Benchmarking of COCOMO to estimating size, time and cost of engineering projects for tender pricing

Deviation between raw estimation of size, time, and cost of projects and real amount of them after execution projects, will lead to several difficulties for contractors. This fact demonstrates an essential to apply scientific methods to increase accuracy of the early estimations. There are several approaches to calculate cost of projects and one of them is algorithmic modeling. This study developed an algorithmic cost model to estimate size, time, and cost of engineering services project by benchmarking from Constructive Cost Model (COCOMO), which is an empirical model for calculating the cost of software. This model uses size and cost drivers to increase accuracy of estimation. Developed model has been run for a case study and by historical data from previous projects validated.