Mathematical Model to Analyze Factors Affecting The price of Construction Rebar in Thailand

Abstract

The main purpose of this study is to develop a mathematical simulation model for construction rebar price estimation in Thailand by applying mathematical and statistical methods using the least squares analysis to compare the construction rebar prices as dependent variables filled in the linear regression model to figure out the most effectively reliable mathematical simulation model, before proceeding to the next step of selective model development by finding the discrepancy between various sets of independent variables and dependent variables into consideration of the validity of each set of the models. As a result, we found only three models create yields of least squares above 90 percent. And the top was found in the 3rd model of the study which could yield up to 90.89 percent, which is deemed very good statistically with at least error, indicating a linear relationship prevailing variable from the 3rd model is the most suitable to predict the movement of the steel prices. Moreover, the 3rd model is not too complicated for practicing because of not using too many initial variables into the consideration and analysis process, making it much more convenient to apply