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Cost Estimation - Science topic

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Hi everyone.
I have a question about finding a cost function for a problem. I will ask the question in a simplified form first, then I will ask the main question. I'll be grateful if you could possibly help me with finding the answer to any or both of the questions.
1- What methods are there for finding the optimal weights for a cost function?
2- Suppose you want to find the optimal weights for a problem that you can't measure the output (e.g., death). In other words, you know the contributing factors to death but you don't know the weights and you don't know the output because you can't really test or simulate death. How can we find the optimal (or sub-optimal) weights of that cost function?
I know it's a strange question, but it has so many applications if you think of it.
Best wishes
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Which method is the best to adopt while carrying out cost estimation of a new project?
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ERP systems come by offering a variety of integrated solutions that support all specific aspects of the construction business from planning, project control, to costs and revenues
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I want to train a neural network with some data that are obtained from a specific country, after the neural network is trained I want to estimate similiar data(observation) for another country Is it possible?
To be more clear, I want to estimate social cost of polluttion for Argentina using neural networks. But there's no needed data or observation for Argentina. So I want to train my neural networks with another country's data set, for example Brazil, US, vs. Is that possible to get such a new value or observation for another country?
So I'm basically curious whether country-specific data sets important for neural network training. If I train neural networks with country-specific data sets, can I get generalizable results when I estimate a value for a different country?
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This link talk about:
Artificial neural networks for small dataset analysis
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When calculating a budget or a risk reserve, a simulation or estimation is performed.
Sometimes the Monte Carlo simulation is used.
It seems that each administration and each company uses different confidence percentiles when summarising the simulations in order to take a final decision.
Commonly, 70%, 75% or 80% percentiles are used. The American administration uses 60% for civil works projects...
My doubt is, is there any recommendation or usual approach to choose a percentile?
Is there any standard or normalized confidence percentile to use?
I expected to find such an answer in the AACE International or International Cost Estimating and Analysis Association, but I did not.
Thank you for sharing your knowledge.
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I believe setting confidence intervals is more of an art than an exact science. It really depends on how important it is that something remains within the confidence interval, but there are no real quantitative standards.
If going over budget almost certainly means default you may want to base risk reserves on a high percentle. If default is not imminent, like with governmental institutions, the percentile may be set lower.
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Hello People,
Even after working for years in Cost-sensitive classifiers, I still wonder how to derive cost-matrix?
Can you guide me for the same?
Any reference link or some research paper or white paper to derive cost-matrix for given dataset?
Please help.
Regards
--
Ankit Desai
Ph. D. Scholar,
Ahmedabad University, Gujarat, India.
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sir the link you have given is not working, please can you give me another link
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I want to estimate the environmental costs of the soil pollution and degradation in an industrial area consisting of some refineries and petrochemical plants. soils and ground waters in some parts of my study area have polluted as a result of pipeline failures and leakage of oil and other chemicals. I' m looking for a good reference (preferably book) for economic cost estimation of pollution.
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I hope you will be getting required results with these references:
(1)Environmental Chemistry for a Sustainable World http://www.springer.com/series/11480
(2) Sustainable Agriculture Reviews
(3) Soil Pollution - An Emerging Threat to Agriculture
by: Jayanta K. Saha • Rajendiran Selladurai M. Vassanda Coumar • M.L. Dotaniya Samaresh Kundu • Ashok K. Patra
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Which are the main Carbon Capture and Storage (CCS) strategies? Are there technological constraints upon them -such as technological immaturity issues- or regional specifications (being differentiated by developing or developed economies)? Are there (direct or indirect) energy gains?
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Amine based post combustion capture is the most mature and developed technology among the three main available CO2 capture technologies(post combustion, Pre-combustion and Oxy-fuel CO2 capture). The amine based PCC however is coupled by the problem of energy penalty on the power plant. By the use of MEA,PPC have been able to capture up to 90% of CO2.Recent studies have shown that a 99.1% CO2 capture can be achieved by use of piperazine as the solvent (Rochelle, Gao and Selinger, 2019).
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There are several validation methods for software cost estimation using Machine Learning models. But, I was wondering if there are any validation methods for Algorithmic and Non-ALgorithmic models such as COCOMO, Function point, analogy, Putnam, etc.
Is there any paper that could guide me related to this question?
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I believe for estimating the cost estimation models, there are numerous validation/accuracy evaluation techniques such as Mean of Relative Errors (MRE) [43], Pred (0.25) and the median magnitude of relative error (MDMA) are the most used by the researchers in the field.
