HOW SHIP BUILDING COSTS ARE ANALYSED?

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Methods of ship building cost analysis:-
1) The Vodoo method –It is also known as black book method of estimation. It is so called because of its secrecy. In this method shipyard personnel estimate the cost of ship building based on their previous experience of building similar ships which are nearly of same size and type. Apart from previous estimate the knowledge of experts and their self made formula also go into this type of cost estimation. All these information are kept secret. This method works only with similar type of ship.
2) Direct method:- In this method during beginning of construction a rough estimate is given and is improvised as the design progresses.
3) Parametric method:- It consists of dividing the ship cost estimation into chunks based on previously available input or extrapolation of that data and finally summed up to give a total cost estimate, which is generally more accurate than the other methods. System and subsystem costs are characterized in a spread sheet or cost estimation programme as a programme of overall matrices such as length, volume, displacement and propulsion powers. The proportions are estimated through comparisons with similar ships.
Cost estimation approach requirement --- 3-tier hierarchy cost estimation
a) 1st tier – used at start of cost estimating process when limited information is available.
b) 2nd tier – preliminary design. It is based on about 125 data elements related to ship.
c) 3rd tied -- Contract design. It is based on 100 or 100 of data elements related to subsystem.
4) Standard method:- Some shipyards offer standard ship design for which cost characteristics are well known.

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