Cost Estimation: Methods and Tools

by Gregory K. Mislick, Daniel A. Nussbaum

Presents an accessible approach to the cost estimation tools, concepts, and techniques needed to support analytical and cost decisions Written with an easy-to-understand approach, Cost Estimation: Methods and Tools provides comprehensive coverage of the quantitative techniques needed by professional cost estimators and for those wanting to learn about this vibrant career field. Featuring the underlying mathematical and analytical principles of cost estimation, the book focuses on the tools and methods used to predict the research and development, production, and operating and support costs for successful cost estimation in industrial, business, and manufacturing processes. The book begins with a detailed historical perspective and key terms of the cost estimating field in order to develop the necessary background prior to implementing the presented quantitative methods. The book proceeds to fundamental cost estimation methods utilized in the field of cost estimation, including working with inflation indices, regression analysis, learning curves, analogies, cost factors, and wrap rates. With a step-by-step introduction to the practicality of cost estimation and the available resources for obtaining relevant data, Cost Estimation: Methods and Tools also features: Cost Estimation: Methods and Tools is an excellent reference for academics and practitioners in decision science, operations research, operations management, business, and systems and industrial engineering, as well as a useful guide in support of professional cost estimation training and certification courses for practitioners. The book is also appropriate for graduate-level courses in operations research, operations management, engineering economics, and manufacturing and/or production processes.  

352 pages, Hardcover

First published May 4, 2015

Reviews

[Becky L Long · Rating 5 out of 5]

Audiobook. At my "real" job I put together quotes for industrial equipment and systems. I'm really bad at status quo so it was only a matter of time before I started digging into cost estimation theory and techniques. Not going to lie this book made the top of the list because it was on audio and available in the Audible plus catalog as of the time I'm writing this review. I fully admit I used this text as an introduction and super high level overview of the topic. I'm guessing 95% of people would not be capable of working the example problems without the ebook or physical version. I did NOT attempt to work the problems. Should I need that level of detail and be able to perform the calculations I will consider getting the physical book. As a "first touch" into the topic the audio version was excellent. When I dig into a new topic of research I loosely follow the following steps: learning vocabulary or jargon, learning the basic process, getting to the rough questions to ask per step in the process, finding resources for further learning. Once you know enough to ask the right questions you are well on your way. For me this text book hit all those points and gave me more than enough resources to continue down the rabbit hole. Def not going on the "everyone should read this book" shelf if I ever make it but if you are working as a cost estimator in any way or the topic interests you this text is not a bad place to start. If you work the problem sets you'll be way ahead of 99% of the estimators out there. Including me.

[Vincent V · Rating 5 out of 5]

Complex stuff, but seems really important I'll probs find a textbook about the topic.