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(EST-2618) Cost Variability Estimation at Different Levels of Project Definition

Level: Intermediate
Author(s): Franco Manuel Sanchez Romero; Edisson Perez Lopez
Venue: 2017 AACE International Annual Meeting, Orlando, FL

Abstract: The project cost estimation is carried out according to the engineering study level, while performing better engineering definition, project cost estimation will be more accurate. Therefore, is important to ask the question about what is the accuracy range of the project estimation cost for each engineering level.

For this paper development, estimates of different development projects in the mining industry will be used, and cost variances will be analyzed as these projects progress at different levels of project definition. As a result, the accuracy ranges the cost estimate has, according to each engineering level will be obtained; which can be used as a reference for future projects, and trends are interpreted to reach a better cost management for similar projects.