Cost Estimation And Forecasting Using Predictive Analytics

• Author(s):

  Hariprakash K | Akshaya S

• Keywords:

• Abstract:

  This Research Paper Investigates The Vital Role Of Accurate Project Cost Estimation And Forecasting Within Diverse Industries, Emphasizing The Integration Of Predictive Analytics Through An Innovative Streamlit Application. As Financial Planning Is Contingent Upon Precise Cost Estimations, This Study Aims To Address Common Challenges Faced By Project Managers And Stakeholders In Estimating Project Expenses Effectively. The Proposed Web Application Offers An Interactive Interface That Facilitates User Input For Various Project Components, Ensuring Accuracy In The Cost Estimation Process. Key Features Include: • Cost Breakdown Analysis: Users Can Explore Detailed Breakdowns Of Costs, Enhancing Transparency And Understanding Of Expense Components. • Visualizations: The Application Integrates Geolocation Mapping And Graphical Representations Of Cost Data, Which Helps Users Visualize Spending Trends And Budget Allocations Effectively. • Report Generation: Automatic Report Generation Provides Stakeholders With Clear, Concise Documentation Of Estimated Costs, Aiding In Informed Decision-making. By Harnessing Predictive Analytics, The Application Enhances The Traditional Cost Estimation Methodology, While Also Allowing For Adjustments Based On Real-time Data Inputs And Predictive Models. This Research Underscores The Significance Of Accurate Cost Estimation, Illustrating How Technology Can Facilitate Improved Project Budgeting And Financial Forecasting. Future Work Will Aim To Incorporate Advanced Analytics Techniques And Real-time Data Integration To Further Refine The Accuracy And Adaptability Of Cost Estimations, Ultimately Contributing To Better Financial Outcomes In Project Management.

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Other Details

• Paper id:

  IJSARTV11I4103166

• Published in:

  Volume: 11 Issue: 4 April 2025

• Publication Date:

  2025-04-16

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