ASTM E 2516 Standard Classification for Cost Estimate Classification System

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ASTM E 2516 Document Information:

Title
Standard Classification for Cost Estimate Classification System

ASTM International

Publication Date:
Oct 1, 2006

Scope:

This classification provides a generic classification system for cost estimates and provides guidelines for applying the classification to cost estimates.

This classification maps the phases and stages of cost estimating to a generic maturity and quality matrix, keyed to a level of project definition, that can be applied across a wide variety of industries.

The Cost Estimate Classification System has been developed in a way that:

provides a common understanding of the concepts involved with classifying cost estimates;

defines and correlates the major characteristics used in classifying cost estimates, and;

uses the degree of project definition as the primary characteristic used to categorize estimate classes.

Keywords:

Life cycle

Bid/tender

Class of estimate

Estimate classification

Project

Class 5 estimate

Level of project definition

Maturity and quality matrix

Expected accuracy range

Effort to prepare estimates

Class 2 estimate

Deterministic

Class 3 estimate

End usage

Stochastic

Cost estimate classification methodology

Class 4 estimate

Class 1 estimate

Estimating methodology

Cost estimate

Estimate classification matrix

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