Budgeting / Cost Estimation

costRapidly advancing technology, increasing project complexity, and competitive pressures demand better Cost Estimation and Economic Evaluation of projects, processes, products, or services, whether developing new ones or improving existing ones. Successful engineers and managers must use modern Cost Estimating and Economic Evaluation Techniques to select the optimum mix of projects for today's cost-conscious environment. Accurate project Cost Estimates and Investment Evaluations are critical to staying competitive and optimizing organizational resources.

PROMIS scope in Cost Estimating Services is to prepare, review, approve Cost Estimates and Economic Evaluations in design, manufacturing, process, and capital projects. Our methodology ensures production of accurate Cost Estimates and Investment Evaluations to avoid large cost overruns or unsatisfactory investment returns, whether the project budget is a few thousand dollars or millions of dollars.The Ultimate aim of PROMIS in Cost Estimating is to:

  • Understand how Cost Estimation and Investment Evaluation fit into the life cycle of a project, process, product or service from conception and definition through design and construction to implementation, operation, and disposal.
  • Gain an appreciation for the advantages, disadvantages, and pitfalls of different Cost Estimation and Economic Evaluation methods.
  • Describe how to do Order-of-Magnitude, Budget, and detailed Cost Estimates
  • Gain insight into Economic Evaluations by using Sensitivity and Risk Analysis
  • Understand how to avoid common errors and pitfalls in Cost Estimation and Capital Investment Evaluation.