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Cost Estimation

Cost Estimation

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Published by Abhay Jha

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Published by: Abhay Jha on Aug 10, 2009
Copyright:Attribution Non-commercial

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08/14/2013

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Training onCost Estimation & Analysis
Karen RicheyJennifer EchardMadhav Panwar 
 
2
 
Outline
Introduction to Cost EstimatingLife Cycle CostsData CollectionData AnalysisCost Estimating MethodologiesSoftware Cost ModelingCross-checks and ValidationRisk and Sensitivity AnalysisDocumentation RequirementsCost Estimating ChallengesCost Estimating Auditor Checklists
 
3
 
Introduction to Cost Estimating
The National Estimating Society has defined Cost Estimating
1
as:
 – The art of approximating the probable cost of something based on informationavailable at the time.
Cost estimating cannot:
 – Be applied with cookbook precision, but must be tailored to a particular system, – Substitute for sound judgment, management, or control, – Produce results that are better than input data, o – Make the final decisions.
Despite these limitations, cost estimating is a powerful tool because it:
 – Leads to a better understanding of the problem, – Improves management insight into resource allocation problems,
 
and – Provides an objective baseline to measure progress.
1
The NES Dictionary
 
, National Estimating Society, July 1982

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