Cost Estimation

Based on the incorporation of technical parameters, costfact enables comparisons of a new product with like, already produced ships, building groups or individual components with known costs. These comparisons can be used to forecast the costs of new calculation objects.

The regression calculation module of costfact is used especially in the early project phases for cost estimations when detailed information about the components to be used as cost predictors is not yet available. Using this module, the cost of main and subordinate groups can be forecasted via the statistical analysis of costs and attributes from corresponding calculation objects in previous projects.

The regression module can also be used to generate cost indexes. Such key parameters enable a very quick and simple cost predicting.

As a matter of fact, cost prognoses for ships are inevitably burdened with a certain degree of uncertainty, especially in the early project phases. The risk analysis function of costfact quantifies the uncertainty. This function calculates the projected deviation when forecasting costs for a calculation object based on estimates of the forecasting error for the individual components of this object and the error compensation effect. The object to be analyzed can be either a superordinate or a subordinate group or the entire project itself.