Manufacturing Cost Estimating
This article focuses on products defined by dimensions and tolerances and fabricated by some manufacturing process. It describes the general concepts associated with cost estimation. These include domain limitation, database commonality, cost allocation, and elements of cost. The article discusses the three methods of cost estimation, namely, parametric methods, empirical methods, and complexity theory. Examples of the methods of cost estimation are presented. The article concludes with a discussion on recommendations for cost estimation.