---
_id: '594'
abstract:
- lang: eng
  text: Due to steadily increased demand for customized products, as well as their
    enhanced complexity and shorter product lifecycles, companies in all industries
    require a reliable prediction of the expected product development costs from the
    very start of product realization. Incorrectly estimated project costs may lead
    to serious consequences in the course of a development project. For example, offers
    are most often based on such early cost estimations and consequently, a major
    safety margin has to be added, which may result in the refusal of an order. A
    too low estimation of the costs of aproduct development project, on the other
    hand, may result in a loss for the project.In this paper, a software tool is presented
    for the prediction of product development costs which offers the user the ability
    to create a more accurate prediction of project costs on the basis of a minimum
    of retrograde project information. By combining a parametric cost model and cost
    result with stochastic character, based on the Monte Carlo method, in one software
    system, it is possible to significantly improve projectcost estimations.
author:
- first_name: Andreas
  full_name: Otte, Andreas
  id: '51466'
  last_name: Otte
- first_name: Eva
  full_name: Scheideler, Eva
  id: '61522'
  last_name: Scheideler
- first_name: Franz-Josef
  full_name: Villmer, Franz-Josef
  id: '14290'
  last_name: Villmer
citation:
  ama: 'Otte A, Scheideler E, Villmer F-J. Project Cost Estimator - A Parameter-Based
    Tool to Predict Product Realization Costs at a Very Early Stage. In: Villmer F-J,
    Padoano E, Department of Production Engineering and Management, eds. <i>Department
    of Production Engineering and Management</i>. Lemgo; 2016:281-292.'
  apa: Otte, A., Scheideler, E., &#38; Villmer, F.-J. (2016). Project Cost Estimator
    - A Parameter-Based Tool to Predict Product Realization Costs at a Very Early
    Stage. In F.-J. Villmer, E. Padoano, &#38; Department of Production Engineering
    and Management (Eds.), <i>Department of Production Engineering and Management</i>
    (pp. 281–292). Lemgo.
  bjps: <b>Otte A, Scheideler E and Villmer F-J</b> (2016) Project Cost Estimator
    - A Parameter-Based Tool to Predict Product Realization Costs at a Very Early
    Stage. In Villmer F-J, Padoano E and Department of Production Engineering and
    Management (eds), <i>Department of Production Engineering and Management</i>.
    Lemgo, pp. 281–292.
  chicago: Otte, Andreas, Eva Scheideler, and Franz-Josef Villmer. “Project Cost Estimator
    - A Parameter-Based Tool to Predict Product Realization Costs at a Very Early
    Stage.” In <i>Department of Production Engineering and Management</i>, edited
    by Franz-Josef Villmer, Elio Padoano, and Department of Production Engineering
    and Management, 281–92. Lemgo, 2016.
  chicago-de: 'Otte, Andreas, Eva Scheideler und Franz-Josef Villmer. 2016. Project
    Cost Estimator - A Parameter-Based Tool to Predict Product Realization Costs at
    a Very Early Stage. In: <i>Department of Production Engineering and Management</i>,
    hg. von Franz-Josef Villmer, Elio Padoano, und Department of Production Engineering
    and Management, 281–292. Lemgo.'
  din1505-2-1: '<span style="font-variant:small-caps;">Otte, Andreas</span> ; <span
    style="font-variant:small-caps;">Scheideler, Eva</span> ; <span style="font-variant:small-caps;">Villmer,
    Franz-Josef</span>: Project Cost Estimator - A Parameter-Based Tool to Predict
    Product Realization Costs at a Very Early Stage. In: <span style="font-variant:small-caps;">Villmer,
    F.-J.</span> ; <span style="font-variant:small-caps;">Padoano, E.</span> ; <span
    style="font-variant:small-caps;">Department of Production Engineering and Management</span>
    (Hrsg.): <i>Department of Production Engineering and Management</i>. Lemgo, 2016,
    S. 281–292'
  havard: 'A. Otte, E. Scheideler, F.-J. Villmer, Project Cost Estimator - A Parameter-Based
    Tool to Predict Product Realization Costs at a Very Early Stage, in: F.-J. Villmer,
    E. Padoano, Department of Production Engineering and Management (Eds.), Department
    of Production Engineering and Management, Lemgo, 2016: pp. 281–292.'
  ieee: A. Otte, E. Scheideler, and F.-J. Villmer, “Project Cost Estimator - A Parameter-Based
    Tool to Predict Product Realization Costs at a Very Early Stage,” in <i>Department
    of Production Engineering and Management</i>, Lemgo, 2016, no. 1, pp. 281–292.
  mla: Otte, Andreas, et al. “Project Cost Estimator - A Parameter-Based Tool to Predict
    Product Realization Costs at a Very Early Stage.” <i>Department of Production
    Engineering and Management</i>, edited by Franz-Josef Villmer et al., no. 1, 2016,
    pp. 281–92.
  short: 'A. Otte, E. Scheideler, F.-J. Villmer, in: F.-J. Villmer, E. Padoano, Department
    of Production Engineering and Management (Eds.), Department of Production Engineering
    and Management, Lemgo, 2016, pp. 281–292.'
  ufg: '<b>Otte, Andreas et. al. (2016)</b>: Project Cost Estimator - A Parameter-Based
    Tool to Predict Product Realization Costs at a Very Early Stage, in: Franz-Josef
    Villmer et. al. (Hgg.): <i>Department of Production Engineering and Management</i>,
    Lemgo, S. 281–292.'
  van: 'Otte A, Scheideler E, Villmer F-J. Project Cost Estimator - A Parameter-Based
    Tool to Predict Product Realization Costs at a Very Early Stage. In: Villmer F-J,
    Padoano E, Department of Production Engineering and Management, editors. Department
    of Production Engineering and Management. Lemgo; 2016. p. 281–92.'
conference:
  end_date: 2016-09-30
  location: Lemgo
  name: Proceedings 6th International Conference
  start_date: 2016-09-29
corporate_editor:
- Department of Production Engineering and Management
- Hochschule Ostwestfalen-Lippe
date_created: 2019-02-18T15:41:41Z
date_updated: 2023-03-15T13:50:03Z
department:
- _id: DEP7000
- _id: DEP1306
editor:
- first_name: Franz-Josef
  full_name: Villmer, Franz-Josef
  last_name: Villmer
- first_name: Elio
  full_name: Padoano, Elio
  last_name: Padoano
issue: '1'
keyword:
- Cost prediction
- Product realization projects
- Monte Carlo method
- Parametric cost model
- Software tool
language:
- iso: eng
main_file_link:
- open_access: '1'
  url: https://www.hs-owl.de/fileadmin/diman/Veroeffentlichungen/PEM_2016_Proceeding_2016_09_14_Inhaltsnavigation.pdf
oa: '1'
page: 281-292
place: Lemgo
publication: Department of Production Engineering and Management
publication_identifier:
  isbn:
  - 978-3-946856-00-9
publication_status: published
related_material:
  link:
  - relation: contains
    url: https://www.hs-owl.de/fileadmin/diman/Veroeffentlichungen/PEM_2016_Proceeding_2016_09_14_Inhaltsnavigation.pdf
status: public
title: Project Cost Estimator - A Parameter-Based Tool to Predict Product Realization
  Costs at a Very Early Stage
type: conference
user_id: '45673'
year: 2016
...