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The Missing Link: Object Oriented Estimating

During the decision making process of investment projects, it is often not possible to wait for the final cost estimate, due to the preparation time. By using ‘characteristic values’ based on executed projects, the estimate accuracy can be significantly improved while reducing the time and effort needed to develop the cost estimate.

This object oriented estimating methodology requires a good understanding of the cost drivers in a project and how they can be related to the project specific process equipment. This article provides insight in the development and application of ‘characteristic values’, to improve the estimate accuracy during the project’s conceptual phase.