QinetiQ and PRICE Systems have joined forces to launch their cutting edge cost model software at Defence and Security Equipment International (DSEI) in London.
The QinetiQ Family of Advanced Cost Estimating Tools (True FACET) software, part of the PRICE Cost Analytics framework, is the result of a 12-month internal research and development project.
True FACET provides cost forecasting applications early in a project’s lifecycle including analysis of alternatives, independent cost estimating and balance of investments.
The PRICE Systems Cost Analytics framework is a powerful implementation of predictive cost analytics encompassing a suite of proven processes, automation software and predictive models.
The framework is unique in its ability to host other predictive models, such as QinetiQ's FACET models.
Dale Shermon, QinetiQ Fellow / Managing Consultant, Cost and Risk, said: "True FACET complements the existing PRICE Systems models and gives the TruePlanning community through-life parametric estimating capability in a single, easy to use, cost modelling framework."
Anthony A. DeMarco, President, PRICE Systems, said: "The implementation of True FACET into the PRICE Systems Cost Analytics framework provides added value to customers who can now focus on the system level, in addition to the subsystem level of a project in their estimates."
The QinetiQ Family of Advanced Cost Estimating Tools is a suite of over 50 models capable of generating whole life costs at the earliest stage in a project’s life, when key decisions need to be made against requirements and costs.
PRICE Systems provides a cost management solution based on a suite of powerful cost estimation and analytics tools used globally by governments and commercial organisations to provide trusted baseline estimates for program budgeting, RFP response, cost management, affordability engineering and to track the movement of those costs through the life of a programme.