Hardware Estimating Model for TruePlanning v3.0
Category: White Papers
The PRICE (Parametric Review of Information for Costing and Evaluation) Hardware Model is a computerized method for deriving cost estimates of electronic and mechanical hardware components, sub-assemblies, assemblies and systems.
The PRICE H model is a model that utilizes traditional methods to derive cost estimates. By definition, a model is a computerized representation of an item or action.
The essentials of operating the model are easy to learn and provide speed, quality, and accuracy in lieu of grass roots estimating. The key ingredients are:
• Interactive operation with conversational inputs and outputs
• A parametric approach derived from experience and supported by empirical evidence
• Efficient problem description with a small set of easily comprehended input factors. Internal self checking to test the consistency of input data sets.
• Flexibility in adapting to local definitions and accounting procedures
• Performance calibration that relates current estimates to actual achievements on prior projects.
The PRICE H model gives us the power to create rapid and early “probable cost” evaluations based on project scope, program composition and demonstrated organizational performance. Operational and testing requirements are incorporated, together with technology growth and inflation.
In addition to cost, the model derives typical schedules for the work to be accomplished. Schedule constraints which have been imposed are examined within the model, and costs are adjusted to account for apparent acceleration or stretch out.
TruePlanning for Hardware is a powerful new program that allows the user to take full advantage of the PRICE H model’s capabilities. The program combines the results of PRICE’s years of data collection and analysis with state of the art user interface and interoperability with PRICE estimating models.
TruePlanning for Hardware is applicable to all aspects of hardware acquisition from development, production, purchasing, furnishing, or modification of existing equipment. TruePlanning for Hardware estimates the costs associated with design, system