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Cost estimation models are mathematical algorithms or parametric equations used to estimate the costs of a product or project. The results of the models are typically necessary to obtain approval to proceed, and are factored into business plans, budgets, and other financial planning and tracking mechanisms.
Note that this is the structural form of the model, showing the relations between the Q and P. The reduced form however can be identified easily. Fisher points out that this problem is fundamental to the model, and not a matter of statistical estimation:
The Constructive Systems Engineering Cost Model (COSYSMO) was created by Ricardo Valerdi while at the University of Southern California Center for Software Engineering. It gives an estimate of the number of person-months it will take to staff systems engineering resources on hardware and software projects.
In the context of nonlinear system identification Jin et al. [9] describe grey-box modeling by assuming a model structure a priori and then estimating the model parameters. Parameter estimation is relatively easy if the model form is known but this is rarely the case.
Techno-economic analyses are usually performed using a techno-economic model. A techno-economic model is an integrated process and cost model. It combines elements of process design, process modeling, equipment sizing, capital cost estimation, and operating cost estimation.
The Constructive Cost Model (COCOMO) is a procedural software cost estimation model developed by Barry W. Boehm. The model parameters are derived from fitting a regression formula using data from historical projects (63 projects for COCOMO 81 and 163 projects for COCOMO II).