Product cost estimation: Technique classification and methodology review

Adnan Niazi, Jian S. Dai, Stavroula Balabani, Lakmal Seneviratne

Research output: Contribution to journalReview articlepeer-review

362 Scopus citations

Abstract

This paper provides a detailed review of the state of the art in product cost estimation covering various techniques and methodologies developed over the years. The overall work is categorized into qualitative and quantitative techniques. The qualitative techniques are further subdivided into intuitive and analogical techniques, and the quantitative ones into parametric and analytical techniques. Each of the techniques is then described and discussed, in detail, with further subdivisions. The paper also signifies the importance of cost estimation in the early phases of the design cycle and, as such, briefly discusses the current trends and future directions in the area. Research work carried out in the field with reference to specific applications is also reviewed. The paper provides a comprehensive literature review in the field and should be useful to researchers and practitioners interested in this field.

Original languageBritish English
Pages (from-to)563-575
Number of pages13
JournalJournal of Manufacturing Science and Engineering
Volume128
Issue number2
DOIs
StatePublished - May 2006

Keywords

  • Cost estimation
  • Cost estimation applications
  • Methodology review
  • Technique classification

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