About Recommended Practice
115R-21:
As a recommended practice (RP) of AACE
International, the Cost Estimate Classification System provides
guidelines for applying the general principles of estimate
classification to nuclear new build and modification project
cost estimates (i.e., cost estimates that are used to evaluate,
approve, and/or fund projects). The Cost Estimate
Classification System maps the phases and stages of project
cost estimating together into a generic project scope
definition maturity and quality matrix, which can be applied
across the nuclear power plant industry.
This recommended practice provides guidelines
to both owners and service providers for applying the
principles of estimate classification specifically to project
estimates for engineering, procurement, and construction (EPC)
or other contractual arrangements and execution venues, and
their related work in ongoing or developing nuclear power
related projects. It supplements the generic cost estimate
classification RP 17R-97 by providing:
-
A section that further defines
classification concepts as they apply to the nuclear power
industry and their unique differences to other
industries.
-
A section on the industry specific quality
assurance and regulatory requirements that might influence
the cost estimate.
-
A section on general guidance regarding
the application of productivity factors applicable to labor
quantification that are specific to the conduct of work in
support of nuclear power projects.
-
A chart that maps the extent and maturity
of estimate input information (for example, project
definition deliverables) into the estimate class.
As with the generic RP, the intent of this
document is to improve communications and consensus among all
the stakeholders involved with preparing, evaluating, and using
project cost estimates specifically for the nuclear power
industries.
The overall purpose of this recommended
practice is to provide the nuclear power industries with a
project definition deliverable maturity matrix that is not
covered in RP 17R-97. It also provides an approximate
representation of the relationship of planning, preparation,
design input data and project scope deliverable maturity with
the estimate accuracy and methodology used to produce the cost
estimate.
This document is intended to provide a
guideline, not a standard. It is understood that each
enterprise may have its own project and estimating processes,
terminology, and may classify estimates in their own particular
way. This guideline provides a generic and generally acceptable
classification system for the nuclear power industries that can
be used as a starting point for the basis of comparison. This
recommended practice should allow each user to better assess,
define, and communicate their established and developed
procedures in light of generally accepted cost engineering
practice.
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.
We'd like to thank Riskonnect for
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NOTE: The webinar is free, but registration is
required. CEUs will be available for both members and
nonmembers. You will need to create an AACE International
account prior to registering if you do not already have one.
Click here and then choose
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