PRICE® Research is proud of our accomplishments so far in 2021. We continue to make good progress with the PRICE® Data Set Initiative and are working with the Product Development group to guide TruePlanning® features to utilize these datasets for visualizations and estimate guidance. Since the beginning of 2021, we have added to both our software and hardware datasets. In addition to Data Set Initiative progress, the PRICE® Research team has been making improvements to the Hardware Lifecycle and Microcircuit models. We have also updated the TruePlanning® economics in preparation for the next major release. But we know there is much more to do and look with anticipation to the new and ongoing projects we have planned as we progress further into 2021.
While much has been accomplished, there is much more work to do to achieve dataset nirvana. Going into the second half of this year we have plans to incorporate hardware data from the Haystack Database as well as software data collected from several academic journal articles and industry reports. In addition, we are in the process of documenting the Standard Operating Process specific to calibrating large public datasets in a consistent and transparent way. We hope this document will increase credibility and comfort in the cost community as they utilize these datasets to inform their estimates.
Going into the third quarter we have plans for significant improvements to many of the models in our suite in preparation for the next major release of TruePlanning®. We have several projects focused on improvement of the Common Element Models, with an upcoming webinar in September. We are currently in the process of incorporating the results of last quarter’s cybersecurity research project into the Common Element cybersecurity activities. We are also revisiting and expanding the System Engineering Cost Object to align with our most current research on System Engineering activities and resources. We are conducting a study focused on Hardware Tooling and Test costs with the intent of refining Tooling and Test costs in the hardware model in light of the latest research in this area. The hardware lifecycle model will be undergoing enhancements focused on obsolescence management and reliability manufacturing. Also planned are studies on microcircuit costs and a new labor rate study to support update of the Unit Labor costs in all the PRICE® models.
Though I may sound repetitive – we are still looking for a calmer, saner third and fourth quarter. As usual, we have our work cut out for us – but it is fair to say we are excited with the challenges that are being presented and are looking forward to executing these projects. We are anxious to hear from you, the PRICE® community, as to where you would like to see us focus our cost research efforts going forward into 2021 and beyond.