Much progress has been made on the PRICE® Data Set Initiative yet there is much more to be done. The PRICE® Data Set Initiative is a project focused on collecting data with the intention of creating useful findings to aid cost estimators in making credible and defensible estimates based on historical project data. We expect the results of this project to create another valuable tool in the cost engineer’s and estimator’s toolbox.
We are in the process of collecting thousands of data points from public and private sources. We are using data from sources such as the PRICE® archives, the PRICE® Knowledge Network, Haystacks, Promise Data Bases, International Software Benchmark Standards Group (ISBSG), published papers and theses, as well as data collected and used with permission from various clients in industry. Cost, effort, and technical data are being collected and calibrated using TruePlanning® in order to provide estimating guidance for various scenarios such as application type, component type, programming language, operating specification, etc. Not all the data collected and used in creating data sets and corresponding findings is publicly available. In cases where the data is not available for public distribution, data findings will represent metadata from multiple data sets with corresponding statistics to support credible analysis. Raw data sets will accompany findings in cases where the data is available for public consumption.
We continue to work hard on finding ways to create useful visualizations to help our users validate their estimates with data findings, inform estimates with calibrated benchmarks, and create custom CERs when necessary. We are working with our Product Development team to find new and exciting ways to integrate our historical data sets with customer data sets to provide useful real-time information for TruePlanning® users as they create, present, and justify their estimates. Join us on May 26th for a discussion of progress on the Data Set Initiative and our plans for adding value to the cost estimating community through transparent, distributable data findings to support estimates.