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Venue: 2020 AACE International Conference & Expo
Abstract: This session outlines the need for a well defined estimate basis. When prepared correctly, any person with appropriate experience can use the BOE to understand and assess the estimate, independent of any other supporting documentation. A well-written BOE achieves those goals by clearly and concisely stating the purpose of the estimate being prepared (i.e. cost study, project options, funding, etc.), the project scope, pricing basis, allowances, assumptions, exclusions, cost risks and opportunities, and any deviations from standard practices. In addition, the BOE is a documented record of pertinent communications that have occurred and agreements that have been made between the estimator and other project stakeholders. The BOE is characterized as a deliverable that documents the scope and cost of the project, and ultimately becomes the basis for change management.
This presentation is based on 106R-19 (Development of Cost Estimate Basis - as Applied in Engineering, Procurement, and Construction for the Process Industries); and 34R-05 (Basis of Estimate).
Abstract: This session outlines the need for a well defined estimate basis. When prepared correctly, any person with appropriate experience can use the BOE to understand and assess the estimate, independent of any other supporting documentation. A well-written BOE achieves those goals by clearly and concisely stating the purpose of the estimate being prepared (i.e. cost study, project options, funding, etc.), the project scope, pricing basis, allowances, assumptions, exclusions, cost risks and opportunities, and any deviations from standard practices. In addition, the BOE is a documented record of pertinent communications that have occurred and agreements that have been made between the estimator and other project stakeholders. The BOE is characterized as a deliverable that documents the scope and cost of the project, and ultimately becomes the basis for change management.
This presentation is based on 106R-19 (Development of Cost Estimate Basis - as Applied in Engineering, Procurement, and Construction for the Process Industries); and 34R-05 (Basis of Estimate).