Revolutionizing Cost Estimating in Technology: The Power of ChatGPT
Revolutionizing Preliminary Cost Estimation
The advent of modern technology has had a profound impact on various sectors of business including cost estimating. Cost estimating is an essential process for any organization as it is used to create a realistic assessment of the costs associated with a particular project or task. However, the process is often time-consuming, with the possibility of inaccuracies creeping in. An area that has been greatly impacted by technology is preliminary cost estimation.
Preliminary cost estimating is the process of forecasting the cost of a project in the early stages. It is done to provide a rough estimation of the costs that will be incurred and take into account various factors such as labor, materials, equipment, services, and overhead. These early estimates enable project managers to set realistic budgets and decisions. Despite its significance, this step is often riddled with inaccuracies primarily because it heavily relies on experience, intuition, and often incomplete data.
With advancements in technology, this process is witnessing a revolution. The use of artificial intelligence and machine learning is automating and improving the accuracy of preliminary cost estimation. ChatGPT-4, developed by OpenAI, is one such AI that can assist in creating initial projections of all costs based on predefined standards, historical data, or current market conditions.
How can ChatGPT-4 assist in cost estimating?
By leveraging the power of machine learning and AI, ChatGPT-4 has the ability to analyze vast amounts of data and create consistent and reliable estimates. It takes into consideration various cost factors and their potential fluctuation over time. A user needs to input the data, and ChatGPT-4 provides the cost estimation.
This not only reduces the time spent on manual calculation and research but also minimizes the chances of error. The outputs provided are more accurate, enabling organizations to strategically plan their budget and reduce the risk of going overboard with project spendings.
Utilisation of ChatGPT-4 in preliminary cost estimation
The utilization of ChatGPT-4 in preliminary cost estimation is quite straightforward. It starts with the system acquiring historical cost data. This is analyzed to develop accurate cost estimating models. The machine learning capabilities of the system enable it to learn from past data, extract patterns, and apply it to future estimates.
The cost factors are then input into the system as data points. These include variables like labor costs, material costs, equipment costs, and overhead costs. The AI system considers these factors, applies the learning from historical data, and produces an estimate.
Using ChatGPT-4 for initial cost estimation does not just simplify the process. It lays the groundwork for a more strategic approach to project planning, where budgeting is as accurate as possible, and cost overrun is mitigated before it becomes an issue.
Conclusion
The intersection of preliminary cost estimation and artificial intelligence is redefining the approach to project budgeting and planning. ChatGPT-4, with its ability to provide accurate and swift estimates, is proving to be a game-changer for preliminary cost estimation. It's about time that organizations harness the power of this technology and transform their preliminary cost estimation experience.
Comments:
Thank you all for reading my article on Revolutionizing Cost Estimating in Technology: The Power of ChatGPT! I'm excited to hear your thoughts and engage in discussion.
Great article, Iain! I really enjoyed how you explained the potential of ChatGPT in cost estimation. It's amazing how AI is transforming various industries. Do you think AI can completely replace human estimators?
Emily, I think AI will have a significant impact on cost estimation, but complete replacement is unlikely. While AI can analyze large amounts of data and quickly generate estimates, it may lack the creativity and adaptability that human estimators bring.
I agree with Liam. AI can provide valuable insights, but ultimately, human estimators can adapt to unique project requirements, consider unforeseen circumstances, and make informed judgments. The collaboration between AI and human experts seems like the winning approach to me!
Emily, David, Sophia, and Liam, thank you for your valuable input! You've raised some interesting points. I believe that AI will augment human estimators rather than replace them completely. The combination of AI's capabilities and human expertise can lead to more accurate and efficient cost estimating.
Iain, I appreciate your article shedding light on the potential of ChatGPT. Its ability to assist human estimators can indeed revolutionize the cost estimating process. How do you see the integration of ChatGPT with existing cost estimation software?
Sophia, excellent question! Integrating ChatGPT with existing cost estimation software can enhance the user experience by providing real-time analysis and suggestions. It can also assist users in exploring different scenarios and making well-informed decisions.
Iain, do you think privacy concerns will arise when using AI-powered solutions like ChatGPT? We often hear about data breaches and misuse of personal information.
Sophie, privacy is indeed a significant concern when using AI-powered solutions. Proper data protection measures, encryption, and transparency in handling user data are crucial. Striving for strong security practices can help alleviate privacy concerns.
