Regression analysis of construction projects from the past

The purpose of regression analysis, or curve fitting, is prediction. Regression analysis is aimed at the development of a statistical model that can predict the values of a dependent variable based on the values of at least one independent variable. It plays an important role in the construction industry. Estimates of cost prices, in particular, are often based on rules of thumb derived from historic cost prices, that is a regression analysis of past projects. In this chapter we limit ourselves to the particular use of regression analysis in the domain of architecture and construction, referring to standard textbooks for the mathematical foundation (for instance Berenson and Levine (1996), Aczel (2002), Vose (2000)).

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