ASTM E Standard Classification for Cost Estimate Classification System. ASTM Standard E, “Standard Classification for Cost Estimate Classification. System” DOI: /E, as established by ASTM International. Find the most up-to-date version of ASTM E at Engineering
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LCVM Consultants Inc. Standards and References
There are also references to specific industries, for cost estimate classification as applied in: The standard will allow project team members to differentiate between each different cost estimate resulting from these changes. The various parties that use cost estimates often misinterpret the quality and value of the information available to prepare cost estimates, the various methods employed during the estimating process, the accuracy level expected from estimates, and the level of risk associated with estimates.
Using this classification will help those involved with project estimates to avoid misinterpretation of the various classes of cost estimates and to avoid their misapplication and misrepresentation.
Skip to main content. Using a new ASTM standard will improve communication among the many stakeholders that are involved in preparing, evaluating and using cost estimates for new construction projects.
Using E will ensure that the validity of all cost estimates made along the way can be easily understood by everyone on the team.
Each development milestone in a project requires an increasingly more detailed cost estimate. This is important because details frequently change during the natural course of asfm a construction job and each detail has an effect on cost.
ASTM E – 11 Standard Classification for Cost Estimate Classification System
Use of this classification will improve communication among all the stakeholders involved with preparing, evaluating, and using cost estimates. Estimate classifications provide valuable additional reporting information when used as an adjunct to Practice E Improving communications about estimate classifications reduces business costs and project cycle times by avoiding inappropriate business and financial decisions, actions, delays, or asym caused by misunderstandings of cost estimates and what they are expected to represent.
Team members xstm would benefit from the standard include clients, financiers, project managers, architects, engineers, contractors, and others.
Referenced Documents purchase separately The documents listed below are referenced within the subject standard but are not provided as part of the standard.
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Standard Classification for Cost Estimate Classification System
This classification is intended to be generic and so provide a system for the classification of cost estimates in any industry. According to Anthony Huxley, a consultant and E06 member, E will fill a great need in the construction industry.
Huxley notes that the subcommittee is particularly interested in experience reports from anyone who has used the standard, as well as reports on observed accuracy rates in specific areas and industries.