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Related Concept Videos

Prediction Intervals01:03

Prediction Intervals

2.3K
The interval estimate of any variable is known as the prediction interval. It helps decide if a point estimate is dependable.
However, the point estimate is most likely not the exact value of the population parameter, but close to it. After calculating point estimates, we construct interval estimates, called confidence intervals or prediction intervals. This prediction interval comprises a range of values unlike the point estimate and is a better predictor of the observed sample value, y. 
2.3K
Mass Concreting01:22

Mass Concreting

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Mass concreting refers to the process of placing large volumes of concrete, such as in gravity dams. The heat generated during the cement hydration process and differential cooling rates within the concrete mass can lead to a temperature gradient, which can result in thermal cracks in the concrete mass.
To reduce the risk of such cracking, the concrete mix may incorporate low-heat cement and pozzolans to reduce the temperature rise. Pre-cooled angular aggregates and water-reducing admixtures...
62
Hot Weather Concreting01:20

Hot Weather Concreting

64
Concreting at elevated temperatures accelerates the hydration process, leading to quicker setting but potentially reducing the long-term strength of the concrete structure. Additionally, low air humidity fosters rapid moisture loss from the concrete, resulting in reduced workability, pronounced plastic shrinkage, and a higher likelihood of crazing.
Mitigating the heat increase in concrete can be economically achieved by shading aggregate stockpiles to prevent heating from solar radiation,...
64
Cold Weather Concreting01:27

Cold Weather Concreting

73
When freshly poured concrete is exposed to freezing temperatures before it has set, the water within the concrete can freeze. This expansion disrupts the setting process, delays chemical reactions necessary for hardening, and increases the volume of pores within the hardened concrete, which weakens its overall structure. If the concrete manages to reach an appreciable strength before it freezes, the damage can be somewhat mitigated.
To counteract the negative impacts of cold weather, ensuring...
73
Design Example: Managing Concrete Workability01:14

Design Example: Managing Concrete Workability

81
This example deals with managing the workability of concrete for a raft foundation project under hot weather conditions. Workability is crucial for ensuring the concrete is easy to place, compact, and finish. In this scenario, a slump test — a common method to measure the workability of fresh concrete — initially indicated low workability. This was attributed to the rapid water loss from the concrete mix, exacerbated by the high temperatures causing the course aggregates to heat up.
81
Design Example: Maintaining Level of an Embankment01:19

Design Example: Maintaining Level of an Embankment

63
Constructing a roadway embankment over uneven terrain requires precise leveling to ensure stability and proper drainage. Surveyors use a leveling instrument and staff to calculate ground elevations and determine the required fill material at each point along the embankment alignment.The process begins by positioning a leveling instrument near a benchmark with a known elevation. A backsight reading establishes the instrument height, which serves as a reference for subsequent measurements. A...
63

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Development of an Individual-Tree Basal Area Increment Model using a Linear Mixed-Effects Approach
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Incorporating inflation rate in construction projects cost: Forecasting model.

Muhammad Ali Musarat1,2, Wesam Salah Alaloul1, M S Liew1

  • 1Department of Civil and Environmental Engineering, Universiti Teknologi PETRONAS, Bandar Seri Iskandar, 32610, Perak, Malaysia.

Heliyon
|February 20, 2024
PubMed
Summary
This summary is machine-generated.

This study developed a construction rates forecasting model to predict project costs impacted by inflation. The model accurately forecasts construction rates, aiding in budget revisions and quantity surveying.

Keywords:
Construction ratesCost overrunForecastingForecasting modelInflationTime series

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Area of Science:

  • Construction Management
  • Econometrics
  • Time Series Analysis

Background:

  • Inflation significantly impacts construction project costs, leading to budget overruns and necessitating revisions.
  • Accurate forecasting of construction rates is crucial for effective project budgeting and financial planning.

Purpose of the Study:

  • To develop a mathematical model for forecasting construction rates, incorporating inflation's dynamic impact.
  • To predict construction rates and prices for future years, assisting in Bill of Quantities adjustments.

Main Methods:

  • A time series analysis mathematical model was developed using MATLAB.
  • Construction rates, building prices, labor wages, and machinery rates were forecasted from 2020-2025 using 2013-2019 data.
  • The model's validity was assessed using the Akaike Information Criterion.

Main Results:

  • The developed forecasting model demonstrated superior performance compared to the Autoregressive Integrated Moving Average (ARIMA) model.
  • The model accurately predicted construction rates, accounting for inflation effects.

Conclusions:

  • The developed construction rate forecasting model is a valuable tool for projects susceptible to inflation.
  • This model can enhance budgeting accuracy and financial predictability in the construction industry.