Modular Construction Cost Forecasting Design to Support Continuous Construction System Improvements

Research provides the new modular construction cost and volume forecasting design. The research aim is to further improve the quality of construction forecasting systems. The new combined methodology of the study was developed in 2018 and it was approbated for 3 years in Latvia. The methodology is modular - it includes the use of both statistical and expert methods as well as a combination of methods. The quantitative data array consists of statistical data blocks by historical changes in the costs and the volume of construction sub-sectors. Based on the improved methodology, the 2020 projections differed from the actual changes in 2020 by 0.4 percentage points in volume and 1.4 percentage points in costs in the context where changes over the last decade have fluctuated in double-digit ranges. The results of the study identify high-precision construction cost and volume methodology.