Using Formal Design Techniques to Select Cost Estimation Methods for Cost Modelling

[Abstract] Within the cost estimation literature and in practice within organisations a range of cost estimation methods are used to predict costs prior to activities being undertaken. Estimates generated utilising different estimation methods provide different projections of the anticipated cost. The projected differences in cost could have a significant impact on the overall viability of a project or the selection of the optimum design for a product or process. This paper outlines research undertaken into how cost estimation methods are selected and utilised in a range of organisations. A proposal is made for a decision support tool to aid cost estimators to select the most appropriate cost estimation method given a set of information about the estimate provided by the estimator.

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