TechModal Present Developments in Software Technology to the Association of Cost Engineers
On the 30th April 2008, TechModal presented Fast and Ontoprise technology to the Association of Cost Engineer's (ACostE) "Lean to the Future" seminar in Coventry. The presentation titled "New Developments in Software Technology to Support Decision Making in Cost Engineering" highlighted TechModal's belief that Fast's search technology and Ontoprise's semantic web technology present significant opportunities to improve cost engineering processes. Other presenters at the event included BAe Systems, Rolls-Royce and Galorath.
The presentation discussed issues that are currently experienced in cost engineering: how decisions are made early in the life cycle having the largest impact on cost when the least information is available; current cost modelling systems do not link directly to source data (data is often manually taken from a range of systems and entered into cost models) ; and the problems experienced when cost models are created in spreadsheets- as the majority of cost models are. Major problems with spreadsheets include: updating data; auditing the model; sharing the model and retaining the knowledge within the spreadsheets.
TechModal proposed that cost engineers required applications that were: capable of adapting to new concepts outside the historical dataset; promote re-use; and provide confidence in the cost estimates.
Fast ESP was presented because it is a tool to allow cost engineers to access the information they required without spending large periods of time trying to find where the information was held. The cost modelling process often involves initially developing a top down, possibly parametric cost model in the early stages of the product life cycle. Once enough information has become available the cost engineer will begin to construct a bottom up (or detailed model). Fast ESP could allow the cost engineer to find the information that is required for the construction of the cost models but also could be implemented to alert the cost engineer when enough data is available to begin detailed cost modelling.
Ontoprise’s semantic technology was outlined to cost engineers as a tool for modelling large complex systems, where data from a number of sources is required and the solution needs to be extendable. The semantic technology allows for the development of a model of the domain that can be extended and reused for multiple applications. This approach is considered to be more transparent than other systems allowing users to audit rules and view the base models.
It was valuable to get the feedback from the experts at Acoste and we look forward to expanding the use of the software that was presenting within the cost engineering community. TechModal would like to thank Acoste for the opportunity to present at the seminar.