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Research Paper | Construction Management | United States of America | Volume 13 Issue 10, October 2024 | Popularity: 5.8 / 10

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Labor Cost Estimation: Factors Influencing Labor Costs in Civil Construction and Methods for Accurate Forecasting

Abhiram Reddy Anireddy

Abstract: In civil construction, the labor cost estimation is a very essential part of budgeting, financial planning, but unfortunately very few pay attention to it. Forecasting labor costs accurately prevents overruns, allows for early delivery of the project and shields you against financial risks. Labor costs are affected directly by very many factors, such as availability of labor, skill levels, market fluctuations, regional regulations and economic conditions. Furthermore, building information modeling (BIM) and Artificial Intelligence (AI) are becoming key elements of predictions for labor cost estimation, offering real time data to increase accuracy. In this paper we review in detail the factors that affect costs in civil construction labor and present traditional and advanced forecasting methods. The research utilizes research articles from the period 2020?2024 and provides an up-to-date analysis of civil construction labor cost estimation practices.

Keywords: Labor cost estimation, civil construction, forecasting, project management, Building Information Modeling, Artificial Intelligence, economic factors, workforce dynamics

Edition: Volume 13 Issue 10, October 2024

Pages: 1611 - 1614

DOI: https://www.doi.org/10.21275/SR241022223036

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