{"department":[{"_id":"DEP7000"},{"_id":"DEP1306"}],"page":"281-292","publication":"Department of Production Engineering and Management","main_file_link":[{"open_access":"1","url":"https://www.hs-owl.de/fileadmin/diman/Veroeffentlichungen/PEM_2016_Proceeding_2016_09_14_Inhaltsnavigation.pdf"}],"title":"Project Cost Estimator - A Parameter-Based Tool to Predict Product Realization Costs at a Very Early Stage","user_id":"45673","oa":"1","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."}],"_id":"594","editor":[{"full_name":"Villmer, Franz-Josef","last_name":"Villmer","first_name":"Franz-Josef"},{"last_name":"Padoano","full_name":"Padoano, Elio","first_name":"Elio"}],"status":"public","type":"conference","date_created":"2019-02-18T15:41:41Z","conference":{"start_date":"2016-09-29","end_date":"2016-09-30","location":"Lemgo","name":"Proceedings 6th International Conference"},"date_updated":"2023-03-15T13:50:03Z","year":2016,"citation":{"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.","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","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.","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.","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.","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.","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.","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.","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.","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."},"publication_identifier":{"isbn":["978-3-946856-00-9"]},"corporate_editor":["Department of Production Engineering and Management","Hochschule Ostwestfalen-Lippe"],"issue":"1","publication_status":"published","author":[{"first_name":"Andreas","full_name":"Otte, Andreas","last_name":"Otte","id":"51466"},{"last_name":"Scheideler","full_name":"Scheideler, Eva","id":"61522","first_name":"Eva"},{"first_name":"Franz-Josef","id":"14290","last_name":"Villmer","full_name":"Villmer, Franz-Josef"}],"related_material":{"link":[{"relation":"contains","url":"https://www.hs-owl.de/fileadmin/diman/Veroeffentlichungen/PEM_2016_Proceeding_2016_09_14_Inhaltsnavigation.pdf"}]},"place":"Lemgo","keyword":["Cost prediction","Product realization projects","Monte Carlo method","Parametric cost model","Software tool"],"language":[{"iso":"eng"}]}