Articlegold2015

AN EARLY COST ESTIMATION MODEL FOR HYDROELECTRIC POWER PLANT PROJECTS USING NEURAL NETWORKS AND MULTIPLE REGRESSION ANALYSIS

27 citations0/0 files storedJournal of Civil Engineering and Management

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Construction Project Management and Performance Renewable energy and sustainable power systems Capital Investment and Risk Analysis

Abstract

Energy is increasingly becoming more important in today’s world, whereas energy sources are drastically decreasing. One of the most valuable energy sources is hydro energy. Because of limited energy sources and excessive energy usage, cost of energy is rising. Among the electricity generation units, hydroelectric power plants are very important, since they are renewable energy sources and they have no fuel cost. To decide whether a hydroelectric power plant investment is feasible or not, project cost and amount of electricity generation of the investment should be precisely estimated. In this paper, fifty four hydroelectric power plant projects are analysed by using multiple regression and artificial neural network tools. As a result, two cost estimation models have been developed to estimate the hydroelectric power plant project cost in early stages of the project.

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References

2004Comparison of construction cost estimating models based on regression analysis, neural networks, and case-based reasoning 2003Predicting Accuracy of Early Cost Estimates Using Factor Analysis and Multivariate Regression 2004A neural network approach for early cost estimation of structural systems of buildings 2011Time Series Models for Forecasting Construction Costs Using Time Series Indexes 2005Productivity and Cost Regression Models for Pile Construction 2010Construction cost analysis under uncertainty with correlated cost risk analysis model 2011DEVELOPING A CONSTRUCTION-DURATION MODEL BASED ON A HISTORICAL DATASET FOR BUILDING PROJECT / STATYBŲ PROJEKTO REALIZAVIMO TRUKMĖS MODELIO, PAGRĮSTO ISTORINIAIS DUOMENIMIS, KŪRIMAS 2011Decision support model for incentives/disincentives time–cost tradeoff

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