Page 20 - Megaprojects Playbook

ESTIMATE CLASSIFICATIONS

CLASS CLASS 5 CLASS 4 CLASS 3 CLASS 2 CLASS 1

Cost History/ Substantially
Verbal Conceptual AE Design
Description Parametric/ Complete
Description Design Development
Study Design
Permit Issue or
1 Floor Plan + >1 Drawing per 30-90%
Design --- Construction
Basis of Design Discipline Drawings
Issue

DESIGN/ESTIMATE FUNNEL

20%
15%
10%
5%
DESIGN
VARIABILITY

ACTUAL
COST

ESTIMATE
VARIABILITY
15% 5%
25%
30%

PHASE 1 PHASE 2 PHASE 3 PHASE 4
(CLASS IV) (CLASS III) (CLASS II) (CLASS I)
Rough Order Conceptual Preliminary Detailed
of Magnitude Project Plan Design Design Plan
Cost Accuracy Cost Accuracy Cost Accuracy Cost Accuracy
+50% to -30% +40% to -20% +25% to -15% +10% to -10%

PROCESS ESTIMATING PHASES

CLASS CLASS 5 CLASS 4 CLASS 3 CLASS 2 CLASS 1
Substantially
Basis of Design Preliminary 50% Complete Locked Locked
Complete
Substantially
Equipment List Conceptual Preliminary 50% Complete Locked
Complete
Substantially
Process Flow Conceptual Preliminary 50% Complete Locked
Complete
Substantially
Floor Plan --- Preliminary 50% Complete Locked
Complete
Substantially
P&IDs --- Conceptual Preliminary 50% Complete
Complete

Estimate Classifications allow the team to have the same expectations for
design progress and corresponding estimate accuracy.

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