About Recommended Practice 110R-20:

This recommended practice (RP) of AACE® International defines the basic elements of and provides broad guidelines for the cost estimate validation process. Validation is a quality-focused sub-element of the estimate review process step in the cost estimating and budgeting process of the Total Cost Management (TCM) Framework. It is related to the practice of benchmarking; while both use quantitative metrics, benchmarking is focused more on system performance as opposed to estimate quality. Validation applies to both cost estimates and schedule duration estimates; however, this RP covers only the cost estimate. This RP is applicable to all cost estimate types for any industry and is intended for those responsible for and/or participating in estimate development and review. Expert knowledge is not required to understand or use this RP.

This RP is intended to provide guidelines (i.e., not a standard) for validating cost estimates. Most practitioners would consider these guidelines as good and reliable practices. It is recommended to consider using these guidelines where applicable.

About AACE Recommended Practices:

The AACE International Recommended Practices (RPs) are a series of documents that contain valuable reference information that has been subject to a rigorous review process and recommended for use by the Technical Board. RPs are intended to be the main technical foundation of AACE educational, and certification products and services. All RPs are available to AACE members free of charge.

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