Accuracy Comparison of Analogy-Based Software Development Effort Estimation Techniques by Ali Idri might help you to understand.
Following readings may help:
1. M. Shepperd and C. Schofield, "Estimating software project effort using analogies," IEEE Transactions on Software Engineering, vol.13, pp. 736-743, 1997.
2. S.D Conte, HE Dunsmore, and VY Shen, Software Engineering Metrics and Models, Benjamin-Cummings, Menlo Park CA, 1986.
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If we have to calculate annual imputed cost of a fixed capital like that of a building where the SME unit is functional. What are the different ways to do so?
i.e. we have to calculate annual value of a fixed capital or annual fixed cost.
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1. SUBSTITUTE, how much does it an equivalent cost if we obtain a substitute?
2. REPLADEMENT cost is a second way. If this building is destroyed, how much will itcost to get a replacement?
3. FAIR MARKET VALUE is the third way. Under the same condition and age, what is the fair mzrket value of this builting?
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I am currently working on a research where I am trying to find the cost estimation techniques for cost estimating software in safety critical systems where quality plays an important role as well as safety?
I have come across this paper:
1. Consistent Cost Estimation for the Automotive Safety Model based Software Development Life cycle
Any other suggestions or papers related to it would help me in my research. Thank you.
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Yes I have read about it that it's hard to estimate cost. But there are lot of cost estimation techniques which will give some approximate estimations. I was just curios to know which cost estimations techniques or any methodology to estimate software in safety critical systems, as these softwares are way more complex than other softwares.
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I am currently researching on software cost estimation methods for Waterfall model projects and agile model projects. I have also came through DevOps methodology in my research, so is there any latest cost estimation technique for DevOps methodology?
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Welcome dear, You use the Function point Measure, which is a functionality software measure and by the Function point you can calculate the total working hours then easy to estimate the total development cost , please see these references
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Let say we have implemented an algorithm and wrote down the execution time of that algorithm while changing the input value. How can we conclude the cost function of that algorithm ?
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The cost function is an input not an output. By monitoring how the execution time varies with some property that characterizes the complexity of the input data, it's possible to learn about the complexity of the program that realizes the algorithm.
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Dear researchers,
Thank you for your interest in the topic,
In one of my studies I am going to use an electric motor to run the compressor of a gas-turbine power plant. The required power is 7 MW. I have these two following questions:
1. Does anyone know what type of electric motors are suitable for that purpose. If there is a catalogue it will be my pleasure to share it with us.
2. Does anybody know what the approximate price of that electric motor is?
Thank you again,
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Dear Manish,
I also appreciate your comment. If you publish that article it is our pleasure to see your contributions.
Cheers,
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Hello.
For a research work, I need to water tariff in some world cities including Ankara, Turkey and Atlanta,U.S.A. When I searched in the Internet I found 2.41 and 1.61 $ per cubic meter for them respectively which is very higher than conventional tariffs (conventional rates in the world are about 0.10-0.60). Are my found tariffs (2.41 and 1.61 $/m3) true? Please kindly help me especially persons who live in these two countries. 
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Dear researchers,
The tariffs in the mentioned countries as well as some other countries can be found in the following publication:
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In terms of cell culture media and other consumables, what's the cheapest eukaryotic cell to culture?
FBS is expensive, serum-free alternatives for cells that require FBS are even more expensive.
Even HeLa cells require 10% FBS.
Are there any cell lines out there that can be grown for cheaper than F12 + FBS?
Edit: Aside from yeast. Preferably vertebrate. Sorry yeast biologists, I won't forget about you again!
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The price of FBS could vary significantly. It is very important to choose the best FBS product that is suitable for your needs. You can also reduce serum levels in several stages allowing one or two passages at each stage for the cells to adapt 10% to 7.5% to 5%.
“Cheaper” alternatives:
1. Bovine calf serum is an appropriate and cheaper alternative to FBS especially for amniotic fluid cells and some robust cells, such as HSC-3.
2. Adding the supplement Zap-SR (InVitria) can effectively reduce the amount of serum needed to propagate any given cell type (to 90%). Using an optimized level of Zap-SR and serum is actually cheaper than using the same basal medium that contains 10% serum.
3. BSA or HSA as serum replacers also could reduce the culture cost.
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How can i find an equation for purchase cost of Gasifier with it's reference year?
