Class 5 Estimate definition
Class 5 Estimate means an estimate used to for concept screening assessment of different systems. The maturity level of the final overall design deliverables shall range from up to two percent. The typical costing methodology shall be factored for capacity, parametric models, analogy or judgement. The expected low to high variation in the accuracy range based on the complexity and remoteness of this Work shall be minus 50 percent to plus 100 percent with an 80 percent confidence interval;
Examples of Class 5 Estimate in a sentence
Cost estimating will be completed as a Class 5 Estimate based on the Association for the Advancement of Cost Engineering.