Building Knowledge-Based Estimation Models

“How much will it cost?” may be the most frequently asked question by purchasing professionals.
Sales may want to deliver a quick quotation to the customer; engineering may want to present design change options to the customer or finance may want to evaluate a potential change. Oftentimes, there is no time to go to the suppliers to obtain an answer.

This paper presents the methodology for building cost estimation models from supplier cost and
process information obtained from supplier quotes.

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