Cleopatra Enterprise allows you to use your own estimation models and techniques, and implement them in a state-of-the-art estimating solution, enabling you to make use of its powerful features. It is also a great tool to start designing new and improved cost models. Below are 4 cost estimation models to show the tip of the iceberg.
Cost is the value of an activity or asset. Generally, this value is determined by the cost of the resources that are expended to complete the activity or produce the asset. Although money and time are sometimes thought of as resources, they only implement or constrain the use of physical resources. The final activity or asset produced depends on what can be “afforded” given the money and time allocated to the project. Resources can be separated into four elements: equipment, materials, labor, and overhead:
For some time, the LinkedIn discussion group ‘Cost Engineering’ has been among the most prominent within the industry, with over 15.000 members. It is being used for many different posts, ranging from new insights, technological advancements, knowledge sharing and so on.
Cost engineering is a multi-faceted discipline involving estimating, scheduling, cost control and risk management to manage cost and performance through the full life cycle of enterprise level projects. Effective project management requires the use of standardized processes and advanced software tools to ensure that an accurate and reliable insight is given into the project progress and status.
Cost accounting, often referred to as management accounting, is the branch of accounting that provides economic and financial information about project costs to aid management to plan and control projects and other business activities. In order to practice cost accounting effectively, a project controls software package should assist the user in costing, evaluating and forecasting, while minimizing the required effort. How do you choose the right software that is up to this task?