Mt. Laurel, NJ / January 12, 2011 / TruePlanning® 2010 sr1, estimation software from PRICE Systems (pricesystems.com), uses both parametric and analogous estimating methods to generate exceedingly accurate forecasts that can be supported with unprecedented confidence. PRICE TruePlanning customers include the Department of Defense, US Army, NASA, Sikorsky Aircraft and Lockheed Martin.
By integrating parametric modeling—based on industry standards of effort and performance—and analogous estimating—based on an organization's historical record of developing like systems—a single fact-based framework is created that offers engineers and analysts a range of possible alternatives. The new release, said by PRICE to be its most significantly improved version yet, is Windows 7-compatible.
“When presenting multi-million dollar project estimates to upper management or for government contract review, accuracy and defensibility are key,” said Anthony DeMarco, CEO of PRICE Systems. "TruePlanning combines the speed and accuracy of parametric modeling with the transparency and familiarity of analogous estimating. This data-driven approach creates greater confidence by enabling users to store and analyze historical data allowing analysts to demonstrate where new estimates fall against a landscape of past performance. The result is faster, more accurate should cost estimates and an enriched knowledgebase."
TruePlanning's data-driven estimation capability not only identifies but ranks cost drivers so that users can drill down into an estimate to focus on the most onerous issues. Data visualization is easy to accomplish as the software supports many kinds of charts and graphs, including scatter, 3D, stacked and exploded models. TruePlanning 2011 can estimate costs across a project's entire lifecycle and supports bottoms-up, parametrics and estimate-by-analogy methodologies. TruePlanning also now features the SOA (Service Oriented Architecture) Governance Model which extends its ability to accurately estimate SOA initiatives through the inclusion of overhead infrastructure costs that reside within all SOA efforts.
First introduced in 2003, TruePlanning estimates the scope, cost, effort and schedule for software, hardware and IT projects; mechanical and electronic lifecycle programs; and system of systems configurations. PRICE Systems is a major supplier of cost estimation solutions to U.S. government agencies and leading aerospace and defense contractors.