Methology for Engineering Cost and Lead-Time Estimation in Metal Casting Applications

Accurate cost and lead-time estimation are very important issues during product design stage as well as for procurement process. The initial cost estimate can have profound effect on the project success or its failure. Inaccurate initial cost estimation can lead to financial losses that can have severe consequences on the project and company. Hence it is important to have accurate and easily accessible method for accurate cost and lead-time estimation. There are several estimation methods with focus on different manufacturing processes. These methods are based on general process description, and their process models and associated empirical data have limited accuracy. Also, most of them are not readily accessible to the engineers or procurement personnel. This paper presents application of one the more accurate estimation methods developed by the Air Force for metalcasting cost estimation. The method has been deployed on the Internet and can be easily accessed.