Copyright 2003 AACE, Inc.
AACE International Recommended Practices
AACE International Recommended Practice No. 17R-97
COST ESTIMATE CLASSIFICATION SYSTEM
TCM Framework: 7.3 – Cost Estimating and Budgeting
Acknowledgments:
Peter Christensen, CCE (Author)
Larry R. Dysert, CCC (Author)
Jennifer Bates, CCE
Dorothy J. Burton
Robert C. Creese, PE CCE
John K. Hollmann, PE CCE
Kenneth K. Humphreys, PE CCE
Donald F. McDonald, Jr. PE CCE
C. Arthur Miller
Bernard A. Pietlock, CCC
Wesley R. Querns, CCE
Don L. Short, II
Copyright 2003 AACE, Inc.
AACE International Recommended Practices
AACE International Recommended Practice No. 17R-97
COST ESTIMATE CLASSIFICATION SYSTEM
TCM Framework: 7.3 – Cost Estimating and Budgeting
August 12, 1997
PURPOSE
As a recommended practice of AACE International, the Cost Estimate Classification System provides
guidelines for applying the general principles of estimate classification to asset project cost estimates.
Asset project cost estimates typically involve estimates for capital investment, and exclude operating and
life-cycle evaluations. The Cost Estimate Classification System maps the phases and stages of asset cost
estimating together with a generic maturity and quality matrix that can be applied across a wide variety of
industries.
This guideline and its addenda have been developed in a way that:
•
provides common understanding of the concepts involved with classifying project cost estimates,
regardless of the type of enterprise or industry the estimates relate to;
•
fully defines and correlates the major characteristics used in classifying cost estimates so that
enterprises may unambiguously determine how their practices compare to the guidelines;
•
uses degree of project definition as the primary characteristic to categorize est