This paper provides a detailed review of the state of the art in product cost estimation covering various techniques and methodologies developed over the years. The overall work is categorized into qualitative and quantitative techniques. The qualitative techniques are further subdivided into intuitive and analogical techniques, and the quantitative ones into parametric and analytical techniques. Each of the techniques is then described and discussed, in detail, with further subdivisions. The paper also signifies the importance of cost estimation in the early phases of the design cycle and, as such, briefly discusses the current trends and future directions in the area. Research work carried out in the field with reference to specific applications is also reviewed. The paper provides a comprehensive literature review in the field and should be useful to researchers and practitioners interested in this field.
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Technical Papers
Product Cost Estimation: Technique Classification and Methodology Review
Adnan Niazi,
Adnan Niazi
Department of Mechanical Engineering, School of Physical Sciences and Engineering, King’s College London,
University of London
, The Strand, London, WC2R 2LS, UK
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Jian S. Dai,
Jian S. Dai
Department of Mechanical Engineering, School of Physical Sciences and Engineering, King’s College London,
jian.dai@kcl.ac.uk
University of London
, The Strand, London, WC2R 2LS, UK
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Stavroula Balabani,
Stavroula Balabani
Department of Mechanical Engineering, School of Physical Sciences and Engineering, King’s College London,
University of London
, The Strand, London, WC2R 2LS, UK
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Lakmal Seneviratne
Lakmal Seneviratne
Department of Mechanical Engineering, School of Physical Sciences and Engineering, King’s College London,
University of London
, The Strand, London, WC2R 2LS, UK
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Adnan Niazi
Department of Mechanical Engineering, School of Physical Sciences and Engineering, King’s College London,
University of London
, The Strand, London, WC2R 2LS, UK
Jian S. Dai
Department of Mechanical Engineering, School of Physical Sciences and Engineering, King’s College London,
University of London
, The Strand, London, WC2R 2LS, UKjian.dai@kcl.ac.uk
Stavroula Balabani
Department of Mechanical Engineering, School of Physical Sciences and Engineering, King’s College London,
University of London
, The Strand, London, WC2R 2LS, UK
Lakmal Seneviratne
Department of Mechanical Engineering, School of Physical Sciences and Engineering, King’s College London,
University of London
, The Strand, London, WC2R 2LS, UKJ. Manuf. Sci. Eng. May 2006, 128(2): 563-575 (13 pages)
Published Online: September 10, 2005
Article history
Received:
March 21, 2005
Revised:
September 10, 2005
Citation
Niazi, A., Dai, J. S., Balabani, S., and Seneviratne, L. (September 10, 2005). "Product Cost Estimation: Technique Classification and Methodology Review." ASME. J. Manuf. Sci. Eng. May 2006; 128(2): 563–575. https://doi.org/10.1115/1.2137750
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