| dc.description.abstract | This research is based on the study of all the various steps and elements involved in estimating costs of projects. The different factors, whether it be human resources employed, concepts applied or processes used, affect the outcome of a price estimate and hence, the profitability of a project in the long run. The effects of all these aspects on the accuracy of estimating the cost of a proposal are analyzed in detail. The five basic elements having the greatest effect on a cost estimate are communication, processes, accuracy of the resource planning system, work instructions and company-wide practices. Several recommendations are listed on how to improve these five basic elements at FMC Technologies to produce cost estimates yielding long-run profitability. | |
