Exploring the application of new data collection tools and techniques in the development of cost models

Abstract

Two aspects of the cost model development process are essential to the success of the cost model development process, particularly when cost models must be developed for processes and products that are still under development: the need to develop a coherent model development methodology and the problem of data identification and collection. This paper describes the results and findings from an investigation examining the cost modelling process in terms of data sources and data collection techniques and tools used by cost engineers and estimators when developing cost models and estimates, and highlights how the appropriate selection of these elements can contribute to make cost model generation faster, easier and more structured. A comprehensive life library of potential data sources and data collection tools and techniques has been developed and improved as new methods and sources are incorporated. This research investigation builds on the work initially conducted as an EPSRC funded research programme entitled improving the cost model development process (Grant Ref. GR/M 58818).