An Exploratory Survey of Phase-wise Project Cost Estimation Techniques

Abstract

This article explores a number of existing project cost estimation techniques to investigate how the estimation can be done in a more accurate and effective manner. The survey looks into various estimation models that utilize many theoretical techniques such as statistics, fuzzy logic, case-based reasoning, analogies, and neural networks. As the essence of conventional estimation inaccuracy lies in life cycle cost drivers that are unsuitable to be applied across the project life cycle, this study introduces a phase-wise estimation technique that posits some overhead and latency costs. Performance evaluation methods of the underlying phase-wise principle are also presented. Contributions of this phase-wise approach will improve the estimation accuracy owing to less latency cost and increase the project visibility which in turn helps the project managers better scrutinize and administer project activities.