Cost Estimations for Large Scale Engineering Projects under Uncertainties

Cost estimation for large projects can be difficult because of many complex factors and uncertainties involved. It is often the case that only very rough guesses of actual costs may be provided. In this paper, we will examine the various types of uncertainties in the cost estimation problem of the Myrrha project. We will then use a few examples originated from the conceptual phase of the project to illustrate the practical use of a software package, IDS Cost Estimator, in cost analysis of nuclear systems. It is demonstrated that IDS Cost Estimator can take care of several types of uncertainties in cost estimation and provide user friendly interfaces for data collection, reporting and display.