Class 3 Estimate definition

Class 3 Estimate means an estimate with an expected accuracy within +30% to -20%.

Class 3 Estimate means an estimate used to for budget authorization. The maturity level of the final overall design deliverables shall range from 10 percent to 40 percent. The typical costing methodology shall be semi-detailed unit costs with assembly level line items. The expected low to high variation in the accuracy range based on the complexity and remoteness of this Work shall be minus 20 percent to plus 30 percent with an 80 percent confidence interval;

Class 3 Estimate means an estimate for the design and construction of the Physical Facilities and WTP based on and meeting the “Class 3” requirements, as such requirements are described in the AACE Guide.

Examples of Class 3 Estimate in a sentence

• The following key schedule milestones as provided by the consultant are as follows: 1 Consultant Class 5 Estimate2 Consultant Class 3 Estimate Detailed design and construction schedule for the main NEWPCC Upgrade Project will be provided upon project award to the Design Builder.

• As a Class 3 Estimate, the expected accuracy range from the point value provided is -20% to+30%.

• Due to the level of Scope and Technical Definition for this Pre-Authorization estimate (Limited-Fair) the Civil Works Estimate currently falls into a Class 3 Estimate, based on ER 1110-2-1302.

• Key schedule milestones for the NEWPCC Power Supply Upgrade project’s professional engineering services, as provided by the consultant, are as follows: 1 Consultant Class 5 Estimate2 Consultant Class 3 Estimate Detailed design and construction schedule for the NEWPCC Power Supply Upgrade Project will be provided upon project award to the Design Builder.

• The Parties agree that the Phase 1 All-In Estimate is not a Class 3 Estimate, as required in the Water Supply Agreement, but is a mix of Class 3 and 4 estimates.

• ESTIMATE CLASSIFICATIONAs per “ER 1110-2-1302 - Civil Works Cost Engineering, (15 Sept 2008)” this estimate has been developed to a Class 3 Estimate.

• The project is expected to cost $335.6 million (Class 3 Estimate).

• The project is expected to cost $335.6 million (Class 3 Estimate) and be complete in 2019 with an important milestone to meet new effluent limits by the end July 2018.

• Risk A Class 3 Estimate was in place when Council approved the project on February 24, 2016.

• The following key schedule milestones for the NEWPCC Upgrade project’s professional engineering services, as provided by the consultant are as follows: 1 Consultant Class 5 Estimate2 Consultant Class 3 Estimate More detail project schedule information will be developed upon the completion of the project preliminary design phase and will be updated in future reports.

More Definitions of Class 3 Estimate

Class 3 Estimate means preliminary design, for budget authorization. The accuracy of the cost estimate shall be -20% to +30%;

Class 3 Estimate means an expected accuracy of -20% to +30%;