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Thank you very much Mr.Manner.
it's better to explain in this way:
in some thermodynamic and economic books like Thermal design and optimization-Bejan, Tsatsaronis & Moran and specially most of papers in field of exergoeconomic analysis, there is cost equations for equipment of thermodynamic cycles like turbine, pumps etc. I want to find a reliable reference for cost equation of gasifier.
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Investment Cost
Construction Cost
Maintenance Cost
Operation Cost
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You can go for any option from fluidize aerobic bioreactor, that requires small land area and relatively less maintenance.
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Dear Researchers,
I would like to know what health economic research (analytical) methods for understanding variations in costs and health outcomes within and across countries you see as most advanced and practical in aplication?
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The attached files are references for you. You can study a disease's cost of western medicine and Chinese medicine or acupuncture treatment.
Acupuncture treatments through well-trained acupuncturist do not induce any side effects. 
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What are good software estimation methods based on statistical or mathematical approaches
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I would suggest you to go consult the work of Magne Jørgensen (https://www.simula.no/people/magnej). Hope this will help.
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Good Morning,
I am looking for studies about Decision Support System of a Cost Estimation, specifically in construction. Could you please help me some directions or links of that?
Thank You Very Much
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Murray Turoff correctly writes that cost estimation is an iterative process. It can also be applied in the special case of target costing when the cost should be lower than the expected market price. In that case step 4 and five would be
4 Is the cost lower than the maimum allowed by the market?
5 If not, look for a change in design and restart with 1
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I am working on Translog cost function. I want to estimate MC and AC curves. Can you guide me how to estimate these curves?
Furthermore, I found output endogenous variable, how to solve this issue? Do I need to use an instrument for output or other procedures can be applied? 
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Seniors I am waiting for the answer. Please suggest me how to solve the problem.
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hi all, i need to prepare return on investment document for an plastic component including tooling cost. but i  have only little knowledge on this. Is anybody having sample ROI document?
This is the plastic component
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if you need, send am email to me and I will send power point for
NPV, IROR, economics
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I'm very confuse about Cost Estimation topic and how to calculate Functional Point Estimation ? what is value adjustment factor ? please help me
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If you want a comprehensive text about functional size and the laws that govern the translation to cost and duration you can read the chapter we published earlier this year. We used COSMIC as functional size measure, since it is more appropriate in a Mobile or Cloud context, but the theory is independent of which standard you use for that.
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In software engineering any cost estimation tool to calculate the cost every phase  analysis phase,design phase ,testing phase 
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SEER SOFTWARE of  SEER GALORATH can be used for cost estimation and project management purposes.
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concerning the fees must fall protest and the possibility of providing free higher education in SA by the state. I want to determine the feasibility of achieving that.
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Mrs/Miss Madyibi,
The costs/fees associated with a higher education system are determined by the network politico-economic and social factors.
The cost/fee depends on Ministry of Finance and Ministry of Education in your Country; and the Rector of the University. If your University is public, the subsidy from the Government within the budget of your Country is determined. You should have information on: (i) what exactly covers this subsidy; (ii) how is assimilated this subsidy by managing; and (iii) how much you pay for your education, in fact. The answers to these questions determine the contribution of your educational fee to the entire cost of your education. You should be awared that the expenses are different to different educational disciplines.
The answers to these questions show really are these costs/fees very high or not. There is a question about what is the Bank policy of your country towards credits for education as well? It also depends on your Ministry of Finance.
A completely "free of charge/costs" higher education for students, means that your Government, in fact, has provided a guarantee for a 100 % employment commitment of the educated population in South Africa. And that is when most of the university system, or in general, the higher education system of your country is public.
In this context, RG is not suitable communication platform, because of your question is connected to the innernal politics of the budget formation and funding in your Country.
You can address to "Students Council" of your University as a first possible organization, which can provide you data about the subsidy to your University by the public budget and any other incomes from external sources.
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I am working on the conceptual cost estimating. I have read some articles which discuss about using support vector machine in predicting the cost, but when I took a look on Wikipedia, support vector machine most used for data clustering. How can we use Support Vector Machine in prediction of cost and which way? Thank you very much
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Your task is referred to as regression, i.e. prediction of continuous values based on observations from the data.
SVM is commonly used for classification (assigning a discrete class) and sometimes used for clustering (separate data points to some homogeneous classes).
