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TECHNICAL PAPERS

Product Cost Estimation: Technique Classification and Methodology Review

[+] Author and Article Information
Adnan Niazi, Stavroula Balabani, Lakmal Seneviratne

Department of Mechanical Engineering, School of Physical Sciences and Engineering, King’s College London, University of London, The Strand, London, WC2R 2LS, UK

Jian S. Dai1

Department of Mechanical Engineering, School of Physical Sciences and Engineering, King’s College London, University of London, The Strand, London, WC2R 2LS, UKjian.dai@kcl.ac.uk

1

To whom correspondence should be addressed.

J. Manuf. Sci. Eng. 128(2), 563-575 (Sep 10, 2005) (13 pages) doi:10.1115/1.2137750 History: Received March 21, 2005; Revised September 10, 2005

This paper provides a detailed review of the state of the art in product cost estimation covering various techniques and methodologies developed over the years. The overall work is categorized into qualitative and quantitative techniques. The qualitative techniques are further subdivided into intuitive and analogical techniques, and the quantitative ones into parametric and analytical techniques. Each of the techniques is then described and discussed, in detail, with further subdivisions. The paper also signifies the importance of cost estimation in the early phases of the design cycle and, as such, briefly discusses the current trends and future directions in the area. Research work carried out in the field with reference to specific applications is also reviewed. The paper provides a comprehensive literature review in the field and should be useful to researchers and practitioners interested in this field.

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Copyright © 2006 by American Society of Mechanical Engineers
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Figures

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Figure 1

Initial classification of the PCE techniques

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Figure 2

Flow diagram of the case-based approach for cost estimation

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Figure 3

Decision-support-system approach to cost estimation

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Figure 4

Cost estimation process model based on user constraints

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Figure 5

Classification of the PCE techniques

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Figure 6

Decision-support model for cost estimation methodology selection

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