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.
The University of Kansas prohibits discrimination on the basis of race, color, ethnicity, religion, sex, national origin, age, ancestry, disability, status as a veteran, sexual orientation, marital status, parental status, gender identity, gender expression and genetic information in the University’s programs and activities. The following person has been designated to handle inquiries regarding the non-discrimination policies: Director of the Office of Institutional Opportunity and Access, IOA@ku.edu, 1246 W. Campus Road, Room 153A, Lawrence, KS, 66045, (785)864-6414, 711 TTY.