Cost Estimation Techniques - Integrated approach
11 important questions on Cost Estimation Techniques - Integrated approach
Describe the term 'Cost-estimating'
What are [4] purposes of 'cost estimating' ?
- Setting a selling price for quoting, bidding or evaluation
- Can a proposed product be made and distributed at a profit
- How much capital can be justified for process changes/improvements
- Establish benchmarks productivity improvement programs
What are [2] fundamental approaches to cost-estimating
- explain
- when in the process
Usage of historical data from similar engineering projects to estimate the costs, revenues and other data for the current project by modifying these data.
Early in the process when alternatives are still being developed.
Bottom-up
Break down a project into small, manageable units, to estimate their economical consequences, added together with other types of cost to obtain an overall cost estimate.
Details concerning the desired output have been defined and clarified.
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What are the three basic components in an integrated approach to developing the net cash flows?
- Work Breakdown Structure - WBS
- Cost and revenue structure - classification
- Estimating technique - models
Explain the Work Breakdown Structure (WBS)
What are [3] characteristics of an Work Breakdown Structure WBS
- Functional and physical work elements are included
- Content and resource requirements for a work element are the sum of the activities and resources of subelements below it
- Includes recurring and nonrecurring work elements
Explain;
- Functional work elements
- Physical work elements
logistical support, project management, marketing, engineering, system integration
Physical work elements
Product, equipment | They require labor.
Explain the cost and revenue structure
In what way is it important to include the life-cycle concept and WBS in the cost and revenue structure?
The WBS focuses the analysts' effort on the specific functional and physical work elements of a project.
What is the most serious error in cost and revenue structures?
List [10] things typically needed in cost and revenues of engineering economy studies
- Capital investment (fixed and working)
- Labour cost
- Material cost
- Maintenance cost
- Property taxes and insurance
- Quality costs
- Overhead costs
- Disposal costs
- Revenues
- Market values
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