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PM - Cost Estimate Class and Accuracy

This document compares cost estimate classification systems from several international standards and associations. It shows that while the classifications and terminology may differ, the levels generally represent the same concept of increasing accuracy and reducing uncertainty as a project's definition increases, from order of magnitude estimates early in exploration to detailed estimates late in the project lifecycle.

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rezaismiriadi
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139 views1 page

PM - Cost Estimate Class and Accuracy

This document compares cost estimate classification systems from several international standards and associations. It shows that while the classifications and terminology may differ, the levels generally represent the same concept of increasing accuracy and reducing uncertainty as a project's definition increases, from order of magnitude estimates early in exploration to detailed estimates late in the project lifecycle.

Uploaded by

rezaismiriadi
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Comparison of Cost Estimate Classification

Norwegian Project
AACE International Association of Cost American Society of
ANSI Standard AACE Mgmt Association
Recommended Engineers Professional
Z.94.2-1989 Pre-1972 NFP
Practice UK-ACE Estimators (ASPE)
(NACPE)

Concession Est.
Order of Magnitude Order of Magnitude
Order of Magnitude
IncreasingProjectDefinition

Class 5 Estimate Estimate Exploration Est. Level 1


Estimate
-30 / +50 -30 / +50
Feasibility Est.

Study Estimate Authorization


Class 4 Study Estimate
Class III Estimate Level 2
Budget Estimate - -20 / +30
15 / +30
Preliminary Master Control
Class 3 Budget Estimate Level 3
Estimate Estimate
Class II -10 / +10

Level 4
Class 2 Definitive Estimate

Definitive Estimate Definitive Estimate Current Control


-5 / +15 Class I -5 / +5 Estimate Level 5

Class 1 Detailed Estimate


Level 6

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