Exploring the Application of New Data Collection Tools and Techniques in the Development of Cost Models

Two aspects of the cost model development process have been neglected by the costing research community, i.e. the need to develop a coherent model development methodology and the problem of data identification and collection. Both 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. This presentation describes the results and findings from an investigation examining the Cost Model Development 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 how the appropriate selection of these elements can contribute to make cost model generation faster, easier and more structured. A survey, followed by structured interviews, was conducted. Industrial and academic experts in the fields of cost modelling from a variety of manufacturing sectors contribute to identify and explore the applications of traditional techniques and new tools, such as Lean Manufacturing techniques, for gathering cost data. A comprehensive database of tools and techniques has been developed. This is part of an ongoing research in the area of Cost Modelling aiming to improve the speed and effectiveness with which cost models are built and applied.

Ysolina Delgado Arvelo B.Sc. (Hons), M.Sc., MIET, Prof D. J. Stockton B.Sc. (Hons), M.Sc., Ph.D., M.I.E.E., C.Eng. De Montfort University, UK