Types Of Classification Of Estimation

1007 Words Nov 16th, 2015 5 Pages
Project Delivery Assignment #2
Various types of classifications of estimation: There are four independent levels for classifying project estimations in the construction industry. Levels are based on the completeness of the project documents and the amount of detail that they are presented in. The highest level of estimation (Class A) will provide the owner or project sponsor with the most amount of detail in the drawings and specifications. Class A estimates are considered to be pre-tender estimates in which they are fifty percent completed and will stay within a margin of five to ten percent of the actual contract cost. Class B estimates present incomplete documents but with detailed information on the design which must be submitted for approval. With that being said, class B estimates provide the sponsor/owner with enough information to evaluate an accurate estimation of the project’s total cost (usually within +/- fifteen percent). Class C estimates are based on the Schematic design of the project and only cover the major elements of the project. This is the lowest level of estimation that sponsors in a P3 contract will require in order to obtain preliminary approvals. The last and lowest level of estimates available in the industry are class D estimates. These are based on the project’s scope or rather, the work that needs to be done in order for the project’s completion. They are presented in very functional and basic forms and usually produce a twenty to thirty…
Open Document