Decision Support News
D. J. Power, Editor
May 14, 2017             Vol. 18, No. 10

In this issue

1) What is a cost estimation DSS?
2) Recent Decision Support News Headlines
3) Upcoming Decision Support Conferences/Call for Papers

1) What is a cost estimation DSS?

by Daniel J. Power

In many industries, bids are submitted in response to requests for proposals (RFPs). Preparing a bid for a project requires facts, estimates and experience. The most common method of preparing a bid is to estimate actual project costs and then add a charge for overhead and profit. Predicting costs for a project or task is often difficult. One approach to bidding is to use historical cost data. Another approach is to use data and quantitative models to adjust for changes in costs or cost uncertainty. Cost estimation models are most often algebraic models where an analyst or cost estimator can adjust parameters. Not many years ago, cost estimation was a vague, heuristic task, but data and model-driven DSS are now commonly used to improve the accuracy of the cost estimate or prediction. Specialized cost estimation DSS are used for many tasks including construction cost estimating, custom software development bids, and custom manufacturing bids.

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2) Recent Decision Support Headlines

05/11/2017 Healthcare data analytics moves beyond siloed business intelligence to coordinated population health management and precision care. Check release.

05/10/2017 Sensely and Mayo Clinic collaborate on advancing digital healthcare solutions. Check release.

3) Upcoming Decision Support Conferences

1. 12th Annual Conference of the Midwest United States Association for Information Systems, Springfield, IL May 18-19, 2017. Check here.

2. EWG-DSS 2017 International Conference on Decision Support System Technology (ICDSST 2017), May 29-31, 2017, Namur, Belgium. Check here.

3. Americas Conference on Information Systems (AMCIS 2017), August 10-12, 2017, Boston, MA. Check here.


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