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| What is Cost Analysis? |
Cost analysis is the research, development and application of quantitative techniques to estimate the cost to develop, produce, operate and maintain high technology systems, e.g., aircraft, ship, space and vehicle systems. Cost estimates assist decision makers in establishing realistic budgets and determining the most optimal allocation of resources across competing programs.
Cost analysis is multi-disciplinary in nature. On any given project, a cost analyst may need to draw on knowledge and skills from several disciplines, including engineering, statistics, economics, and finance. [click here for an illustration]. A cost analyst need not be an expert in each subject, but simply have the desire and aptitude to learn fast.
Cost analysts use a variety of quantitative tools and techniques. There are many different ways to approach a cost estimating problem, but each approach generally falls into one of five categories of estimating techniques:
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| The Analyst Career Path |
Because of the diverse estimating problems that arise and the wide range of skills in various fields that are applied in solving those problems, cost analysis is a challenging career field that takes many years to master.
Generally speaking, an entry-level or junior analyst’s career at Technomics begins with one-on-one mentoring with a senior cost analyst. As analysts become more familiar with cost analysis techniques and the DoD acquisition world, they are assigned greater responsibility and independence on projects.
Mid-level analysts are able to develop methodologies for every part of the cost estimate and they have significant customer interaction on their own. Senior cost analysts lead and mentor other analysts in larger, more complex projects, and establish and maintain client relationships.
Technomics analysts at all levels receive competitive compensation. For details on roles and responsibilities throughout the analyst’s career path, click here.
Thinking about a career at Technomics? Click here to review the current professional opportunities at Technomics.
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