Are there some rules of thumb for accuracy of estimates at various stages of engineering, like ballpark, back of envelope, preliminary engineering, detailed engineering, etc? Seems like I have seen figures from 250% going down to 10% as engineering effort is expended.
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Accuracy of Estimates
- Thread starter IronMike
- Start date
Hi,
Type of cost estimation Usual reliability
1. Order -of-magnitude + ,- 30 to 60 %
2. Study + , - 30%
3. Preliminary + , - 20%
4. Definitive project control + , - 10%
5. Detailed estimate + , - 5%
As you know , we have 5 standard cost estimation.
Hope this help
Type of cost estimation Usual reliability
1. Order -of-magnitude + ,- 30 to 60 %
2. Study + , - 30%
3. Preliminary + , - 20%
4. Definitive project control + , - 10%
5. Detailed estimate + , - 5%
As you know , we have 5 standard cost estimation.
Hope this help
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