COST MODEL

COST MODEL
Set of mathematical algorithms or equations that
converts resource data into cost data.
Symbolic representation of cost data

COST ESTIMATION MODEL

Is a mathematical algorithms or parametric
equations used to estimate the costs of a product
or project.
The results of the models are typically necessary to
obtain approval to proceed, and are factored into
business plans, budgets, and other financial
planning and tracking mechanisms.

These algorithms were originally performed manually

but now are almost universally computerized.
They may be standardized (available in published
texts or purchased commercially) or proprietary,
depending on the type of business, product, or project
in question. Simple models may use
standard spreadsheet products.

Cost modeling practitioners often have the titles of

cost estimators, cost engineers, or parametric
analysts.

COST MODELLING USING SPREAD SHEET

A spreadsheet is an interactive computer
application program for organization, analysis and storage
of data in tabular form..
Spreadsheet users may adjust any stored value and
observe the effects on calculated values. This makes the
spreadsheet useful for "what-if" analysis since many cases
can be rapidly investigated without manual recalculation.

Modern spreadsheet software can have multiple

interacting sheets, and can display data either as text
and numerals, or in graphical form.
Besides performing basic arithmetic and mathematical
functions, modern spreadsheets provide built-in
functions for common financial and statistical
operations.

Such calculations as net present value or standard

deviation can be applied to tabular data with a preprogrammed function in a formula.
Spreadsheet programs also provide conditional
expressions, functions to convert between text and
numbers, and functions that operate on strings of text.

BESPOK SOFTWARE
Bespok (pronounced bee-SPOHK) is a term used in
the United Kingdom and elsewhere for an
individually- or custom-made product or service.
Traditionally applied to custom-tailored clothing, the
term has been extended to information technology,
especially for software consulting services.

Typically, software consulting companies offer

packaged (already invented and generally
applicable) software and bespoke software for
client needs that can't be satisfied by packaged
software. In the U.S., bespoke software is often
called custom or custom-designed software.

COST X SOFTWARE
Is also an individually-or custom-made Bespok type
QS software for cost analysis, budgeting and
control.

COMPARE AND CONTRAST BETWEEN SPREADSHEET

AND BESPOK MODELLING

A spreadsheet Modeling is an application for

tabulating data while a Bespok Modeling is where

data is stored so that it can be retrieved by users
The amount of data that is usually stored in a

Bespok database is way more than what is

contained in a spreadsheet

 A spreadsheet is edited directly by people while a

Bespok database is accessed by applications that
enter and modify data.
A spreadsheet is usually used for presentations and
paper works while Bespok databases are commonly
used in cases where a lot of data needs to stored

Thank you