Theses and Dissertations

Issuing Body

Mississippi State University


Greenwood, Allen G.

Committee Member

Bullington, Stanley F.

Committee Member

Smyer, William N.

Date of Degree


Document Type

Graduate Thesis - Open Access


Industrial Engineering

Degree Name

Master of Science


College of Engineering


Department of Industrial Engineering


In order to identify ways to improve cost estimation, especially early in design, cost estimation needs to be viewed and represented as a process. An important activity within the cost estimation process is assessing the cost risk of a system. A decision-support tool that assesses cost risk should represent the impact of subsystem or system-level uncertainty and provide mechanisms to help select among competing designs. In order to address these problems, a generic cost estimation process was developed. It is based on an extensive review of the cost estimation literature. Also, a hierarchicial product structure, model-based approach and tool to estimate system-level cost risk was developed. This tool provides a link between cost models and cost elements for each component, mechanisms for determining the impact of risk on the cost of the design, and outputs used for selecting among alternative competing designs.