CONCEPTUAL COST MODELING OF INNOVATIVE INDUSTRIAL ESTATES USING SYSML AND CASE-BASED REASONING

Abstract

A conceptual cost estimate for a proposed facility is obtained with the briefest information. The simple method of estimating used in the industry results in an initial estimate that differs substantially from the final cost. The problem is more acute for innovative infrastructure projects because of the variety and non-repetitive nature of the projects. This study aims to address the challenge by proposing a cost estimating procedure based on system modelling and case-based reasoning. The effort is directed towards modelling the design solution that satisfies project requirements, and deriving the cost estimate based on comparison of the system model with previous solutions successively. Cases are proposed to be organized by formal concept analysis (FCA) and system modeling language (SYSML). Complementing the case structure, new retrieval and cost estimating algorithms are proposed. A case study has been conducted to illustrate how the model procedure works to get a validated accurate estimate.