Innovative standardized cost data structure: application on price list document for estimating public tendering

In the construction industry, managing cost data represents a major challenge. One of the main issues is the inaccurate cost estimation of a project. This study, based on an innovative approach, standardizes and restructures unit cost items defining a new cost ontology starting from fundamental resources (materials, labor, and equipment) and then moving to construction work. A new methodology has been proposed to reduce errors, verify the uniqueness of the cost items, and ensure the correctness of cost estimates. This approach will allow, both humans and machines, to read and use information more easily and accurately. In conclusion, this new structure will provide a standardized and structured cost domain.