Title: Cost estimation techniques in manufacturing industry: concept, evolution and prospects

Authors: Ashwin B. Ganorkar; Ramesh R. Lakhe; Kamalkishor N. Agrawal

Addresses: Priyadarshini Bhagwati College of Engineering, Nagpur 440024, India ' Shreyas Quality Management System, Nagpur 440010, India ' Shri Ramdeobaba College of Engineering and Management, Nagpur 440030, India

Abstract: Cost estimation is an essential part of any industry. Various researchers have made significant contributions towards design and development of various cost estimation techniques. Each technique has its own strengths and weakness. Wrong selection of cost estimation technique results in wrong pricing. This affects the profitability of the company. This study attempts to identify the various perspectives for selection of 13 cost estimation techniques, its limitations and application and proposes the modification required.

Keywords: cost estimation; costing technique selection; manufacturing; technique classification; methodology review; cost estimation applications; qualitative cost estimation techniques; quantitative cost estimation techniques.

DOI: 10.1504/IJEA.2017.092279

International Journal of Economics and Accounting, 2017 Vol.8 No.3/4, pp.303 - 336

Received: 14 Aug 2017
Accepted: 16 Feb 2018

Published online: 30 May 2018 *

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