Iain, the combination of AI and human expertise can lead to more comprehensive estimates that factor in both quantitative and qualitative aspects. It's exciting to think about the potential benefits in terms of project success rates and enhanced client satisfaction.
Natalie, I completely agree! The collaboration between AI and human expertise has the potential to revolutionize the accuracy and efficiency of cost estimating, benefiting various stakeholders involved in technology projects.
Iain, thanks for addressing the privacy aspect. It's crucial to prioritize data protection and ensure ethical AI usage. ChatGPT's potential is immense, and integrating it with the right privacy measures can make it even more valuable.
David, Sophie, and Liam, your insights highlight the importance of striking the right balance between AI and human expertise in cost estimation. It's a powerful collaboration that can lead to better decisions and outcomes for businesses.
Iain, excellent article! ChatGPT's potential to revolutionize cost estimating is fascinating. It seems AI-powered tools like these have the capacity to streamline operations and enable more accurate project planning.
Emily, Natalie, and Amy, I'm glad we're all on the same page regarding the potential of AI to transform cost estimation. It's exciting to see how technology is reshaping traditional practices in various industries.
David, it's crucial to view AI as a tool that supports human estimators rather than replace them. Together, they can deliver optimally accurate cost estimates while leveraging the best of both worlds.
Sarah, well said! Human judgment is essential to validate and interpret AI outputs, ensuring its application aligns with the project's specific context and requirements.
Megan, precisely! AI tools can generate valuable insights, but human estimators play a critical role in applying judgment and interpreting those insights within the scope of the project.
Sophie Richardson, I couldn't agree more! The collaboration between AI and human experts will drive major advancements and efficiencies in cost estimation practices.
Robert Turner, indeed! It's an exciting time to witness the fusion of human expertise and AI technologies, ultimately benefiting project outcomes and industry progress.
Amy, David, and Sophie, your insights highlight the need for a balanced approach. AI can be a powerful tool, but its outputs should be interpreted by human estimators who consider the project's unique aspects and challenges.
David, Amy, and Sophie, it's encouraging to see industry professionals recognizing the value of AI and human collaboration. The combined strengths can unlock new possibilities in cost estimation and foster more reliable project outcomes.
Sophia and Liam, the combined capabilities of AI and human estimators can unlock new insights and possibilities in cost estimation while ensuring adaptability and critical thinking. It's an exciting future!
Robert, you're absolutely right! Clear, accurate, and transparent cost estimates facilitate better decision-making for clients, enhancing trust and overall project outcomes.
Robert Turner, it has been a pleasure engaging with you in this discussion. Together, we can shape the future of cost estimation, leveraging the benefits of AI while retaining the human touch.
Sophie Richardson, I couldn't agree more! Finding the right balance between AI and human expertise will be key to harnessing their combined potential in cost estimation.
Amy, your point about AI enhancing decision-making is crucial. AI can provide data-driven insights, giving human estimators a more solid foundation to make informed decisions and deliver accurate cost estimates.
Amy, you're absolutely right. Technology advancements like ChatGPT empower professionals to embrace innovative solutions and enhance cost estimation practices. It's an exciting time to be in the industry!
Sophie Richardson, I absolutely agree. Collaboration and dialogue on this front will drive improvements and create a future where AI-powered cost estimation is truly transformative!
Robert Turner, I'm glad we share a common vision for leveraging AI and human expertise in cost estimation. It's through such collaborations that we drive progress and achieve better outcomes.
Robert Turner, I'm glad we share a common vision for leveraging AI and human expertise in cost estimation. It's through such collaborations that we drive progress and achieve better outcomes.
Robert Turner, I'm glad we share a common vision for leveraging AI and human expertise in cost estimation. It's through such collaborations that we drive progress and achieve better outcomes.
Robert Turner, I'm glad we share a common vision for leveraging AI and human expertise in cost estimation. It's through such collaborations that we drive progress and achieve better outcomes.
Robert Turner, I'm glad we share a common vision for leveraging AI and human expertise in cost estimation. It's through such collaborations that we drive progress and achieve better outcomes.
Robert Turner, I'm glad we share a common vision for leveraging AI and human expertise in cost estimation. It's through such collaborations that we drive progress and achieve better outcomes.
