OS4080 Cost Estimation V: Cost Estimating and Analysis Cases

This course focuses on learning from real cost estimation case histories through readings, discussion, and writing point papers. Emphasis is on understanding the capabilities and limitations of cost estimation and analysis, highlighting critical assumptions, and recognition of the strengths and weaknesses of applied analytical methods. Case histories include actual department of defense cost studies conducted that have been considered successes and those that have been considered failures. These cases provide the lessons learned for future cost estimation and analysis studies.

Prerequisite

OS4703

Lecture Hours

3

Lab Hours

0

Course Learning Outcomes

At the end of this course, students should be able to:

Demonstrate proficiency in understanding technology readiness assessments by:

• Identifying and explaining the Levels of Technology Readiness.
• Understanding the Technology Readiness Level (TRL) framework, ranging from basic principles observed (TRL 1) to actual system "flight proven" through successful mission operations (TRL 9) and being able to classify technology components according to this scale.
• Learning how to conduct technology readiness assessments, including identifying critical technology elements, evaluating integration risks, and determining the maturity of technologies within the context of their intended environment.
• Demonstrating the ability to apply technology readiness assessments in project planning and decision-making including using TRL ratings to determine project timelines, budgets, and risk management strategies.

Develop a basic understanding of integrated cost and schedule risk analysis including:

• Gaining an understanding of the key concepts of cost and schedule risk analysis, including probabilistic versus deterministic methods, and how these approaches can forecast the potential for project overruns in terms of time and cost.
• Learning how to use risk modeling techniques (e.g., Monte Carlo simulation), to assess the probability of meeting project objectives by gathering data on risks and uncertainties and using this information to predict their impacts on a project’s cost and schedule.
• Knowing how to integrate cost and schedule risk analysis into overall project management practices by developing risk mitigation strategies and communicating the results effectively to stakeholders for informed decision-making.
• Understand how cost estimating, scheduling, and Earned Value Management (EVM) are used to manage and gain important insights into major government programs by:
  • Acquiring knowledge on the principles and techniques of cost estimating and their applications in budgeting for government programs from leaders in this field.
  • Learning how industry relies heavily on scheduling methodologies and tools to plan, monitor, and control project timelines.
  • Gaining insights into how EVM provides a quantitative measure of project performance against a baselined plan that enables early detection of problems.