Regression analysis is commonly used in the construction industry to estimate costs. The analysis is particularly useful
Question:
The data for the regression was obtained from a sample of 68 bridges, consisting of three types of construction: (1) 31 bridges with pre-cast beams which were built off-site and then moved to the construction site, (2) 22 bridges built "cast-in-situ" where the concrete is poured at the construction site, and (3) 15 bridges with balanced cantilever construction (each cantilever arm is balanced with another cantilever arm projecting the opposite direction, forming a balanced cantilever). Data on the regression R-squared and mean absolute percentage error (MAPE) follows. (The MAPE was derived from 10 tests in which the data were subdivided. A portion of data was used to develop the regression model and that model was used to obtain predictions for the remainder of the data set; the prediction errors were determined from these predictions.)
Required
Based on the information provided, which of the three bridge types has the most reliable bridge cost estimation, and why? Which bridge type has the highest cost?
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Related Book For
Cost Management A Strategic Emphasis
ISBN: 1081
6th Edition
Authors: Edward Blocher, David Stout, Paul Juras, Gary Cokins
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