You can do regression with support vectors, too. For your problem this example might be useful: http://scikit-learn.org/stable/auto_examples/plot_kernel_ridge_regression.html#example-plot-kernel-ridge-regression-py
A little more formal explanation can be found here: http://www.svms.org/regression/SmSc98.pdf
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I wanted to know the cost estimation for reactor,liquid liquid equipment,distillation column and hydrolysis reactor
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I teach the chemical engineering process design course at Yale University and in this course I used the following textbook:
Peters, M. S., K. D. Timmerhaus, and R. E. West, “Plant Design and Economics for Chemical Engineers,” 5th Edition, McGraw-Hill, ISBN #0072392665, 2003
This textbook has a chapter on equipment cost estimation and one of the methods used in Marshall-Swift (M-S) indexes methodology.
To use the M-S index, you divide the index for the date for which a cost of equipment is desired by the index for the date of the known cost and multiplying the resulting factor by the known cost.
The M-S Equipment Cost Indexes are based on a national average for 47 different industries. A cost index is made up of a market basket of equipment and indicates the general direction in which equipment costs are moving. They represent an estimate of the trends in installed equipment costs from 1914 to date.
Hope this helps answer your question.
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I am interested to know if conventional probabilistic production costing models are still in use by the deregulated electricity industry? Do reliability indices such as the Loss of Load Probability (LOLP) and Expected Energy Not Served (EENS) are still useful concepts or have gone through some modification/changes? I am more interested to know the industry practice rather than the academic exercises.
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I recommend that you contact the Accounting Department of any large investor-owned utility (IOU) in the United States to get some answers to your questions. I would certainly contact more than one IOU. Here are some links to the websites of some of the biggest U.S. IOUs:
American Electric Power: http://www.aep.com/ 
Edison International: http://www.edison.com
NextEra Energy Inc.: http://www.nexteraenergy.com/
Southern Company: http://www.southernco.com/
I hope these links are helpful. Good luck!
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I am a final year student and i need this information for my final year project 
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i am agree to Mr. Omar
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Dear colleagues & friends in RG,
Thank you very much for your opinions in advance!
What is today environmental accounting? Your opinions will help for  the near future!
Estimation and accounting for the costs of environmental impacts given through positive and negative effects is a rapidly evolving area of management. However, much greater input from ecological and environmental scientists and considerable research are both needed to improve the quality of these cost estimates. Although in its infancy, environmental accounting is increasingly recognized as essential, and as more resources are devoted to this aspect of accounting, it will become a more powerful and effective tool to improve policy development, and consumer decision-making.
Thank you very much for opinion in advance again!
Regards,
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Dear Colleagues,
Good Day,
Definition
Use of traditional accounting- and finance principles to compute the environmental costs of commercial and industrial decisions.
"Environmental accounting is a subset of accounting proper, its target being to incorporate both economic and environmental information. It can be conducted at the corporate level or at the level of a national economy through the System of Integrated Environmental and Economic Accounting, a satellite system to the National Accounts of Countries(among other things, the National Accounts produce the estimates of Gross Domestic Product otherwise known as GDP).
Environmental accounting is a field that identifies resource use, measures and communicates costs of a company’s or national economic impact on the environment. Costs include costs to clean up or remediate contaminated sites, environmental fines, penalties and taxes, purchase of pollution prevention technologies and waste management costs.
An environmental accounting system consists of environmentally differentiated conventional accounting and ecological accounting. Environmentally differentiated accounting measures effects of the natural environment on a company in monetary terms. Ecological accounting measures the influence a company has on the environment, but in physical measurements."
Please, see the link for more detail information...
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Is there a research that has established, e.g., a 'percentage-range' which can be used as the basis for estimating target cost? A reference/link to an article would be appreciated. 
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Many factors influence the target cost of an engineering consumer product. One such influencing factors is an introduction timing into the consumer market. 
I have studies the influence of market timing on target costs. It is discussed in the following paper. Take a look...
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I am reading Schmidt-Traub's (2015) Report for the Sustainable Development Solutions Network "Investments Needs to Achieve the Sustainable Development Goals" to learn about comprehensive cost estimates on the country-level. The report gives many useful references, but it seems that as of November 2015 only global data (and only very sparse country-level data) is available for SDGs 14 and 15.
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Global Biodiversity Information Facility
Free and Open access
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I am looking for systematic reviews of cost-effectiveness studies that explored which factors (epidemiological data, costs estimates, effectiveness) influence most variations between incremental cost-effectiveness ratios (ICER) in economic evaluations of vaccines.
