| Issue |
E3S Web Conf.
Volume 399, 2023
International Conference on Newer Engineering Concepts and Technology (ICONNECT-2023)
|
|
|---|---|---|
| Article Number | 03020 | |
| Number of page(s) | 10 | |
| Section | Material Science | |
| DOI | https://doi.org/10.1051/e3sconf/202339903020 | |
| Published online | 12 July 2023 | |
Modelling the Price Forecast for Construction Steel: A Case Study in EPC Company
Universitas Mercu Buana
* Corresponding Author: alfafirdaul@gmail.com
The EPC (Engineering Procurement Construction) industry is one of the most dynamic industries. The problems faced are related to market conditions that often change, short construction periods, and fluctuations in material prices that are difficult to predict. This dynamic requires an appropriate forecasting model, which can predict the pattern of material price movements and anticipate the occurrence of fluctuations in the future. This research aims to get the best price during the project tender process. This study model the forecasting of construction iron prices in the future by considering the historical pattern of construction iron price data, the value of foreign exchange rates, and the price of billets as raw materials for construction iron. The forecasting procedure used is nonparametric, which involves several statistical tests such as cross-correlation, linearity, and error assessment. The results of this study can be a firm reference for the price value of construction iron, which makes it easier for management to determine an accurate and competitive project value.
Key words: construction steep / EPC company / forecasting / price
© The Authors, published by EDP Sciences, 2023
This is an Open Access article distributed under the terms of the Creative Commons Attribution License 4.0, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
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