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OS4702 Cost Estimation II: Advanced Concepts in Cost Estimating

This course is the second of three sequential cost estimation courses. It provides a broad-based understanding of the cost estimating principles applied to various fields of the acquisition and support of DoD systems. It introduces topics such as Cost Estimating Relationships, non-Ordinary Least Squares methods, Software Cost Estimating, Labor Pricing, Source Selection Process, Cost Management, EVMS, and higher level Regression Applications.

Prerequisite

OS3701 or OA4702

Lecture Hours

3

Lab Hours

0

Course Learning Outcomes

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

• Gain proficiency in software cost estimating and Agile development best practices including:

  • Different methods for sizing the software development effort (e.g., SLOC, Function Points, etc.)
  • Various software development paradigms (e.g., Spiral, Waterfall, Incremental, and Agile)
  • Developing software cost estimating relationships (CERs) using regression techniques

• Develop a basic understanding of scheduling best practices including:

  • Capturing all activities and creating a logically sequenced activity network
  • Estimating work and durations and assigning resources
  • Validating the critical path and ensuring that there is reasonable total float
  • Analyzing schedule risk
  • Verifying and validating that the schedule has horizontal and vertical traceability
  • Setting and documenting the baseline
  • Managing changes and updating status so that management uses the schedule for decisions

    • Know what an earned value management system (EVM) represents and how it tracks progress by:

  • Defining the scope of work using a WBS
  • Identifying who in the organization will perform the work
  • Scheduling the work using the critical path method
  • Estimating the labor and material required and authorizing budgets including MR
  • Determining objective measures of earned value
  • Developing the performance measurement baseline (PMB) for tracking progress
  • Executing the work plan and recording all costs
  • Analyzing EVM performance data and recording variances from the PMB plan
  • Forecasting estimates at completion (EACs) using EVM data
  • Conducting an integrated cost-schedule risk analysis
  • Comparing EACs from EVM to the EAC from the risk analysis
  • Taking management action to mitigate risks
  • Updating the PMB as changes occur