Cost Estimating

Question 1

Cost Estimates

Answer 1

A predicted cost of constructing the project.
Level of accuracy is dependent upon the quantity and the quality of info available to the estimator.
Application of quantity surveys to cost estimating.
Accurate prediction of the project cost.
The estimate should be neither optimistic nor pessimistic.
CM should set forth all relevant cost assumptions.

Question 2

Types of estimates and accuracy RICS (Royal Institution of Chartered Surveyors)

Answer 2

Feasibility +/- 25-30%
Appropriation +/- 15-25%
Capital Cost +/- 10-15%
Definitive +/- 5%

Question 3

Types of estimates and accuracy AACEI

Answer 3

Order of Magnitude +50 to -30%
Budget +30% to -15%
Definitive +15 to -5%

Question 4

Understanding cost estimating risk

Answer 4

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