An efficient estimating model for construction engineering and its application based on grey system theory

Based on the grey relative analysis of grey system theory, an efficient estimating model for construction engineering was established. Firstly, the characteristic parameters of the construction engineering were determined to form the parameter coefficients matrices of the typical project and the project to be evaluated so as to test the suitability of the typical project. Secondly, the relational degree between the typical project and the project to be evaluated was calculated and analyzed, and the costs of the three most similar typical projects to that of the project to be evaluated were carefully chosen as sample data, and then the cost of the project to be estimated was calculated and its reliability was tested. Finally, the efficient estimating model was applied to estimate the cost of a real case. The results showed that the estimating model has better precision, higher efficiency and provide a reliable basis for the investment decision.