On this website, you will find multiple blogs as well as other links to descriptions of v2016’s new features and capabilities, often in the context of Predictive Cost Analytics and specifically our process-instance of PRICE® Cost Analytics or “PCA”… But what exactly is that, you might ask?

PCA is a proven predictive analytics approach focused on cost management (Cost Estimation, Cost Budgeting, and Cost Control) that delivers the answers you need, when you need them.  As cost, profitability and affordability are a critical part of your decision criteria, PRICE® Cost Analytics will make you more confident in your decisions.

PRICE® Cost Analytics is unique in that it combines its proven predictive cost modelling tools with its capability for enterprise integration.  Together, analytics can work across entire product/project lifecycles in a “closed-loop” solution whereby emergent data and benchmarks can be leveraged to calibrate, maintain and improve an enterprise’s predictive models.

Traditional “parametric” cost models are relatively static, lacking PRICE’s unique data-driven calibration approach to evidence-based predictive modelling.  With the latter, PRICE’s TruePlanning in represents a true comparative analysis capability, far superior to parametric modeling, level-of-effort techniques or engineering estimation.

In this regard, PCA is a proven, robust and reliable process of transforming data into insight for making better decisions.  By using methodologies such as mathematical modeling to analyze complex circumstances, predictive analytics gives users (and their stakeholders) the power to make more effective decisions and build more productive systems based on: 

  • More complete data
  • More comprehensive analysis of this data
  • Consideration of all available options
  • Careful predictions of cost outcomes and estimates of risk 

Concisely, the value-add of PRICE® Cost Analytics via TruePlanning is framework-enabled dynamic predictive meta-models supporting comparative analyses.

Using its closed-loop data-driven methodology, PCA empowers users with the integration of business objectives, engineering, and program management to produce competitive solutions as follows: 

  • Make well-informed decisions, about programs and projects across the total lifecycle, by utilizing best available evidence from organizational learning as “calibrated” basis
  • Improve overall cost control and program management, by integrating cost analytics into life cycle cost management processes
  • Gain strategic capability to bridge cost estimating, life cycle cost management, and earned value management based on actual client project history
  • Support overall organizational objectives with confidence in both strategic budget/ investment decisions and in the cost, schedule, and risk components of estimates
  • Utilize a closed-loop system to improve cost estimating speed, cost estimating accuracy, transparency while facilitating the standardization of all estimating processes

As you know, v2016 has launched. Licensees are now using this enhanced version.  And demonstrations continue to excite the market. Data analytics and predictive modeling are utilized to estimate realistic costs/schedules for budgeting and decision-making. In subsequent blogs, we will dive deeper into specific impacts on key business processes and functional areas that benefit from this capability.

Success can be accelerated by the PRICE® Predictive Cost Analytics (PCA) integration of business, engineering, and program management objectives in order to produce competitive solutions. 

TruePlanning immediately facilitates objective quantitative assessment of customer needs/requirements, winning-business solutions, and project lifecycle cost management.

Contact me for a demonstration, either in person or via telecon. We’ve had many success stories here.  You can be next!