ASTM E2516 - 11(2019) - Standard Classification for Cost Estimate Classification System

ASTM E2516 - 11(2019)

Standard Classification for Cost Estimate Classification System

Status : Current   Published : October 2019



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

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

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

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

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

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

1.4  This international standard was developed in accordance with internationally recognized principles on standardization established in the Decision on Principles for the Development of International Standards, Guides and Recommendations issued by the World Trade Organization Technical Barriers to Trade (TBT) Committee.

Standard NumberASTM E2516 - 11(2019)
TitleStandard Classification for Cost Estimate Classification System
Publication Date01 October 2019
Normative References(Required to achieve compliance to this standard)No other standards are normatively referenced
Informative References(Provided for Information)No other standards are informatively referenced
Descriptors stochastic, project, maturity and quality matrix, life cycle, expected accuracy range, estimating methodology, estimate classification matrix, estimate classification, end usage, effort to prepare estimates, deterministic, degree of project definition, cost estimate classification methodology, cost estimate, class of estimate, class 5 estimate, class 4 estimate, class 3 estimate, class 2 estimate, class 1 estimate, bid/tender
File Size211 KB

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