Over the past few years, there has been a heightened interest in cost estimation in all fields of engineering application. Since then, cost estimation methods and techniques have evolved from all disciplines of study. However, no methods are standardised for general use.
Cost estimations are used to forecast the actual expenses on a new design or development of a system. Its depth of accuracy depends greatly on the amount of data collected. This thesis report and illustrates cost estimation in the preliminary stage of designing a mechanical power transmission system. In addition, it analyses the use of traditional cost estimation techniques, enhanced and brought up to date by modern computer software database, that could precisely and graphically determine component costs.
With the development of information technology, computers have been incorporated into many disciplines of engineering work process. With this, cost estimation methods were also developed into programs for specific applications. This book demonstrates the use of the database in a spreadsheet environment with a simple step by step instructions.