Why cost estimation matters for design decisions in the early phases of product development and what practitioners expect from artificial intelligence

ABSTRACT:

In the early phases of product development, cost estimation is crucial for supporting design decisions. When cost estimates are inaccurate or delayed, design engineers cannot assess economic viability and may pursue concepts that later prove too costly. In this context, artificial intelligence (AI) offers new possibilities for more accurate and timely cost estimates, yet adoption in practice remains limited. Based on an interview study with 22 cost engineers and an online survey of 102 respondents, this study examines practices, challenges, and expectations for AI-assisted cost estimation.