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BOEMax
3 min read

Transforming Cost Estimation: How ProjStream Tools Automate the GAO Process

Published 07/30/24

In the evolving landscape of cost estimating, precision, efficiency, and compliance are critical. ProjStream’s BOEMax and WorkBench tools offer comprehensive solutions that fully support, enable, and automate the 12-step GAO cost-estimating process. Here’s an in-depth look at how these tools transform cost estimating into a streamlined, accurate, and compliant practice.

1. Clearly Define the Estimate’s Purpose


BOEMax:
  • Comprehensive Data Collection: BOEMax collects extensive data across all project phases, ensuring the estimate's purpose is well-documented and based on robust data.
  • Customizable Reports: This service offers tailored reporting tools to present the estimate’s purpose, meeting the specific needs of managers and decision-makers.
WorkBench:
  • User-Friendly Interface: Simplifies input and tracking for cost analysts and project managers.
  • Historical Data Utilization: Uses historical data to clarify the estimate's purpose by comparing it with previous projects.

2. Determine the Estimate’s Overall Scope


BOEMax:
  • Scope Management Tools: These tools help define and manage the scope of the estimate by providing detailed parameters for different cost elements.
  • Integration Capabilities: Integrates with other project management and financial systems to ensure a comprehensive scope definition.
  • Scope Documentation and Connectivity: This ensures that scope-related information is searchable throughout the database, providing comprehensive traceability and easy access.
WorkBench:
  • Collaboration Features: Supports team collaboration for accurate scope definition.
  • Detailed WBS Creation: Facilitates the creation and management of detailed
    Work Breakdown Structures (WBS).
  • Scope Documentation and Connectivity: Links scope data to all relevant work elements, enhancing project management and estimate accuracy.

3. Determine the Required Level of Detail for the Estimate


BOEMax:
  • Detail Customization: Allows users to customize the level of detail, ensuring it matches the program's needs.
  • Advanced Cost Modeling: Supports advanced techniques to provide detailed and
    accurate estimates.
WorkBench:
  • Scalable Detail Levels: Supports adjustable granularity based on project requirements.
  • Easy Data Access: Provides access to detailed historical data and templates for appropriate estimate detail levels.

4. Define the Program - Technical Baseline Description

BOEMax:
  • Comprehensive Documentation: Centralizes all technical and program data for easy access and consistent documentation.
  • Technical Baseline Storage: Manages detailed baseline documents, keeping them up-to-date
    and accessible.
  • Integration and Traceability: Integrates with various systems to capture and link all relevant data, ensuring traceability.
WorkBench:
  • User-Friendly Interface: Facilitates easy input, update, and management of technical
    baseline data.
  • Quick Updates: Allows for rapid updates as program details evolve.
  • Data Integration: Provides access to historical data to inform and validate current
    program assumptions.

5. Identify Ground Rules and Assumptions (GR&As)


BOEMax:
  • Central Repository for GR&As: Documents and manages all GR&As in one location.
  • Linking GR&As to Estimates: Ensures transparency and traceability.
  • Change Tracking: Tracks modifications over time.
WorkBench:
  • User-Friendly Interface: Simplifies entering and updating GR&As.
  • Template Utilization: Ensures consistent documentation.
  • Expert Judgment Integration: Incorporates expert insights and validates assumptions.

6. Obtain the Data

BOEMax:
  • Historical Data Repository: Centralizes historical cost data for easy retrieval.
  • Data Import and Export: Supports importing data from various sources.
  • Data Validation and Consistency: Includes automated validation tools.
WorkBench:
  • Ease of Data Entry: Simplifies data collection.
  • Data Access and Sharing: Facilitates team collaboration.
  • Data Documentation and Archiving: Ensures all data is well-documented and archived for
    future use.

7. Develop the Point Estimate


BOEMax:
  • WBS Integration: Supports detailed cost modeling for each WBS element.
  • Assumption Documentation: Incorporates all estimating assumptions.
  • Data Normalization and Consistency: Ensures costs are in constant-year dollars and time-phased.
WorkBench:
  • User-Friendly Interface: Simplifies data entry for accurate modeling.
  • Historical Data Access: Facilitates analogy and parametric estimates.
  • Validation and Documentation: Ensures all assumptions and data are well-documented.

8. Conduct Sensitivity Analysis


BOEMax:
  • Flexible Parameter Adjustments: Allows easy recalculations.
  • Scenario Analysis: Provides multiple scenarios to compare.
  • Visualization Tools: Generates tornado charts and other visual aids.
WorkBench:
  • Easy Parameter Modifications: Facilitates quick adjustments.
  • What-If Scenarios: Explores different cost outcomes.
  • Integration and Reporting: Ensures comprehensive analysis.

9. Conduct Risk and Uncertainty Analysis


BOEMax:
  • Centralized Risk Register: Documents all program risks.
  • Probability Distributions: Models a range of potential costs.
  • Correlation and Scenario Analysis: Considers correlations between cost elements.
WorkBench:
  • User-Friendly Risk Assessment Tools: Simplifies risk data entry.
  • Visualization and Sensitivity Analysis: Provides interactive charts.
  • Integration and Flexibility: Supports a range of statistical methods.

10. Document the Estimate


BOEMax:
  • Centralized Documentation Repository: Stores all data, assumptions, and methodologies.
  • Automated Report Generation: Provides standardized and customizable reports.
  • Traceability and Audit Trail: Links data sources to cost elements.
WorkBench:
  • Interactive Documentation Interface: Simplifies documentation updates.
  • Seamless Integration: Ensures documentation is part of the workflow.
  • Enhanced Review and Approval: Supports collaborative review processes.

11. Present the Estimate to Management


BOEMax:
  • Detailed Report Generation: Produces comprehensive reports for management.
  • Visualization and Analysis Tools: Provides interactive dashboards and graphical data representation.
  • Traceability and Audit Trail: Ensures all assumptions and data are linked.
WorkBench:
  • User-Friendly Presentation Tools: Facilitates real-time collaboration and updates.
  • Enhanced Communication Features: Provides tools for clear presentations.
  • Stakeholder Engagement: Addresses concerns with easily digestible information.

12. Update the Estimate


BOEMax:
  • Integration with Actual Costs: Imports real-time cost data.
  • Variance Analysis: Compares planned and actual costs.
  • Version Control and Audit Trail: Documents all updates and changes.
WorkBench:
  • User-Friendly Update Tools: Simplifies incorporating new data.
  • Real-Time Collaboration: Supports team collaboration on updates.
  • Data Archiving and Retrieval: Archives historical data for future use.

Conclusion: Boosting Competitiveness, Profitability, and Credibility

ProjStream’s BOEMax and WorkBench tools not only streamline and automate the GAO cost-estimating process but also enhance organizational competitiveness, profitability, and credibility. By leveraging these tools, companies can produce more accurate, reliable, and compliant cost estimates. This translates into better decision-making, more successful project outcomes, and strengthened trust with government customers.

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Ready to revolutionize your cost estimating process? Contact us today to learn how ProjStream’s BOEMax and WorkBench can transform your approach, ensuring accuracy, efficiency, and compliance. Don't miss out on the opportunity to elevate your organization's cost-estimating capabilities to new heights.