Project Management Institute

Neural network applications for project management

three case studies

Neural networks are a form of artificial intelligence that have increased the capabilities of the project manager to make project predictions, such as project performance, estimation of costs, and prediction of winning bids. Three case studies are reviewed, compared and tested with both traditional computer applications and the emerging neural network technology.Case 1 presents project performance prediction data from 20 construction projects in relation to budget overrun for the project attributes of contractor, architect, location and size.Case 2 predicts cost of 23 horizontally split pumps given the head and flow rates.Case 3 uses data from 76 construction projects to predict the lowest bidder in a competitive bid using the number of bidders, the estimated project cost, the percentage of the project not subcontracted and the project duration.The results show that in some instances a neural network can provide better analysis and predictive methodologies than conventional methods.
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