Session B5 - Cost Estimating Techniques
This session introduces the essential costing techniques that you should become familiar with to develop your own estimate, explains how to use these costing techniques, and compares the different techniques. The basic techniques of Analogy, Engineering Build-Up, and Parametric are covered, with an emphasis on the latter. Extrapolation from Actuals and Expert Opinion are also discussed. Examples are presented, and the strengths, weaknesses, and considerations of each technique discussed. There is an additional emphasis on the concepts of Uncertainty and Risk and how these manifest in the application of each technique.