ABSTRACT
If a cost estimate or a price is being presented to senior management or a customer, unless it can be substantiated the figure it is, at best, an opinion. To have a credible cost estimate needs a strong Basis of Estimate (BOE). Knowledge management enables Cost Engineers to provide credible estimates quickly and accurately based on the historical information readily available to them. The BOE provides decision-makers with the confidence that the estimates are based on sound, auditable foundations, which ultimately assists companies in making faster, profitable decisions. If you have confidence in your costs you are more likely to bid at the winning price.
