Search results
Results from the WOW.Com Content Network
A cost estimate is the approximation of the cost of a program, project, or operation. The cost estimate is the product of the cost estimating process. The cost estimate has a single total value and may have identifiable component values. A problem with a cost overrun can be avoided with a credible, reliable, and accurate cost estimate. A cost ...
The most basic element of a cost estimate and therefore the cost database is the estimate line item or work item. [3] An example is "Concrete, 4000 psi (30 MPa)," which is the description of the item. In the cost database, an item is a row or record in a table (of items) and the description is a column or field for that record.
COCOMO II is the successor of COCOMO 81 and is claimed to be better suited for estimating modern software development projects; providing support for more recent software development processes and was tuned using a larger database of 161 projects. The need for the new model came as software development technology moved from mainframe and ...
Cost engineering is "the engineering practice devoted to the management of project cost, involving such activities as estimating, cost control, cost forecasting, investment appraisal and risk analysis". [1] "Cost Engineers budget, plan and monitor investment projects. They seek the optimum balance between cost, quality and time requirements." [2]
Project Cost Management (PCM) is the dimension of project management which aims to ensure that a project is completed within its approved budget. [1] [2] It encompasses several specific project management activities including estimating, job controls, field data collection, scheduling, accounting and design, and uses technology to measure cost and productivity through the full life-cycle of ...
Cost estimation models are 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.
Admirers of the parametric estimating technique laud five advantages to other cost prediction methods: [16] Efficiency: parametric estimating requires less time and a lower degree of project definition for supporting the estimates. Objectivity: the method relies on algorithms that use quantitative input and also produce quantitative output ...
Elemental cost planning is a system of Cost planning and Cost control, typically for buildings, which enables the cost of a scheme to be monitored during design development.