A critical component in cost estimating is data collection of costs for the various elements within the estimate. FACTS establishes a knowledge management environment to assemble this information. The authors invite practitioners to join the community.
FACTS: Factors, Analogies, CERs & Tools--Studies for Government Acquisitions
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Government agencies are attempting to maximize the use of their increasingly limited funds. Accurate and credible cost and schedule estimates have always been a challenge, yet they are becoming more important than ever given our country's debt crisis and current political environment.
In addition to needing credible cost and schedule estimates, federal agencies have experienced a growing demand for rapid turnaround of these estimates. This need is increasing as the pressure to rapidly deploy systems mounts. The push for agile software development compounds this problem.
A critical component in cost estimating is the data collection of costs for the various elements within the estimate. FACTS is a project to establish a knowledge management environment in order to assemble various useful Factors, Analogies, CER’s (Cost Estimating Relationships) & Tools/Studies-“facts” that exist not just within one agency or organizations, but across the cost community. The goal is not just for one or two people to collect data and create a database, but to instantiate a culture of sharing and collaboration within the cost community at large