An Introduction to Parametric Estimating
21-11-2015 | Publicatie
aACE International describes cost estimating as the “predictive process used to quantify, cost, and price the
resources required by the scope of an asset investment option, activity, or project .” The methods and
techniques used to prepare a cost estimate will typically vary based on the level of project definition
available at the time the estimate is prepared [2, 3]. Early in a project’s lifecycle, there is a need to prepare conceptual
cost estimates to support timely decision-making such as to make a “go or no-go” decision to continue development
of a project proposal or to select between alternative designs.
This paper is aimed at those wanting to explore the concepts of parametric estimating. Parametric cost estimating
models are useful tools for preparing early conceptual estimates when there is little technical detail to provide the
basis to support using more detailed estimating methods. This paper will introduce the concept of parametric
estimating and discuss the steps involved in the creation of a parametric estimating model.
Bijgewerkt op: 21-11-2015
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