1.1This classification provides a generic classification system for cost estimates and provides guidelines for applying the classification to cost estimates.
1.2This classification maps the phases and stages of cost estimating to a generic maturity and quality matrix, keyed to a degree of project definition, that can be applied across a wide variety of industries.
1.3 The Cost Estimate Classification System has been developed in a way that:
1.3.1provides a common understanding of the concepts involved with classifying cost estimates;
1.3.2defines and correlates the major characteristics used in classifying cost estimates, and;
1.3.3uses the degree of project definition as the primary characteristic used to categorize estimate classes.
1.4This international standard was developed in accordance with internationally recognized principles on standardization established in the Decision on Principles for the Development of International Standards, Guides and Recommendations issued by the World Trade Organization Technical Barriers to Trade (TBT) Committee.