasting future trends" (Business Dictionary), in order to construct a conceptual budget for a project with similar building design and properties. Through the use of historical data from similar past projects, it was concluded that the aforementioned analytical method (historical analysis) was an appropriate method to make the construction estimation process more accurate and effective. Using past project data from Quicken Loans floors 3-9 excluding 6 in the One Woodward Building in Detroit, MI was an accurate prediction method for creating the conceptual budget for the Quicken Loans 10 floor renovation in the One Woodward Building in Detroit, MI.