This post is the second installment in a series of posts about AACE’s 5 Estimating Classes. Designed for the new construction employee (engineer, estimator, and field personnel), we will take a high-level look the five types of estimates.
One of the ways that HD Project Cost Management software is unique is that it can handle the full gamut of estimate types, everything from Class 5 through Class 1.
The Class 4 or “Feasibility” estimate is slightly more definitive than the Class 5. Like the C5 estimates, C4 estimates are typically put together based on very little information. They are most often used for concept evaluation, project screening or gating, feasibility studies, or initial budget planning and approval. The definition required in a C4 estimate is only 1-15% and may include details like plant capacity, schematics, layout, and process flow. The C4 estimate intends to make a determination on whether or not the project continues on to the next stage of the process.
Class 4 estimate methodology is based on equipment factored or parametric models. HD’s BidWizard is used in this type of estimating often in tandem with data easily integrated from third-party providers such as RSMeans and Richardson.
Tags: AACE, Class 4, Construction Management, Estimating, Estimating Software, PCM, Project Cost Management
