Traditionally, organizations used experts to predict the cost from their past experience. Since a few years ago, there is an increased interest among several industries to formalize cost engineering methodologies and improve transparency of cost data projected towards today and future environment. OEMs in Europe have started working on the development of Best Practices in cost engineering for different industries, such as aerospace, automotive, shipbuilding and defence equipments.

With the formalization of the cost engineering practices, it is equily important to scientifically train employees in the use of cost engineering techniques and best practices.

V-CES is a European project, with a two years lifespan, aiming to develop a virtual cost engineering studio service to cater the needs of professionals in SMEs and OEMs in the automotive, aerospace and semiconductor equipment industry. Looking at cost estimating process, in particular when using parametric, bottoms-up or analogy-based methodologies, the service package will provide:

1. Public cost engineering information and a cost database.
2. A best practice centre.
3. A wizard-based Cost estimating tool.
4. A cost engineering mentor.
5. Cost engineering training.
6. A cost engineering community.
7. Online and offline support.