ACE is the estimating portion and heart of the ACEIT application suite. ACE is not a black-box estimator but rather a model building tool consisting of a structured format for analysts to quickly structure their cost estimate and a calculation engine to quickly process the information. With ACE, users open the cost model development environment and create project-specific data files (called ACE sessions) that they can share and user.
ACE is an easy-to-use tool, similar in look-and-feel to a spreadsheet, but containing specific features for a cost estimator that overall provides much greater power. The following are key items that are automatically handled by ACE without needing the user to program the logic into your cost model.
- Data normalization
- Inflation handling
- Time Phasing
- Learning Curve Analysis
- Estimate documentation
- Risk Analysis
- Error-trapping
The ACE structure provides for a systematic and standardized approach for developing and running cost estimates. Not only does ACE provide a repeatable and stable environment for consistently developing cost estimates it also includes user-friendly tools that speeds up the cost model development process. Examples of these tools are as follows:
- CER Libraries to rapidly search and include estimating methodologies
- Multiple wizards to quickly set-up phasing and complex estimating equations
- Pick Lists to easily select the appropriate items
- Capability to quick trace through your calculation
- What-if analysis capability to quickly conduct side-by-side comparisons of the impacts to changes in key estimate assumptions and/or input drivers
- Built-in Cost As Independent Variable (CAIV) feature to allow user to identify required input value to reach target cost
- Graphical user interface that provides all pertinent estimate information at your fingertips
- Comprehensive Report generator to automatically create cost estimate documentation and cost reports
- Direct integration with CO$TAT to rapidly include fully documented estimating methodologies based on recent analysis
- Plug-ins that provide for direct application integration with PRICE, SEER, and MS-Project
- Fully documented API to allow customization and integration into your specific environment
Directly integrated within ACE is a simulation-based risk analysis capability (RI$K) that allows you to perform cost, schedule, and technical risk and uncertainty analysis. ACE’s RI$K performs risk calculations with blazing speed, providing a truly interactive capability. Eight probability functions may be used to model uncertainty (beta, lognormal, log-t, normal, Student's t, triangular, uniform, and weibull).
RI$K lets you analyze and calculate the cost uncertainty in your estimate. From within ACE, you can place a probability distribution function (pdf) around a cost row or a technical input row to describe the object's uncertainty. If you regress data in CO$TAT and bring the equation back into ACE, CO$TAT will furnish the prediction interval which defines risk.
Within ACE you can calculate risk results for different confidence levels using the Latin-Hypercube sampling method. This method closely approximates the Monte Carlo method and requires less iterations, thereby greatly speeding up the process. It appears random but actually guarantees to reproduce the input distribution with much greater efficiency than Monte Carlo sampling. After performing the risk analysis in ACE, you can select a confidence level and time phase your risk-adjusted cost estimate. Obtain Automated Cost Estimator (ACE) Now! |
