Feature-based estimation of preliminary costs in shipbuilding

Accurate cost estimation is crucial for obtaining ship owners’ orders in shipyards. The classic preliminary estimation methods of ship costs provide only rough estimates of the labor, materials, and equipment based on the overall ship parameters and do not reflect further specifications. This study develops an innovative cost estimation method called the feature-based estimation method that is based on the preliminary specifications to estimate ship costs, including the steel, other main materials, engine, power generator, other core equipment, and labor hours.