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PRICE Systems was founded in 1975 as a business within the RCA Corporation. It is generally acknowledged as the earliest developer of parametric cost estimation software. [1]

PRICE Systems’ cost estimating software was first developed in the 1970s when RCA's Frank Freiman created the Programmed Review of Information for Costing and Evaluation (PRICE).[2] PRICE related the basic costs of engineering and production to parameters that included a specification profile of units to be built, amount of work to be performed, the allowed schedule and resources available. It relied on the use of parametric relationships obtained through curve-fitting procedures that had been performed on a historical repository of significant cost data. [3]


Originally a division of RCA and later a strategic business unit of Lockheed Martin, PRICE Systems is considered the pioneer in the science of parametric modeling because the PRICE parametric models were the first generally-available computerized cost estimation software.[4] PRICE became an independent, privately held company in 1998.

Contents

Chronology

[5]

1969 RCA's Frank Freiman invents parametric cost modeling for estimating acquisition and development of hardware systems

1975 Frank Freiman founds PRICE Systems as part of RCA

1986 GE acquires RCA; RCA PRICE Systems becomes GE PRICE Systems

1992 Martin Marietta acquires GE Aerospace; GE PRICE Systems becomes Martin Marietta PRICE Systems

1995 Lockheed Corporation merges with Martin Marietta to form Lockheed Martin; PRICE Systems becomes a division of Lockheed Martin

1998 Management buyout from Lockheed Martin; PRICE Systems LLC formed as independent company

Technology

Since its inception PRICE Systems has sought to provide unbiased, estimating software solutions and services that automate the estimating process and deliver high-quality, accurate estimates.

In 1976 PRICE introduced its Hardware Life-Cycle Cost Model. This was followed in 1977 by a Software Development Cost Model, one of the oldest and most widely used software parametric models for large scale software development projects.[6] In 1983 the company launched its first application for microcircuit cost modelling.

TruePlanning®

In 2003 PRICE released TruePlanning®, a proprietary parametric model that estimates the scope, cost, effort and schedule for software projects. Parametric estimating models are mathematical models containing cost estimating relationships (CERs) developed through data collection and regression analysis. The TruePlanning Software model provides activity-based parametric models to aid in the estimation of new software development, integrations of Commercial Off-the-Shelf Software (COTS) and life cycle maintenance costs.

Today, TruePlanning is used to estimate the costs, schedule, effort, and benefits for: Hardware Life Cycle programs (mechanical and electronic)/ Software projects/ IT Projects/ System of Systems configurations[7]

PRICE Research

Since its inception, PRICE has sought a leading role in the area of cost research. Its network of cost experts develop cost models and knowledge bases for customers in the aerospace, defense, government, civilian and commercial sectors. Led by chief scientist Arlene Minkiewicz, the PRICE Research team has been awarded patents, served as expert witnesses, won awards for cutting-edge research, spoken at educational institutions and industry conferences, published technical articles for periodicals and text books, and served on important oversight committees.

Registered Trademarks

  PRICE® - (Reg. No. 2,823,168)
  TrueViews® - (Reg. No. 2,898,076)
  TruePlanning® - (Reg. No. 2,774,085)
  TruePlanner® - (Reg. No. 2,882,860)
  KnowledgeManager® - (Reg. No. 2,774,252)
  TrueAnalyst® - (Reg. No. 2,839,166)
  Optimize tomorrow today® - (Reg. No. 3,561,043 and 3,590,439)[8]

Customers

  • DOD Program Office/
  • BAE Systems/
  • Boeing NA/
  • Eurocopter/
  • Future Artillery System/
  • Gulfstream/
  • NASA/
  • US Naval Air Systems Command (NAVAIR/
  • Penn State Applied Laboratories/
  • Sikorsky Aircraft/
  • BAE Systems/
  • United Technologies

References

  1. ^ Wikipedia: Software Parametric Models
  2. ^ Cost Estimating by Rodney D. Stewart, ISBN 0-471-85707-6
  3. ^ Tool and Manufacturing Engineer's Handbook, Volume V, Manufacturing Management, Society of Manufacturing Engineers, ISBN 0-87263-306-3
  4. ^ A Framework of Software Measurement by Horst Zuse, ISBN 3-11-015587-7
  5. ^ PRICE Systems: Historical Highlights
  6. ^ Software Engineering: A Practioner's Approach by Roger Pressman, ISBN 0-07-285318-2
  7. ^ White Paper: The Price TruePlanning Estimating Suite, 2007 by Anthony DeMarco:http://www.pricesystems.com/resources/white_papers/PRICE_TruePlanning_Estimating_Suite_2007.pdf
  8. ^ Trademark Applications and Registrations Retrieval (TARR)(http://tarr.uspto.gov/)
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