Robert Turner, I'm glad we share a common vision for leveraging AI and human expertise in cost estimation. It's through such collaborations that we drive progress and achieve better outcomes.
Sophie Richardson, I couldn't agree more! The intersection of AI and human expertise in cost estimation has immense possibilities. It's exciting to be part of this evolving landscape.
Robert Turner, I'm glad we share a common vision for leveraging AI and human expertise in cost estimation. It's through such collaborations that we drive progress and achieve better outcomes.
Sophie Chen, you've highlighted a crucial aspect. Effective communication with clients during cost estimation is key to building trust and ensuring transparent discussions. AI can facilitate accurate and transparent cost estimates.
Robert Turner, I'm glad we share a common vision for leveraging AI and human expertise in cost estimation. It's through such collaborations that we drive progress and achieve better outcomes.
Sophie Richardson, Robust security measures and ethical AI usage are indeed essential in maintaining user trust and ensuring the responsible usage of AI-powered tools in cost estimation.
Sophie Richardson, privacy and ethical AI usage are paramount factors in AI-powered solutions. Implementing stringent security measures and transparent data handling practices can instill trust in users.
Iain, the integration of AI and human expertise has tremendous potential, not only in cost estimation but also in transforming how technology projects are planned, executed, and optimized.
Iain, your article sheds light on the revolutionary potential of ChatGPT in cost estimation. The synergy between AI and human expertise holds immense promise for our industry.
Iain, this discussion has been enlightening. It's great to see professionals recognizing the potential of AI and human collaboration in cost estimation. Exciting times lie ahead!
Sophie Chen and Emily, you both hit the nail on the head! AI's ability to streamline processes and human estimators' industry knowledge and creativity can work hand in hand to optimize cost estimation outcomes.
Liam, bringing together the accuracy of AI and the adaptability of human estimators enables a more comprehensive and agile approach to cost estimation. This balance holds tremendous potential.
Amy, David, and Sophie, blessed are the teams that balance AI insights with human estimators' experience. It's a recipe for success in delivering accurate and reliable cost estimates.
Liam and David, I completely agree! The AI-human collaboration can surpass individual capacities, resulting in more accurate and efficient cost estimation.
Emily, you're right! AI can handle complex data analysis and generate insights quickly, while human estimators bring domain expertise and interpret those insights in context.
Sophie Richardson and Robert Turner, thank you both for your kind words and insightful contributions to the discussion. Collaborating with AI technology can indeed revolutionize the cost estimation landscape!
Iain, the potential of ChatGPT in cost estimation is fascinating. It can bring increased efficiency and accuracy to the process, benefiting both estimators and project stakeholders. Exciting possibilities lie ahead!
Iain, your article has sparked an insightful conversation. The collaboration between human expertise and AI is indeed a promising approach. It's inspiring to witness the transformational power of technology!
David, Sophie Richardson, and Robert, I couldn't agree more! The proper integration of AI in cost estimation has the potential to create significant value and positive impact across technology projects.
Emily, the integration of AI in cost estimation offers exciting possibilities, but it's crucial to remember that AI is a tool, not a substitute for human expertise. The collaboration between human estimators and AI can yield powerful outcomes.
Liam, the collaboration you mentioned between AI and human estimators can bring more holistic insights that incorporate both data-driven intelligence and nuanced human judgment. It's about capitalizing on the strengths of each.
Sophie Richardson, your point about organizations prioritizing robust security measures resonates strongly. User trust is paramount in the adoption of AI tools in cost estimation.
Megan, human judgment is indeed invaluable in interpreting AI outputs and accounting for subtleties that automated systems may miss. The human element is crucial in cost estimation.
Sophie Richardson, tightly integrating ChatGPT with existing cost estimation software can enable seamless data exchange and real-time analysis, allowing users to make more informed decisions within their existing workflow.
Sophie Richardson, striking the right balance between AI and human expertise will pave the way for cost estimation practices that are both efficient and reliable. It's truly an exciting frontier!
Amy Adams, your words resonate with the transformative power of AI in cost estimation. Embracing innovative solutions fosters growth and unlocks new possibilities.
Robert Turner, I'm glad we share a common vision for leveraging AI and human expertise in cost estimation. It's through such collaborations that we drive progress and achieve better outcomes.
Sophie Richardson, security and privacy should be central considerations when integrating AI-powered solutions. Striving for the highest standards of data protection is pivotal.
