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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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.
This classification is intended to be s2516 and so provide a system for the classification of cost estimates in any industry. Improving communications about estimate classifications reduces business costs and project cycle times by avoiding inappropriate business and financial decisions, actions, delays, or disputes caused by misunderstandings of cost estimates and what they are expected to represent.
W2516 to Active This link will always route to the current Active version of the standard. Estimate classifications provide valuable additional reporting information when used as an adjunct to Practice E According to Anthony Huxley, a consultant and E06 member, E will fill a great need in the construction industry.
ASTM E – Standard Classification for Cost Estimate Classification System
Skip to main content. There are also references to specific industries, for cost estimate classification as applied in: 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.
The standard will allow project team members to differentiate between each different cost estimate resulting from these changes. Historical Version s – view previous versions of standard.
This is important because details frequently change during the natural course of designing a construction job and each detail has an effect on cost. Each development milestone in a project requires an increasingly more detailed cost estimate.
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. 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. Referenced Documents purchase separately The documents listed below are referenced within the subject standard but are not provided as part of the standard.
Using E will ensure that the validity of all cost estimates made along the way can be easily understood by everyone on the team. Use of this classification will improve communication among all the stakeholders involved with preparing, evaluating, and using cost estimates. Team members who would benefit from the standard include clients, financiers, project managers, architects, engineers, contractors, and others.