Supporting Owner Estimate Classes with Engineering Maturity and Accuracy
For decades, AACE International has provided details around the level of cost estimating accuracy related to the maturity of the engineering deliverables across front end phases of a project. This established an industry accepted criteria for communicating the level of cost estimating precision as a project moves from its earliest development phases to the full project funding step. This single dimension has long been the mechanism for assuring engineering deliverables are at the level of completeness to support the cost estimating effort. But is it enough? The Construction Industry Institute (CII) recently completed a research effort which concluded it was not enough in today’s market. A second dimension/second lens is needed to evaluate the level of accuracy of engineering deliverables. This presentation will provide the basis for this research and the data that supports the application of the approach. The tool that has been developed to support the multi-lens review of engineering deliverables in support of the required class estimate, The Front End Engineering Design – Maturity and Accuracy Total Rating System (FEED MATRS) will be demonstrated to show the tool’s functionality and benefits in measuring whether a project is ready to progress through its Front End phase gates.
Harrahs Lake Tahoe Deltek Room March 23, 2019 2:15pm - 3:15pm