Download Cost Estimation: Methods and Tools by Gregory K. Mislick PDF

By Gregory K. Mislick

Presents an obtainable method of the fee estimation instruments, ideas, and methods had to aid analytical and value decisions

Written with an easy-to-understand approach, price Estimation: equipment and Tools offers finished assurance of the quantitative concepts wanted by means of expert fee estimators and for these eager to know about this brilliant occupation box. that includes the underlying mathematical and analytical rules of price estimation, the publication specializes in the instruments and strategies used to foretell the examine and improvement, creation, and working and help bills for winning rate estimation in commercial, enterprise, and production processes.

The publication starts off with an in depth historic standpoint and key phrases of the fee estimating box for you to boost the required historical past sooner than enforcing the offered quantitative tools. The booklet proceeds to primary price estimation equipment used in the sector of fee estimation, together with operating with inflation indices, regression research, studying curves, analogies, fee elements, and wrap charges. With a step by step creation to the practicality of fee estimation and the on hand assets for acquiring suitable information, Cost Estimation: equipment and Tools additionally features:

  • Various price estimating instruments, innovations, and methods had to aid company decisions
  • Multiple questions on the finish of every bankruptcy to aid readers receive a deeper realizing of the mentioned tools and techniques
  • An review of the software program utilized in price estimation, in addition to an advent to the applying of probability and uncertainty analysis
  • A Foreword from Dr. Douglas A. Brook, a professor within the Graduate college of commercial and Public coverage on the Naval Postgraduate tuition, who spent decades operating within the division of security acquisition environment

Cost Estimation: tools and Tools is a superb reference for lecturers and practitioners in choice technological know-how, operations study, operations administration, enterprise, and platforms and business engineering, in addition to an invaluable consultant in help fee estimation education and certification classes for practitioners. The booklet is usually applicable for graduate-level classes in operations examine, operations administration, engineering economics, and production and/or construction processes.


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Those who are the recipients and users of cost estimates in their decisions are often very senior people, with little time to read the details of what we do. We are lucky when they read the executive summary of what we have done in its entirety! Therefore, you have a diminished window in which to convince those who use the cost estimate that it is reasonable and credible. That is a task more readily accomplished by simple approaches than by complex ones. • A good cost estimate identifies its ground rules and assumptions.

I often think that this stage of cost estimating data-keeping was comparable to the medieval period in human history, (before printed books became available), in which hand-produced manuscripts were rare, valuable, and had very limited distribution. Today’s data resources situation is extraordinarily different from what it was 30 years ago. Data is provided by vendors in the form of cost reports, which are collected, normalized, subjected to error-searching routines, and filed in accessible web-based databases with due regard to proprietary data protection and security requirements.

An 16 CHAPTER 2 Introduction to Cost Estimating example of the procedures that meets this high standard for developing and these analyses can be found in the Federal Activities Inventory Reform (FAIR) Act of 1998 [4]. This act provides processes for identifying those functions of the Federal Government that are and are not inherently governmental functions. Only those functions that are deemed not inherently governmental may be analyzed for potential outsourcing to commercial sources. 1 IMPORTANCE OF COST ESTIMATING TO CONGRESS In addition to the internal functional uses of cost estimating and the best practices reasons for their development and use, there are statutes within the US legislative codes that require the development of Life Cycle Cost Estimates (LCCE) at major milestones within DoD’s acquisition process, as well as the requirement to develop Independent Cost Estimates (ICE).

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