Qualitative and Quantitative Cost Estimation: A Methodology Analysis

This paper reports on the first part of ongoing research with the goal of designing a framework and a knowledge-based system for 3D parametric model-based quantity take-off and cost estimation in the Architecture, Engineering and Construction (AEC) industry. The authors have studied and analyzed current cost estimation methods used in both the AEC and non-AEC industries in terms of their requirements, use contexts, methodologies, limitations and strengths to lay the groundwork for selecting the most suitable problem decomposition methods and cost estimation techniques to design a new framework. We have focused on determining the underlying methodologies of different cost estimation models and not just the techniques. Both qualitative methods used in early stages of design and quantitative methods used in more mature design stages are reviewed and their structures are analyzed.