Review Article

A multilayer taxonomy of Cost Estimation techniques, looking at the whole product lifecycle

[+] Author and Article Information
Stefania Altavilla

Department of Management and Production Engineering, Politecnico di Torino, Italy

Francesca Montagna

Department of Management and Production Engineering, Politecnico di Torino, Italy

Marco Cantamessa

Department of Management and Production Engineering, Politecnico di Torino, Italy

1Corresponding author.

ASME doi:10.1115/1.4037763 History: Received January 17, 2017; Revised August 21, 2017


Product Cost Estimation still draws the attention of researchers and practitioners, even though it has been extensively discussed in the literature for more than twenty years. This is due to its central impact in affecting company performance. Nowadays, the adoption of cost estimation methods seems to be limited despite the multitude of examples and applications available. A possible reason is related to the multitude of approaches and techniques that instead of representing a guide for spreading possible implementations, actually create confusion and ambiguity on its appropriateness for a particular application. Hence, this paper aims to provide a systematic review of the recent literature in the field of Product Cost Estimation and investigates, in detail, which are the aspects that can enable a more conscious decision on the type of technique that can be adopted. This resulted in the identification of five different perspectives, which can be taken simultaneously into account and by combining the different viewpoints, a new multilayer framework is derived, with a specific focus on the whole product life cycle. The proposed framework can be used as a decision-making tool for both researchers and practitioners. In fact, the former can benefit from the new structure, as a way to identify new areas of possible research opportunities. The latter is provided an operative guide for the application in industrial contexts.

Copyright (c) 2017 by ASME
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