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Graphic element Research > Growth > Research projects > Previous projects > Information Society > Cost estimation as an integrated company process
Graphic element Cost estimation as an integrated company process
New software and tools are helping companies and especially SMEs to improve cost estimation, especially in the machine sector.

Cost estimation can be a time-consuming process and is especially critical for European SMEs trying to win new contracts. Time is needed to create company-specific databases and software is unavailable, inflexible or too expensive.

The objective of the METACOST project was to provide software methods and tools for cost estimation in mechanical engineering and manufacturing. The new software helps businesses confront a thorny industrial problem requiring both technical and economic know-how. The results are particularly useful for SMEs where cost estimation is usually conducted by the owner of the company. SMEs will now be able to respond to tenders more quickly with precise and competitive cost estimations. This project has demonstrated that cost estimation can be an integrated business process within a company's costing system.

A number of project partners are now marketing software products based on the METACOST project. Promising applications are seen in the machine industry, particularly in the production of special machinery, and in subcontracting areas where cost estimation is often difficult.

Cordis RCN: 4233
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