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 asm methods employed during the estimating process, the accuracy level expected from estimates, and the level of risk associated with estimates.
Huxley notes that the subcommittee is particularly interested in experience reports from anyone who has atsm the standard, as well as reports on observed accuracy rates in specific areas and industries. 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.
This is important because details frequently change during the natural course of designing a construction job and each detail has an effect on cost.
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Estimate classifications provide valuable additional reporting information when used as an adjunct to Practice E 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 asfm the validity of all cost estimates made along the way can be easily understood by everyone on the team.
Team members who would benefit from the standard include clients, financiers, project managers, architects, engineers, contractors, and others. There are also references to specific industries, for cost estimate classification as applied in: 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.
According to Anthony Huxley, a consultant and E06 member, E will fill a great need in the construction industry. Link to Active This link will always route to the current Active version of the standard.
ASTM E – 11 Standard Classification for Cost Estimate Classification System
The standard will allow project team members to differentiate between each different cost estimate resulting from these changes. Each development milestone in a project requires an increasingly more detailed cost estimate. This classification is intended to be generic and so provide a system for the classification of cost estimates in any industry. Use of this classification will improve communication among all the stakeholders involved with preparing, evaluating, and using cost estimates.
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. Historical Version s – view previous versions of standard.