David, prioritizing privacy measures and implementing stringent data protection safeguards is crucial to fostering trust when integrating AI-powered solutions.
David, the combination of AI-driven capabilities and human expertise can lead to more informed decision-making and better cost estimation outcomes. Collaboration is key!
Robert Turner, together we can shape the future by unlocking the full potential of AI and human expertise in cost estimation. Thank you for your insightful contributions!
Robert Turner, I'm glad we share a common vision for leveraging AI-powered tools to enhance cost estimation practices. Collaboration and dialogue foster progress!
Sophie Richardson and Sophie Chen, your inputs on privacy and effective communication are essential considerations in the integration of ChatGPT with cost estimation software. Thank you!
Amy, David, and Sophie, it's encouraging to see industry professionals recognizing the value of AI and human collaboration. The combined strengths can unlock new possibilities in cost estimation and foster more reliable project outcomes.
Robert Turner, it's been a pleasure discussing the potential of AI and human expertise in cost estimation with you. Let's seize the opportunities that lie ahead!
Sophie Richardson and Robert Turner, it's been a pleasure discussing this topic with you both. Let's continue supporting the integration of AI and human expertise in cost estimation!
Sophie Richardson, human estimators can bring context and experience to AI-generated insights, ensuring their application aligns with the unique project requirements. Collaboration between AI and human expertise is the way forward!
Emily and Natalie, AI can also facilitate better communication with clients during the estimating process. Clear and accurate cost estimates contribute to transparent discussions and build trust with clients.
Sophie Richardson and Sophie Chen, you both bring up excellent points! Privacy and effective communication are integral aspects to address when integrating AI into the cost estimating process. Thank you for sharing your insights.
Great article, Iain! As technology continues to advance, it becomes increasingly important for professionals to embrace innovative solutions like ChatGPT. The integration of AI in cost estimation can drive efficiency and improve decision-making processes.
You're welcome, Iain! It's been a thought-provoking discussion. The future of cost estimation definitely seems promising with the advances in AI and its potential for collaboration with human expertise.
Thank you, Sophie Richardson! The intersection of AI and human expertise in cost estimation has immense possibilities. It's exciting to be part of this evolving landscape.
Iain, the insights shared in your article have given us a lot to think about. AI-powered tools like ChatGPT have the potential to revolutionize cost estimating and bring about positive transformations across industries.
Iain, bringing AI and human expertise together will be a game-changer, particularly in complex projects with varying constraints. Exciting times ahead for cost estimation!
Liam, Amy, and Sophia, the collaboration between AI and human experts in cost estimation can lead to higher accuracy, efficiency, and informed decision-making processes. It's an exciting time to witness these advancements!
David, when it comes to privacy, organizations embracing AI solutions should prioritize robust security measures at every stage, from data collection to processing and storage. Transparency in data use and informed consent can also build trust.
Sophie Richardson, the establishment of strong security measures is vital to protect user privacy and foster users' confidence in AI-powered cost estimation tools. Transparency goes hand in hand with security in ensuring ethical and responsible usage.
Emily, Sophie Chen, and Amy, AI can undoubtedly streamline cost estimation processes, maximizing efficiency and accuracy. Its potential contribution to improving client satisfaction is immense, too!
Natalie, David, and Amy, the combined strengths of AI and human expertise can reshape cost estimation practices, making them more efficient, transparent, and better aligned with project-specific factors.
Iain, your article highlights the potential of integrating AI-powered solutions like ChatGPT into cost estimation processes. This integration can significantly improve accuracy and efficiency, benefiting both businesses and clients.
Sophia, the integration of ChatGPT with existing cost estimation software should undergo rigorous testing. Privacy concerns must be addressed, ensuring that sensitive information is securely handled and appropriate protocols are in place to safeguard user data.
David, you make a valid point. AI can automate routine tasks and provide estimators with valuable insights, but they should always exercise their professional judgment. Ultimately, it is the human touch that brings nuanced decision-making to cost estimation.
Liam, human judgment combined with AI's data-driven insights can result in more informed decisions. The key is to leverage AI as a supporting tool while allowing estimators to validate and contextualize its outputs.
Hey Iain, well-written piece! AI certainly has its merits, but I believe human estimators still have an important role to play. They bring experience, intuition, and domain-specific knowledge that may be challenging for AI to fully replicate.
