eLearning Courses for PRICE Cost Analytics

Predictive Models for TruePlanning®

Predictive Models for TruePlanning®

Today, PRICE Systems offers more than 150 cost models that address multiple disciplines, can be calibrated and validated with customer-specific cost data, and integrated in the PRICE® TruePlanning Framework.   These models are the heart of PCA “Predictive Power” and deliver a consistent, comprehensive, estimation solution across multiple engineering disciplines and organizational activities.

PRICE® Predictive Models

Based on historic project data verified and validated by extensive PRICE® Research analysis and refinement—these comprehensive and refined models help generate estimates for cost proposals in hours instead of weeks or months.  They enable credible “Should Cost” estimates and Analysis of Alternatives that save time and money in resource and planning management, while providing a sound basis for program maintenance activities. They also create the ability to project future costs of currently immature technologies, based on engineering complexity, engineering skills, and scope of design efforts.

PRICE® Models also have the exclusive ability to ingest corporate historical data to provide data transparency in building a DCAA-approved Bid & Proposal estimating system.  Each model generates effort (hours) and material (cost) rooted in a standard activity-based methodology of products, activities, and resources.  PRICE Cost Analytics, through integrated TrueMapper functionality, maps the default activity-based structure to any specific breakdown structure (WBS/CES/OBS) based on organization and customer requirements.

An exclusive advantage of these models when used within the TruePlanning® cost estimation framework, is their ability to support comprehensive systems estimates.  Complete systems are estimated by modeling a product breakdown structure from the catalogs of integrated models.

PRICE® Predictive Model Catalogs 

  • PRICE® Systems Modeling Catalog
    • PRICE Cost Models provide fact-based integrity designed to accommodate system-level perspective. Unlike speculative techniques or “guesstimates,” PRICE Cost Models use industry-specific parametric data models and benchmarks built on factual data gleaned from thousands of programs. This reliable data, plus the hundreds of proven cost estimating relationships embedded in PRICE Cost Models, deliver credible estimates from the component to system level.
  • PRICE® Hardware Modeling Catalog
    • TruePlanning – Hardware has been designed to estimate cost and schedule for both commercial and government hardware projects. The TruePlanning – Hardware provides a methodology by which experience from apparently unrelated projects could be correlated for use in cost estimation. The character and structure of TruePlanning – Hardware inputs have been designed to permit calibration of unique user conditions. Most companies with development experience will find familiar terms and descriptors. The values associated with the variables and parameters are relatively simple to determine. TruePlanning – Hardware inputs are normally less detailed than information needed to estimate hardware costs by other methods.
  • PRICE® Software Modeling Catalog
    • TruePlanning for Software models the software development process using an activity-based approach. This approach first identifies all of the cost objects that generate requirements for consumption of software development resources. Cost object is an activity-based term that refers to the products or services that an organization delivers to their clients. In the TruePlanning for Software context, the cost objects refer to the chunks of software that are delivered by the software development process. Each of these cost objects are then analyzed as to what activities are required to deliver that software and how each of those activities consume software development resources. The final cost for a cost object is the sum of the costs of the resources that its activities consume. The figure below outlines an activity-based approach to understanding how requirements and costs flow from cost objects to resources through activities.
  • PRICE Microcircuits Catalog
    • TruePlanning for Microcircuits model is a fully interactive parametric cost estimating program designed to provide quick and reliable development and production cost and schedule estimates for electronic modules, printed circuit boards, Multi-Chip modules (MCMs), Infrared Detector Chips, Focal Plane Arrays, Application Specific Integrated Circuits (ASICs), and full custom developed microcircuit chips.
  • COCOMO Family Catalog (COCOMO & COSYSMO implemented in the TruePlanning® Framework)
    • The Constructive Cost Model (COCOMO) is a procedural software cost estimation model originally developed by Barry W. Boehm. The model parameters are derived from fitting a regression formula using data from historical projects (163 projects for COCOMO II). There are four cost objects associated with COCOMO available in TruePlanning, including Early Design, Post-Architecture, Systems Engineering – Fundamental Processes, and Systems Engineering – Process Categories.
  • Space Systems Catalog
    • The TruePlanning for Space Missions model is a fully interactive parametric cost estimating program designed to provide quick and reliable development, production, cost and schedule estimates for any robotic Earth and Space Science mission. The Space Missions model is comprised of 10 unique cost objects.
  • Rotorcraft Catalog
    • TrueRotorcraft uses parametric modeling to accurately estimate costs of current and future rotorcraft concepts.  The model was designed with input from industry, government and academia, and enables rapid trade studies on advanced technologies and configurations and their impacts on entire lifecycle cost.  TrueRotorcraft is integrated in the full-featured TruePlanning estimating framework to provide economic considerations, reporting flexibility, mapping to standard cost/work breakdown structures, exposure of underlying cost estimating relationships, and features to enable data-driven estimating