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  • Predictive Analytics for Improved Cost Management  

PRICE® Systems Introduces Estimating Systems Integration Framework to Improve Cost Management Across an Organization

New capabilities bridge gap from cost estimating to comprehensive life cycle cost management plan

Mt. Laurel, NJ / July 9, 2013 / PRICE® Systems LLC, pioneer in the science of parametric estimating and developer of the PRICE® TruePlanning® cost estimating framework, has announced the new PRICE® Estimating Systems Integration Framework (ESI) for strategic cost management driven by refined program estimating. The framework expands opportunities for government and supplier organizations to improve speed, accuracy, transparency, defensibility, and standardization in cost estimating and subsequent life cycle cost management.

"PRICE ESI is the next logical step in a progression toward comprehensive cost management," explains Anthony DeMarco, President of PRICE Systems. "PRICE® Cost Models represented the first step of defining cost parameters—refined from thousands of historical projects—as a means of credible top down estimating. Then, the PRICE TruePlanning cost estimating framework enabled estimators to apply integrated hardware, software, and systems models—including custom models—all within the same estimate. Now, ESI helps executives, program managers, and estimators to close the loop in terms of refining the estimating process and incorporating their own project data back into a total cost management evaluation process."

PRICE ESI includes two new functionalities to help organizations achieve greater insight into cost estimating and analysis. PRICE® TrueFindings enables customer to leverage their own historical data within the PRICE TruePlanning framework, after it is cleansed, normalized, and regressed by PRICE® Research. PRICE® TrueMapper supports the ability to apply Work Breakdown Structure (WBS) and Cost Element Structure (CES) mapping so that customers can map and shred data to their preferred format for comparing top down and bottom up estimates, or simply to satisfy a customer requirement.