Please use this identifier to cite or link to this item: http://hdl.handle.net/10739/849
Title: Simulation-based costing for early phase life cycle cost analysis: Example application to an environmental remediation project
Authors: Farr, John V (Military Academy at West Point, NY)
Faber, Isaac J (Military Academy at West Point, NY)
Ganguly, Anirban
JGBS
Keywords: Simulation-based costing
Early Phase Life Cycle Cost
Total Wwnership Post Versus Risk Profiles
Budgetery Planning for Environmental Remeditation
Issue Date: 31-Dec-2015
Publisher: Taylor & Francis
Citation: Ganguly, Anirban, Farr, John V. and Faber, Isaac J. (2015). Simulation-based costing for early phase life cycle cost analysis: Example application to an environmental remediation project. Engineering Economist, Vol.61 No.3 :pp 1-38.
Abstract: Simulation based costing (SBC) has been slow to be adopted by the traditional cost estimating community. This can be attributed to many factors including complexity, how to gather data and develop probabilistic inputs, cost of SBC software, and a lack of understanding of the benefits of developing cost versus risk profiles. This paper presents an overview of how SBC can be effectively utilized for early phase life cycle cost (LCC) estimation. A formal process for conducting LCC incorporating SBC is presented not only to provide a structured approach but to also convey to stakeholders how such a study is conducted. This paper also presents a case study where a total ownership cost versus risk profiles were developed using this proposed process in order to support budgetary and planning considerations for a large environmental remediation project. This research argues that SBC is needed during the concept exploration phase because this is when budgets are often fixed and expectations set.
URI: http://www.tandfonline.com/doi/full/10.1080/0013791X.2015.1062582
http://hdl.handle.net/10739/849
Appears in Collections:JGU Research Publications

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