This competency refers to the knowledge, capabilities, and practices associated with the determination, estimation, and analysis of costs. It encompasses analytical techniques required to develop and assess estimates for hardware/software acquisition; design, integration and test, production, operations and support costs (e.g., life-cycle costs) of programs, projects, systems, and resources. Estimating and cost analysis methodologies used include engineering, parametric, grass roots, analogy, cost performance analysis, schedule analysis, and statistical risk analysis. Knowledge and skills required include Work Breakdown Structure (WBS) development, data collection, cost estimating relationship development and documentation, application of cost models, and evaluation of cost realism in proposals.