AI for Construction Estimation and Bidding

AI for Construction Estimation and Bidding

• Published on April 21, 2018

Estimating BoQ costs with activities sequence and duration requires the right mix of resources; mainly deriving from speculated quantities and unclear tendering specifications.

Concluding on a Final Price (Bidding) is a very challenging and laborious task.

It requires a lot of experience in the industry, the market and each specific construction discipline. Still, after spending several man-days scrutinizing on numbers from different excel files, the final decision is mainly based on user’s intuition and expertise rather than analytical-rational approach.

ENGINEER — SOMEONE WHO DOES PRECISION GUESSWORK BASED ON UNRELIABLE DATA PROVIDED BY THOSE OF QUESTIONABLE KNOWLEDGE.

Sophisticated scenarios include ‘Productivity excels’ that have been created by discipline experts in the past, have been put to work during construction times and have been refined in a way that resembles construction real costs, at its best. These ‘Productivity Templates’ can play the role of the prototype molds where similar BoQ codes are quickly extrapolated with resources/time and cost.

That is the ‘secret sauce’ of ProjectView’s Tendering and Estimation module.

Productivity Templates are optimized through a perpetual cycle of bidding-constructing-monitoring-bidding, resulting in company’s ‘secret recipes’ for bidding on Projects. They actually have a unique mix, different from company to company, as they consolidate different types of parameters, based on: the type of works, the usability of the machinery, the productivity of employees and the overall efficiency of the company’s closed operating ecosystem.

Seeking solutions in terms of redefining the decision-making process of bidding, and considering best practices from other Industries as well as the new technological trends, DANAOS Projects is introducing AI Tendering.

Leveraging on DANAOS WAVES Business Intelligence Platform, ProjectView’s AI Tendering is an addon to the existing Estimation and Tendering Module that allows our Clients to Forecast more accurate Proposals.

Using DANAOS WAVES and Thomson Reuters system, AI Tendering, bundles a large amount of market data from PASTCasting and NOWcasting

Proposals/Projects/Budgets/Prices/Durations/Proposals/Competitors/Project Types

and associates them with each Company’s comparable status in the market in order to refine and suggest a new Bidding Price. A WINNING and FEASIBLE PRICE.

DANAOS WAVES provides a bring-your-own-algorithm plateau, where Thomson Reuters market analysis is enriched real-time with Company’s internal experience and know-how in order to provide a winning Quotation. AI Tendering sophisticated algorithms are ‘learning’ from the Bidding-Execution cycle and can significantly assist management, in the decision making process.

Paraphrasing with these lines from MIT’ ARTIFICAL INTELLIGENCE course, ProjectView’s AI Tendering it is the next step for:

equipping you with the knowledge and confidence you need to help you transform your organization into an innovative, efficient, and sustainable company of the future.

The ability to lead informed, strategic decision making and augment business performance by integrating key AI management and leadership insights into the way your organization operates.