Background: With the advent of renewable energy sources, social media connectivity, and a revolution in electric vehicles (EV), the traditional power industry (especially utilities) is facing challenges that it has never seen before. The industry must optimize the cost of business and meet customer expectations. After the Paris climate accord of 2015, a consortium of 121 solar resource rich countries, also known as the International Solar Alliance, are working on reducing the cost of technology and device ﬁnancing. For future energy requirements, many nations are now encouraging the use of non-conventional sources of energy, while increasing costs and taxes for the conventional sources.
Many industrial companies utilize a structured method for product design. Continuous estimation and tracking of the product cost is very important throughout the product development lifecycle. As the product design matures, the cost structure often shifts significantly. There are various reasons for this shift, including: