There are 3 types of Cost Estimate:
1. Rough order of magnitude:
-25% to +75%
Done during Initiation phase
2. Budget estimate
-10% to + 25%
Done during Planning – Obtain funds and approval
3. Definitive estimate
-5% to + 10%
Done during Planning for proposals, bid evaluations, contract changes; Done during Design for final budgeting
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