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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 ...
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.
COCOMO consists of a hierarchy of three increasingly detailed and accurate forms. The first level, Basic COCOMO is good for quick, early, rough order of magnitude estimates of software costs, but its accuracy is limited due to its lack of factors to account for difference in project attributes (Cost Drivers).
These positions require a high level of skill to ensure accuracy and knowledge of using these basic level programs. In recent times, software companies have begun releasing specific software designed to create a BOE with much less effort and time and expense of labor, which ultimately is the goal of a BOE in the first place.
Construction cost estimating software is computer software designed for contractors to estimate construction costs for a specific project. A cost estimator will typically use estimating software to estimate their bid price for a project, which will ultimately become part of a resulting construction contract. Some architects, engineers ...
In project management (e.g., for engineering), accurate estimates are the basis of sound project planning. Many processes have been developed to aid engineers in making accurate estimates, such as Analogy based estimation; Compartmentalization (i.e., breakdown of tasks) Cost estimate; Delphi method; Documenting estimation results; Educated ...
It is widely used in industrial engineering to calculate the capital and operating costs of a plant. [1] [2] [3] The factors were introduced by H. J. Lang and Dr Micheal Bird in Chemical Engineering magazine in 1947 as a method for estimating the total installation cost for plants and equipment.
The Constructive Systems Engineering Cost Model (COSYSMO) was created by Ricardo Valerdi while at the University of Southern California Center for Software Engineering. It gives an estimate of the number of person-months it will take to staff systems engineering resources on hardware and software projects.