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Thank you, Mr. Tijani-Eniola, and happy New Year!  I will look into these articles and so more on cost-effectiveness to see whether the authors identified factors that would make the ICER evolve differently.
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I am doing a literature review in this topic and collecting nice papers as the seed pool. Thank you.
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Using the notion of network externalities in economics to approach the economics of software maintenance:
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We conducted a study to estimate the economic burden of ADHD in United States using the Medical Expenditure Panel Survey (national survey by Agency of Healthcare Research and Quality). Our primary objective was to estimate the incremental cost for ADHD compared to the non-ADHD population. We used a two-part model to estimate the incremental cost for ADHD. The variable total cost is the sum of direct and indirect cost categories mentioned in the table attached here. We ran separate models to estimate incremental costs for each category. However, when we add the incremental estimates of each cost category, it does not equal to the incremental estimate of the variable "total cost". We looked for literature that might explain this anomaly but could not find any explanation. Can total cost ever be lower than the sum of individual incremental cost estimates? Did anyone come across a similar situation before. Please share your thoughts on it. I have attached the results table (Title: Cost) for your reference.
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Hi Rakesh,
I have a couple  comments based on your post:
I don't think you used the appropriate model for your estimations. A two-part model starts with estimating the probability of having any costs (>0), and the second part is modeling the costs that are >0. In your data, you are comparing those with and without ADHD, and I am assuming that those in the first part are non-ADHD, and then those in the second part are ADHD? If so, this is not the intent of the two-part model. Moreover, I would argue that there is inherent bias in who has zero costs vs those with >0 costs (regardless of their disease status). In this case, the more appropriate model is a Heckman selection model, which estimates the two parts separately. Moreover, there are model checks to see if indeed the two parts follow different underlying processes.
As for the issue of total costs being lower than the sum of the variable and fixed costs: If those are adjusted costs (ie., you estimated some model and these costs are the predicted values as opposed to the actual values), then yes, I can see how those separately estimated costs may be higher than the actual total costs.
Without any adjustment, does the sum of the various costs add up to the total cost? If not, then there is a problem with the data. Also, the MEPS data is weighted. Did you use that weight in your models?
Ariel   
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To what extent this type of methodology is still in practice and what about its standing in comparison to other methods presently being deployed for cost estimation in software engineering.
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Analogy based estimation is extensively used for very large projects. I propose that the reason it works so well is that we get better scoping of the problem. A software project is not entirely a problem of developing code.
There are many other elements of scope that have to be considered. Consider the definition of the word "scope" to be "anything that must be delivered to a stakeholder outside the project team." Thus the definition includes documentation, testing in a certification facility and demonstrations.
These are likely to be captured by analogy and likely to be missed by parametric methods.
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Please share your views and if possible mention some literature proofs to support your opinion. 
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In my past development team at Microsoft Office we (developers) first divides their coding work into small chunks and then estimates less than 1 day (4-8-12 hours) for each task. Then we would schedule 3 days a week and leave 2 days for buffer, and even though 3-2 days ratio seems too large for a buffer: yes we've always used our buffer!
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Construction is one of the most dangerous industries where thousands of fatal or non-fatal accidents occur on site per year. 
However, HSE bugdets including salaries of HSE staff and cost of PPE and training, is a part of cost estimation. Often, pricing of safety risks (compensation claims for fatal or non-fatal injuries, workforce and material losses due to accidents) is included in construction tenders as an estimated percentage of the total project amount.
Is there any more accurate method (or framework) to calculate these costs when taking into account different hazards in relation to individual project types?
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Hi Emre
Firstly, I would be really interested to know who is including fatalities and injuries in their tender price and indeed which clients are accepting such approaches?
Clearly HSE costs are real and are part of a company overheads, which of course a proportion is allocated to individual projects. 
If you really want to determine full cost of say a fatality or injury then yes including, compensation, reputation, loss of time, legal costs, medical costs etc would be one way to go about it.  
The other more ethical approach, which is I think legally most appropriate too, particularly if the jurisdiction has corporate manslaughter legislation, is to not accept such risks and spend and do whatever is necessary to mitigate such risks to ALARP (as low as reasonably possible) levels.   Of course this is not just expense but is part of the strategy, design, culture, construction methodology and this needs to be applied to all areas of the construction.   Of course this is far reaching and is why construction companies tend to lump this as a single head office O/H. 
