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Cost Estimating: How to use Composites

Cost Estimating: How to use Composites

Different methodologies could be applied to perform a cost estimate. When detailed information on a project is available, it is possible to develop a detailed unit cost estimate, which is a bottom-up estimate at work-package or task level and it includes quantities, unit costs, labor rates, etc.  However, in most of the cases, especially in early stages of a project, there is a lack of detailed information. This article will discuss how composites can help you create reliable and accurate cost estimates in these situations.

  • The key role of cost estimating in project management

    Any project, big or small, or regardless of the industry, needs to be performed and delivered under certain constraints. Cost is one of those constraints that project management needs to effectively control. Cost can be the driving force or an impeding factor in determining the future of a project. Therefore, one can easily spot the need for applying thorough cost estimating processes and techniques to ensure that a project can be viable. What are the focus and the output of cost estimating that make it so essential in the project management process? And at which part of project management is it…

  • Cost Engineering around the world in September

    We are excited to visit Canada, Indonesia, and Scandinavia in September for new implementations of our software, Cleopatra Enterprise and for a well-rounded Roadshow.

  • Cost Estimation: Creating Proper Cost Models

    Cost models, based on historical data, are great tools to aid high-level factor estimates. Cost models are computer models which take as input the relevant cost drivers of an object (such as a piece of equipment or an entire project), perform a calculation and return a cost estimation for that equipment or project.