Artificial neural network
Cost prediction, Professional Statement, 1st edition, published in November 2020 by the Royal Institution of Chartered Surveyors (RICS), defines an artificial neural network (ANN) as: ‘A computer system that is able to simulate the learning effect of the human brain, performing tasks involving incomplete data sets, fuzzy/incomplete information and for highly complex and ill-defined problems. For example, historical data can be used to train the ANN so that it ‘learns’ to predict costs.’
The 'CIOB Artificial Intelligence (AI) Playbook 2024', glossary of terms, published by the Chartered Institute of Building (CIOB) describes artificial neural network) as 'A computer structure inspired by the biological brain, consisting of a large set of interconnected computational units (‘neurons’) that are connected in layers. Data passes between these units as between neurons in a brain. Outputs of a previous layer are used as inputs for the next, and there can be hundreds of layers of units. An artificial neural network with more than three layers is considered a deep learning algorithm. Examples of artificial neural networks include Transformers or Generative adversarial networks.'
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