Hi everyone! This article was fascinating, Iain. I agree with David that human estimators have unique expertise, but AI can definitely assist and enhance their work. It can handle repetitive tasks and provide valuable insights in cost estimation.
Sophia, I agree that AI has immense potential in assisting human estimators. It can automate repetitive tasks, gather relevant data, and provide insightful analysis. However, the final decision-making and critical thinking involved in complex projects should rely on the judgment of human estimators.
Iain, Liam, Amy, and David, you all make great points! AI can indeed be a valuable tool to improve the accuracy and efficiency of cost estimation. It's exciting to see technology advancements shaping the future of estimating practices.
Emily, AI has the potential to significantly automate cost estimation, enabling estimators to focus on more critical and strategic aspects. However, it's crucial for human estimators to oversee the AI tools, ensuring their outputs align with the project's unique requirements and considering external factors.
Thank you, Iain, for writing such an informative and thought-provoking article. The potential of ChatGPT in cost estimation is truly exciting!
Thank you all for the engaging discussion and insightful comments on my article! It's inspiring to see the shared enthusiasm for combining AI and human expertise in cost estimation.
Iain, your article provides a refreshing perspective on how AI can revolutionize cost estimation in technology projects. Looking forward to witnessing the advancements in this field!
Thank you all for sharing your insights and engaging in this conversation. I'm thrilled to see the enthusiasm for the integration of AI and human expertise in cost estimation!
Thank you, everyone, for contributing to this meaningful discussion. The collective insights shared here underscore the transformative potential of AI in cost estimation. Keep exploring!
Iain, your article explores the power of ChatGPT in cost estimation and how it can revolutionize the way estimators work. Exciting times ahead!
Iain, your article highlights the potential of AI in cost estimation, paving the way for improved project success rates and enhanced satisfaction for technology clients. Well done!
Thank you all for taking the time to read my article on Revolutionizing Cost Estimating in Technology with ChatGPT. I'm looking forward to hearing your thoughts and discussing this exciting topic!
Great article, Iain! It's fascinating how AI can now be used to estimate costs in technology projects. This could revolutionize the way we approach budgeting and planning.
I agree, Hannah! AI-powered cost estimation has the potential to provide more accurate predictions and eliminate some of the guesswork involved. It could be a game-changer for project management teams.
I'm a bit skeptical about this. How can we trust AI with such a critical task? Human judgment and experience are valuable in cost estimation.
Sarah, I understand your concern. However, AI models like ChatGPT are trained on massive amounts of data and can take into account various factors that may be missed by humans. The key is to validate and refine the models continuously.
Simon, I can see your point. But what about the limitations of AI? How does ChatGPT handle situations where there's a lack of historical data or uncertain project requirements?
That's a valid concern, Sarah. AI models like ChatGPT rely on available data to make predictions. In cases with limited data or uncertainty, it's important to involve domain experts and use their insights to guide the estimation process.
I think AI can be a useful tool, but it should complement human expertise rather than replace it entirely. It's crucial to have a balance and validate AI-generated estimates with human judgment.
Cost estimation is always challenging in technology projects. If AI can provide more accurate estimates, it would save companies a lot of money and time in the long run.
Agreed, Chris. The ability to have reliable and timely cost estimates can lead to better decision-making and improved project outcomes. It's an exciting development in the technology industry.
ChatGPT sounds promising! I can see how it can assist in cost estimation, especially for standard repetitive tasks. However, for complex projects with many unknown variables, human expertise can't be beaten, right?
Alex, you're right. ChatGPT can excel in providing estimates for standard tasks, but when faced with complex projects, human expertise in understanding all the nuances is crucial.
Iain, do you have any examples of real-world applications where ChatGPT has been successfully used for cost estimation?
Paul, definitely! ChatGPT has been successfully used in software development projects to estimate the cost of writing code for specific features. It has also been applied in infrastructure deployment estimations.
However, it's important to note that ChatGPT is just one tool in the cost estimation process. It should be used alongside human expertise and validated with real-world data.
Iain, what are the challenges you foresee in the adoption of AI-powered cost estimation solutions like ChatGPT?
Hannah, one of the challenges is ensuring the transparency and explainability of AI-generated estimates. It's important for stakeholders to understand how the model arrived at its predictions to build trust.
