Cost Estimation Method Selection: Matching User Requirements and Knowledge Availability to Methods

Within the cost estimation literature and in practice within organisations a range of cost estimation methods are used to predict costs prior to activities being undertaken. Estimates generated utilising different estimation methods provide different projections of the anticipated cost. The projected differences in cost could have a significant impact on the overall viability of a project or the selection of the optimum design for a product or process. As a primary step towards creating a mechanism to select cost estimation methods for given situations this paper attempts to represent the cost estimation domain. Based on the representation and other research an innovative mechanism to select the most appropriate cost estimation methods, given the information available and user requirements is presented.