Personally, I would be very wary of any organisation that was pricing for a fatality in a tender.  Cheers
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The use of CBR (Case Based Reasoning) may involve both cost estimation based on the unit price and detailed.
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As a result of the discrepancy in the estimated and actual costs in any of construction project.
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all things depend up to high degree on the experience of the consultant, historical data and full understanding the market conditions and circumstances will be very helpful.
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I would like to investigate the reliability of risk analysis and its impacts on cost planning (contingency allowance).
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Further to the above replies, I would add that you can use Monte Carlo to quantify the risk estimations.  That will provide you with a probability distribution showing best case, worst case, mean and most likely aggregate cost range.  As you refine your assumptions, the distribution can be recalculated.  I attach material I wrote on this topic. 
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I am looking at the possible difference in risk structure between a non BIM-IDP use projects and BIM-IDP use projects.  
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BIM requires a student put in a lot of work, I recently looked at doing a 300 sq metre house in REVIT and gave up after a day - I have used AUTOCAD for a long time and I was being paid for the model.
It is good for clashes - but a program can do the same thing for a lot less money - if it exists.
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please. if possible, give some justifications on why it is common and what factors influence their suitability 
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Probability distribution method? Read the work of Peter ED Love and David Baccarini
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Instead of making the best guess and assigning an overall percentage of base cost to account for the project contingency, which approaches are now available
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I suggest that you must develop new approach based upon contemporary approached in the light local setting especially by considering socio-economic conditions, political risk and other macro economic variables. Moreover, sector specific considerations e.g. technological changes and economic state of affairs may be incorporated to devise cost contingency allowance for various projects before inception of the project
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I want to estimate the web sites cost and desktop based projects
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Giga Plan: Developers of a revolutionary  web based tool that allows multiple users to interrogate, analyze, and update Microsoft Project plans in real time.
Microsoft Project: Best selling project management software in the world. And easy one
Technology Associates: Project Management software specialists, providing tailored training, consultancy and development services in all software products.
Project World: Project management techniques and tools for project, program, and process managers from high-tech environments.
The Project Management Foundation: Aims are to promote excellence in project management standards and achievement.
System Solvers: Professional Project Management Services organization delivering a range of services and products to all industries.
Tenrox Corporation: Developers of Project - an enterprise wide timesheet tracking and cost collection system.
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The innovative service “Cost Planning” has been launched at www.res-plan.com
The site contains video presentation of the service.
I hope the service can be useful for some of you and your companies, institutes, contacts.
I would be grateful for any questions, suggestions, comments about the site, presentation and service.
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Dear @Alexander, I am so glad that You and your associates have launched this resource planning service. I like it is bilingual! No borders! I will be glad to recommend to possible customers. Unfortunately, I am out of business and my company expert (www.expert.rs) is going to be sold or closed for many different reasons!
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What are the total costs incurred to the system and to the patient as out of pocket expenses, where insurance does not fund dental care, especially in case of cleft lip and palate?
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A small report on some aspects of pre-surgical cost was put out by the Dutchcleft group (see below) which might be of interest to you. Obviously the cost to different parties will vary greatly depending on what type of funding situation exists in the location the treatment is being conducted, so the generalizability of this is limited.
1. Konst EM, Prahl C, Weersink-Braks H, et al. Cost-effectiveness of infant orthopedic treatment regarding speech in patients with complete unilateral cleft lip and palate: a randomized three-center trial in the Netherlands (Dutchcleft). Cleft Palate Craniofac J. 2004;41(1):71–77. doi:10.1597/02-069.
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I am developing a cost estimation model for composite ships for my graduation. I have developed the model based on the processes during the production of a composite ship, like (hand) lay-up of the fibers, lamination, making of the stiffeners and so on. But the problem is that I cannot find data for the input of the model.
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I think it is hard to get a accurate value, even in the shipyard, the cost for the same vessels are not the same.
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Geospatial technologies have succeeded in developing new aspects of research and even, new products, especially at the high-tech sector of the economy. However, there is not enough information for the contribution of GIS to different productive and operating systems in different sectors of economy. Besides the producers of GIS packages, I am not very sure if there are organizations or researchers that could estimate the contribution of GIS in different economic sectors and I would really like to know what methodology they use.
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Companies like ESRI use to have some "commercial" (advertisment) reports about GIS economical impact. I think Global Spatial Infrastructure (GSDI) can have any report about economical impacts as well as World Bank. In most of the cases GIS technology works as a part of new bussines infrastructure and I think it has different impacts in different activities. As a part of a new infrastructure its contribution to the improvement of bussines is sometimes intagible. anyway, I think you can also have a good idea about GIS economical impact in a specific actity like cadastre. See what is happening in countries or states where taxes are based on digital cadastre vs non digital cadastre. Try to look to the FIG congress too if there are any information about the subject you are interested on.
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Doing a study on cost estimation.
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Thanks Rafael for answering my question.  It has added insight to what I was looking for.
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For the estimation of the new construction of the civil structures, we need the Basic Rates, depending on the location, type of material required, and the availability of the material.
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Since the question is similar to another one asked about power plant construction, I thought it might be helpful to answer it here too. I hope it helps:
 "The total cost of a project will be a combination of estimated costs from literature, mathematical formulas from reliable references (e.g. NREL), and information gathered from various companies that have built similar technology.
I give you an example on the cost of energy(COE) that you certainly can use it for other applications:
The COE is important in cost analysis for energy production since it is the cost seen by the consumers, given by:
COE=((DRFxICC)+O&M+LRC+Fees)/AEP
where ICC is the Initial Capital Cost, O&M is the operations and maintenance costs, LRC is the levelized replacement costs, AEP is the annual energy production, Fees are the annual insurance; warrantees; etc., and DRF is the discount rate factor. The DRF is given as:
DRF=d/(1-1⁄(1+d)^N )×(1-T*PVDEP)/(1-T)
where d is the discount rate, N is the analysis period, T is the marginal income tax rate, and PVDEP is the present value of deprecation.
Having this COE known, one can have a good estimation on the projected (total) cost. The projected revenue for this case would be how much money is saved if we for example replace a coal power plant with a renewable energy source; or how much it will be saved after having a new power plant that reduces importing energy form other countries or sources.
You can follow a similar concept to estimate the projected costs and projected revenue."
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There are two parts to your question.
Firstly, we need to simulate in some way how the model will perform when dealing with unseen cases (since typically the model will be learned from, or calibrated using, some historical software projects). The normal approach is a cross-validation procedure where the data are split into training and validation cases (ie software projects) and this is repeated many times randomly or with some stratification procedure.
Secondly, we need some statistic to describe the performance of the model on each validation set (and then summarise it in some way - ideally with a measure of centre and of spread). In the past researchers used something like MMRE but there is an extensive literature on why this is a biased statistic and will lead you to systematically prefer models that underestimate. I suggest you use something like Standardised Accuracy as this will give you the ratio of improvement of your model over guessing. This is described in a 2012 paper by myself and Stephen MacDonell:
Otherwise you can just use absolute mean residual although this is more difficult to interpret than Standardised Accuracy.
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Since 1992, the US has adopted this methodology so as to standarize payments to physicians assigning a value to each Current Procedure Terminology Book (CPT) code and an equivalent RVU. The RVU depends on many factors that usually are not quite well defined or may have an important heterogeneity like time (during the practice, pre and post), effort, intensity per unit of time, capability/education, and others.
What other methodologies are available from the literature? What are the advantages and disadvantages? Is there any gold standard in this issue ?
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As a practicing emergency physician I have significant concerns with the use of RVUs. Many emergency physicians are paid based on RVU generation, but unlike an internist or surgeon, they have little to no control over the number of patients that present or the types of problems they see. However, because RVUs value procedures more highly than patient management, the simple laceration may pay better than the patient with multiple medical and social issues. So what happens to the complex patient? Some are just admitted to the hospital, where they are warehoused for a few days, receiving some treatment for the superficial medical issues but little treatment for the core social issues. Others are given a bus pass or a cab voucher back to wherever it is that they live. Those people often are labeled "frequent flyers," since they return to the ED over and over again, never having resolution of the root causes of their medical and social problems.
The RVU issue also drives the medical workforce. A primary care physician spends his or her day seeing patients, doing examinations, and writing prescriptions, none of which are high RVU activities. A surgeon, however, may spend the same amount of time performing laparoscopic cholecystectomies, a procedure that has 8 times as many RVUs as an intermediate office visit. An experienced surgeon can perform a lap chole in less than an hour. An intermediate office visit takes about half an hour. For a student looking at a large student loan bill, the choice is pretty simple.
Clearly there has to be a better way to value the work of physicians which will produce better allocation of both the clinical work and the workforce.