Shining a light on the bottom of the ocean: An examination of the cost estimation techniques for Lockheed Martin´s Mission Systems & Sensors division

Accurate cost estimation is integral to Lockheed Martin´s Mission Systems and Sensors proposal generation process. Overestimation can result in a loss of a contract and underestimation can result in a loss of profits. The authors set out to examine and improve this imprecise and unique process. The team conducted both quantitative and qualitative analysis to produce a set of recommendations suggesting potential process improvements. Additionally the team produced a prototype structure to aid Lockheed Martin in improving data storage methods in the future.