Minimizing the effects of overfitting and collinearity in construction cost estimation : a new hybird approach

Xiong, Bo (2014) Minimizing the effects of overfitting and collinearity in construction cost estimation : a new hybird approach. In Golparvar-Fard, Mani & Ham, Youngjib (Eds.) 2014 Construction Research Congress, 19 May 2014, Atlanta, Georgia.

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Abstract

Research problem: Overfitting and collinearity problems commonly exist in current construction cost estimation applications and obstruct researchers and practitioners in achieving better modelling results.

Research objective and method: A hybrid approach of Akaike information criterion (AIC) stepwise regression and principal component regression (PCR) is proposed to help solve overfitting and collinearity problems. Utilization of this approach in linear regression is validated by comparing it with other commonly used approaches. The mean square error obtained by leave-one-out cross validation (MSELOOCV) is used in model selection in deciding predictive variables.

Impact and interest:

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ID Code: 76558
Item Type: Conference Item (Poster)
Refereed: Yes
Subjects: Australian and New Zealand Standard Research Classification > BUILT ENVIRONMENT AND DESIGN (120000) > BUILDING (120200) > Building Construction Management and Project Planning (120201)
Australian and New Zealand Standard Research Classification > BUILT ENVIRONMENT AND DESIGN (120000) > BUILDING (120200) > Quantity Surveying (120203)
Divisions: Current > Schools > School of Civil Engineering & Built Environment
Current > QUT Faculties and Divisions > Science & Engineering Faculty
Deposited On: 07 Oct 2014 22:37
Last Modified: 07 Oct 2014 22:37

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