Management and operational budgeting
Reza Bandarian
Abstract
The deviation between the raw estimation of size, time, and cost of projects and the real amount of them after execution projects, will lead to several difficulties for contractors. This fact demonstrates an essential to apply scientific methods to increase the accuracy of the early estimations. There ...
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The deviation between the raw estimation of size, time, and cost of projects and the real amount of them after execution projects, will lead to several difficulties for contractors. This fact demonstrates an essential to apply scientific methods to increase the accuracy of the early estimations. There are several approaches to calculate the cost of projects and one of them is algorithmic modeling. This study developed an algorithmic cost model to estimate size, time, and cost of engineering services project by benchmarking from Constructive Cost Model (COCOMO), which is an empirical model for calculating the cost of the software. This model uses size and cost drivers to increase the accuracy of estimation. The developed model has been run for a case study and by historical data from previous projects validated.