An automated method for quickly generating a complete bill of materials and total cost information in real time. Components for a desired system are specified and/or replaced by substitute components, while continuously predicting the wireless system performance. A design engineer builds a model of the desired wireless communications system and specifies each component necessary to provide sufficient or optimal system performance. A parts list is maintained, in real time, that contains a definition of each system component and its associated performance and cost parameters. As the user changes wireless system designs through a series of "what-if" scenarios, components are replaced with substitute components, cable lengths are modified, antenna systems and base station parameters are re-designed and moved to alternate locations, etc. The bill of materials is automatically updated and component costs and total system costs are immediately available to the design engineer. The designer may choose to swap components for less expensive components or may investigate several alternate radio frequency distribution and antenna schemes, etc. The performance characteristics of the system are automatically updated as is the system cost as the designer to assesses the trade-offs between performance and cost at the same time.