Artificial Intelligence Applications for Preventing Budget Overruns in Construction Projects: A Predictive Analytics Approach

Authors: Sai Kothapalli

DOI: https://doi.org/10.37082/IJIRMPS.v12.i2.232562

Short DOI: https://doi.org/

Country: USA

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Abstract: Construction projects frequently exceed their allocated budgets, with industry reports indicating that 70% of projects experience cost overruns averaging 28% above initial estimates. This paper presents a comprehensive analysis of artificial intelligence (AI) applications designed to mitigate budget overruns in construction projects. This research proposes an integrated AI framework combining machine learning algorithms, predictive analytics, and real-time monitoring systems to enhance cost control and project financial management. A case study of a commercial office building project demonstrates the effectiveness of this research , showing a 23% reduction in budget variance and 35% improvement in cost prediction accuracy. The research contributes to the growing body of knowledge on AI applications in construction management and provides practical insights for industry practitioners.

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Paper Id: 232562

Published On: 2024-03-07

Published In: Volume 12, Issue 2, March-April 2024

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