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 preliminary design, for budget authorization. The accuracy of the cost estimate shall be -20% to +30%;
Examples of Class 3 Estimate in a sentence
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.
Class 3 Estimate will be prepared in accordance with the AACE Cost Estimate Classification System • Updated Project Schedule Task 2.8 | CEQA MKN will work in conjunction with our subconsultant, LSA Associates (LSA), to complete the Intial Study/Mitigated Negative Declaration (IS/MND) process.
More Definitions of Class 3 Estimate
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.
Class 3 Estimate means an expected accuracy of -20% to +30%;