Download HandBook Construction Cost Estimating PDF - Quantity Take Off (QTO) Estimating HandBook PDF
The Association for the Advancement of Cost Engineering (AACE) International publishes cost engineering community recommended practices. AACE publishes matrixes of acceptable levels of cost accuracy for various stages of project definition.
The matrixes show both positive and negative values.
For a given project scope and project definition, this range represents the amount of uncertainty that the prepared estimate can be either higher or lower than determined in the market place at the time of contract award.
This does not mean that any given estimate is too high and can be reduced.
Rather it represents an acceptable variability in cost estimating given various levels of design information, assumptions on the contractor’s means and methods to execute the project, and other assumptions about bid competition and market conditions.
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