cost management a strategic emphasis cost estimation

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1、ConfirmingPagesCHAPTEREIGHTCostEstimationAfterstudyingthischapter,youshouldbeableto...1.Understandthestrategicroleofcostestimation2.Understandthesixstepsofcostestimation3.Useeachofthecostestimationmethods:thehigh-lowmethod,andregressionanalysis4.Explainthedatarequirementsandimplementationprob

2、lemsofthecostestimationmethods5.(AppendixA)Uselearningcurvesincostestimationwhenlearningispresent6.(AppendixB)UsestatisticalmeasurestoevaluatearegressionanalysisLEARNINGOBJECTIVE1Costmanagementinformationiscriticalincostplanninganddecisionmaking(planningforUnderstandthestrategicroleofanewprod

3、uctorplantexpansionandmakingotherdecisions).However,abasicrequirementcostestimation.forcosteffectiveplanningistouseaccuratecostestimatesintheplanningprocess.Thischap-tershowsthemethodstodevelopaccurateestimates.Costestimationisparticularlyimportantfortheconstructionindustry.Largeconstructionp

4、rojectsareoftenobtainedonthebasisofcompetitivebids.Thecontractorsthatbidontheseprojectsmusthaveaccuratecostestimationmethodstowintheirshareofthebidsandtobeprofitable.Costestimationmethodsforcontractorsdevelopdetailedanalysesofthematerialandlaborcoststhataredirectlytraceabletotheproject,aswell

5、asprojectionsoftheindirectcosts,preferablyusingactivityanalysisasdescribedinChapter5.Costestimationforconstructioncontractorsissuchacriticalaspectofthesefirms’suc-cessthatanumberofconsultantsandsoftwaredevelopershavecreatedtoolsandtechniquestoassistthecontractorsincostestimation.TheAmericanSo

6、cietyofProfessionalEstima-tors(www.aspenational.com)andotherprofessionalorganizationsprovideeducationandopportunitiesforprofessionaldevelopmentforcostmanagersinvolvedinconstructioncostestimation.Anumberofconsultants(e.g.,CostConcepts,Inc.,www.costconcepts.com,andDavisLangdonAdamsonAssociates,

7、www.davislangdon.com)andsoftwareproviderssuchasProsoftInc.(www.prosoftinc.com)provideadditionalservices.AnexampleofalargeconstructioncompanythatreliesheavilyoncostestimationisJEDunn(www.jedunn.com),abuilderofhospitals,resorts,officebuildings,