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Price estimation for the preparation of quotations is critical process for companies that have to struggle to get orders by offering competitive pricing. For machining companies, said process is complex because of the large amount of variation that can occur. In this case, a manufacturing expert is generally in charge of this task. However, manufacturing experts have several other important tasks to which they must attend. The use of software systems that automate the estimation of costs and prices is common, knowledge-based systems are one of the primary alternatives for two fundamental reasons: they behave the same way an expert would and they save and maintain all knowledge within the company regardless of who has worked on them. This paper covers the principal cost and price estimation methods and reviews the knowledge-based systems that have been implemented in the area of machined …