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(EST-3480) (Presentation Only) Cost Estimate Classification Overview

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Venue: 2020 AACE International Conference & Expo

Abstract: This presentation will review the basic concepts and principles of cost estimate classification systems as addressed in the AACE International (AACE) series of Recommended Practices (RPs) on the topic. The presentation will focus on Professional Guidance Document No. 1 (PGD-01) that was released by AACE in 2018. PGD-01, a hyperlinked online document, provides a roadmap for finding RPs relating to classification and estimate accuracy while also discussing the concepts and principles of classification. The presentation will also share the history of the concept as it evolved from the first AACE guideline on estimate types in 1958. Today, there is a series of industry-specific classification RPs aligned with common project phase-gate systems; these will be reviewed.