ABSTRACT
There are many ways of classifying building cost estimates. The most significant of these are the degree of project definition, the end usage of the estimate, and the estimate generating methodology. The first classification, the degree of project definition, is based upon the percentage of completed architectural and engineering designs. It defines available input information to the estimator. The second classification, the end usage of the estimate, is based on available data progress and covers conceptual estimates for investment feasibility, and studies funding authorization, budgets, and contractor detail estimates for lump-sum bidding. The third classification, the estimate generating methodology, is based on processes employed to forecast building costs that are stochastic and deterministic.