Another challenge is the need for ongoing model updates. Technology evolves rapidly, and cost estimation models need to incorporate the latest trends and changes in the industry.
Iain, how does ChatGPT handle cost estimation for projects with changing requirements or scope?
Sarah, ChatGPT can adapt to changing requirements by retraining the model with updated data. Its flexibility allows it to learn from new information and adjust its predictions accordingly.
I'm curious about the accuracy of ChatGPT's cost estimates. How does it fare compared to traditional estimation methods?
Chris, ChatGPT has shown promising results in terms of accuracy, especially when trained on specific domain data. However, it's important to validate the estimates with historical data and expert judgment.
Iain, what are the potential risks associated with relying heavily on AI for cost estimation?
Emma, one potential risk is overreliance on AI-generated estimates without proper validation. It's crucial to consider the limitations of AI and involve human experts to ensure accuracy.
Another risk is the potential bias in the data used for training AI models. It's important to address and mitigate biases to ensure fair and unbiased cost estimation.
Iain, how does ChatGPT handle uncertainties in cost estimating, such as unforeseen circumstances or market fluctuations?
David, ChatGPT can handle uncertainties to some extent by incorporating probabilistic approaches. It can provide estimated ranges rather than fixed values, considering the potential variations in project conditions.
What's the learning curve like for using ChatGPT in cost estimation? Do project teams need extensive AI expertise?
Benjamin, the learning curve for using ChatGPT depends on the level of AI expertise within the project teams. However, user-friendly interfaces and simplified workflows can make it accessible to a wide range of users.
In cases where specialized AI expertise is needed, organizations can provide training or rely on AI consultants to assist with the implementation and utilization of ChatGPT.
What are the potential cost-saving benefits of using AI in cost estimation?
Sarah, AI-powered cost estimation can lead to significant cost savings by providing accurate estimates upfront, enabling better budget planning and reducing the risk of costly overruns.
Additionally, by streamlining the estimation process and reducing the time spent on manual calculations, project teams can focus more on value-adding activities.
Iain, how can organizations ensure the ethical use of AI in cost estimation?
Emma, organizations should prioritize ethical considerations by ensuring transparency, fairness, and accountability in AI-powered cost estimation. Regular audits and constant monitoring can help avoid unethical practices.
Iain, do you think AI cost estimation will eventually replace human experts?
Alex, I don't believe AI will completely replace human experts in cost estimation. Rather, it will augment their capabilities, allowing for more accurate and informed decisions.
Human expertise and judgment play a crucial role in understanding the context, validating estimates, and managing uncertainties that AI models may not handle optimally.
Iain, what are your recommendations for organizations considering adopting AI for cost estimation?
Hannah, my recommendations would be to start with pilot projects to assess the effectiveness of AI-powered cost estimation in your specific context. Involve human experts and validate the results with real-world data.
It's important to communicate openly with stakeholders, addressing concerns regarding the adoption of AI and emphasizing the collaborative nature of AI and human expertise.
Iain, what advancements do you foresee in the future of AI-powered cost estimation?
Simon, in the future, we can expect improved AI models with better training data and more advanced algorithms. There will also be closer integration with project management tools, enabling seamless estimation processes.
Iain, overall, I find the idea of using AI for cost estimation quite promising. It has the potential to enhance project planning and decision-making. Thanks for shedding light on this topic!
You're welcome, Laura! I'm glad you found the article helpful. AI-powered cost estimation is indeed an exciting area of development, and I appreciate everyone's valuable input and discussion here.
Iain, great article! AI-powered cost estimation can indeed bring numerous benefits to the technology industry. However, it's crucial to carefully manage the limitations and risks associated with AI integration.
It's fascinating to see the potential applications of AI in cost estimation. As technology continues to evolve, I believe AI will play an increasingly important role in enhancing project management practices.
Thanks for sharing your insights, Iain! AI-powered cost estimation indeed has exciting prospects. Continuous learning and collaboration between AI and human experts will lead to better outcomes in technology projects.
Iain, I appreciate your balanced view on the topic. Utilizing AI for cost estimation can provide valuable insights, but human expertise should always complement and validate AI-generated estimates.
Thank you for this informative article, Iain. It's exciting to explore the possibilities of AI-powered cost estimation. Proper implementation and collaboration between humans and AI can lead to great results.