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(EST-3542) A Discussion of the Cost Estimate Classification System: As applied in the Engineering, Procurement, Construction and Operations for the Environmental Remediation Industries

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Level: Basic
TCM Section(s): 7.3. Cost Estimating and Budgeting
Venue: 2020 AACE International Conference & Expo

Abstract: This article will discuss environmental restoration cost classification for projects within a regulatory framework that involves development of formal documentation, public input from external stakeholders, and ultimate approval by a regulatory authority. This regulatory framework has a specific focus towards environmental compliance under the Resource Conservation and Recovery Act (RCRA) and the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA). These United States (U.S.) federal laws are perhaps the best understood as a generic framework for environmental remediation that can serve as a proxy for other regulations (at international, national state and local levels) through the organization of the necessary steps of an environmental cleanup though six consecutive phases, indicating increasing maturity, described in detail in this article. Also, the reasoning and support for the classification of environmental restoration project cost estimates in relation to their maturity will also be discussed. In addition, the role of risk in environmental remediation projects is discussed.