This recommended practice (RP) is intended to serve as a guideline, not a standard. As a recommended practice of AACE International, the intent of the guideline is to define the required skills and knowledge to perform project cost estimating. It serves as the foundation of the skills and knowledge of an AACE Certified Estimating Professional (CEP).

Project cost estimating requires knowledge of all elements of cost from project conception to completion. This includes: direct material and labor costs, indirect costs, general administration costs, profit, finance cost, owner’s costs and startup costs. This may also include operations and maintenance costs for selection of project alternatives.
The RP highlights the necessary skills and knowledge of a cost estimator from a high level viewpoint. It identifies competencies for a project cost estimator. Detailed skills, knowledge and methodology, are excluded from this recommended practice. These skills and knowledge are applicable to the cost estimating profession across all industries and types of projects.

This RP is aligned with RP 11R-88, Required Skills and Knowledge of Cost Engineering and the Total Cost Management Framework.