Perceptions of Model-Based Systems Engineering As the Foundation for Cost Estimation and Its Implications to Earned Value Management

Abstract

Model-based systems engineering (MBSE) is an enterprising systems engineering methodology, which in replacing traditional, document-centric systems engineering methods, has the potential to reduce project costs, time, effort and risk. The potential benefits of applying MBSE on a project are widely discussed but are largely anecdotal. Throughout the System Engineering and Project Management industries, there is a strong desire to quantify these benefits, particularly within organizations that are looking to apply it to their complex, system of systems projects. The objective of this thesis was to quantify the benefits that model-based systems engineering presents, particularly in terms of project cost estimates. In order to quantify this qualitative data, statistical analysis was conducted on collected perceptions from industry experts and professionals. The results of this work led to identifying future research that should be completed in order to make MBSE an industry-wide standard for the development and estimation of projects.