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A Neural Network Approach for Mechanical Components Cost Estimation

In small and medium enterprises framework, where the range of mechanical components employed is wide, the cost estimation is challenging but trivial in order to be competitive. Due to the high number of variables that define a mechanical component a model driven approach is not possible especially in Small and Medium Enterprises (SMEs) where the same product can be processed byseveral suppliers. In this article a data-driven AI based approach is presented in order to overcome the afermentioned complexity of cost estimantion in SMEs framework.