Empirical Models of Fast Cost Estimation for Modular Mechanical Products

Abstract

Empirical models, which are based on linear regression method, will enable the transfer of the quote experiences and knowledge hidden within company’s databases since the use of experts’ judgment is unavoidable for most manufacturing companies to estimate the product cost in the early phases of the design cycle. By studying many quote cases on medium and large size mechanical products and analyzing the relationship between costs and relevant structural variables, the empirical equations are mathematically modeled for modular products. With an H-frame hydraulic forging press example, the estimating process is implemented and successfully demonstrated.