Control Valve Cost Estimation Software Using Artificial Neural Network

The tender phase is the stage of the project, where EPC contractors compete to offer the best prices to get the project. This phase is the critical phase that requires EPC contractors to work in a very narrow period compared to the duration of the project execution. EPC contractors must have efficiency strategies in estimating project cost in a short time. One approach developed is the use of cost estimation software to save time on equipment price requests to related vendors. Several cost estimation methods are evolving, one of which is using an Artificial Neural Network. This paper describes the cost estimation software using the Artificial Neural Network method. The results show no overfitting with a correlation coefficient of testing data is 0.99375, and the average accuracy of the estimated control valve price is 93.46% The software specially creates and develop based on previous research that uses the case of the control valve price estimation using the Artificial Neural Network method. The use of this software can reduce man-hours by 24% compared to the standard procedure.