Accession Number : ADP001902
Title : Planning Level Cost Estimating-Science, Art or Witchcraft?
Corporate Author : ARMY ENGINEER WATERWAYS EXPERIMENT STATION VICKSBURG MS
Personal Author(s) : Walski,Thomas M.
Report Date : SEP 1983
Pagination or Media Count : 15
Abstract : Development of a planning level cost estimate is a different process than development of estimates based on detailed plans and specifications. Because it is part of an iterative process, planning level estimating requires an approach that yields estimates quickly and reproducibly while accounting for the effects of the most important design parameters. There are tradeoffs between accuracy and level of effort involved in preparing these estimates. As the input data becomes less precise, less effort should be expended in performing the estimate. Some guidelines are presented in this paper for developing cost functions. While the functions can be based on historic or synthetic cost data, it is easier to work with synthetic data. However, the functions must be checked with historic data before they are used. Estimating should not be considered as a process separate from planning. Planning level cost estimating is evolving from a mysterious art into a rigorous science. As such, planning level cost estimates are becoming more accurate and reproducible and easier to prepare, and thus, of greater value in decision making. (Author)
Descriptors : *Water supplies, *Cost estimates, *Management planning and control, Specifications, Requirements, Econometrics, Cost effectiveness, Resource management, Water treatment, Water resources, Experimental design, Symposia
Distribution Statement : APPROVED FOR PUBLIC RELEASE