"Cost estimation" refers to the process of predicting or estimating the costs associated with a particular project, task, or product.
Typical functions of software in the field of "cost estimation" include:
Cost Parameter Capture: Capturing and managing various cost parameters such as labor hours, material costs, equipment costs, and other relevant cost factors.
Labor Cost Calculation: Calculating costs based on labor hours, wages, and other labor-related expenses.
Material Cost Estimation: Estimating costs for materials based on quantities, prices, and other relevant information.
Consideration of Overhead Costs: Incorporating overhead costs such as administrative expenses, operational costs, and indirect costs into the overall cost estimation.
Cost Adjustment Based on Parameters: Ability to adjust costs based on various parameters such as project size, complexity, geographic location, and other factors.
Reporting and Analysis: Generating reports and analyses that provide a detailed breakdown of estimated costs as well as comparisons with actual costs.