Cost Estimating

The objective of this subcommittee is to formalize techniques that produce accurate cost estimates at a minimal preparation cost and to share these methods and data with various industry committees. The types of estimates include project feasibility or preliminary, budget, and definitive or contract. Both parametric and detailed estimating methods are evaluated. To accomplish these objectives, the subcommittee does the following things: evaluates existing procedures and techniques used in the preparation of estimates; and develops alternative methods or techniques that simplify the accumulation, quantification, and presentation of a cost estimate.

An important function of a subcommittee is the development of AACE recommended practices (RPs). These are peer-reviewed documents (usually < 10 pages) that define the specifics of particular methods or procedures, often derived from past papers and articles. Click here to learn more about the RP Development Guidelines and Process.