Aace 18r 97 2025

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The document is AACE® International Recommended Practice No. 10S-90, which provides a comprehensive glossary of cost engineering terminology. It serves as a reference for terms used within the context of cost engineering and the Total Cost Management Framework. The document includes definitions, change logs, and references to ensure clarity and consistency in terminology across various disciplines within cost engineering. It emphasizes that terms defined in this document supersede those in other AACE publications.

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What is the AACE 98r 18 estimating classification system?

The Cost Estimate Classification System maps the phases and stages of project cost estimating together with a generic project scope definition maturity and quality matrix, which can be applied across a wide variety of industries and scope content.

What is an AACE cost estimate?

As a recommended practice of AACE International, the Cost Estimate Classification System provides guidelines for applying the general principles of estimate classification to project cost estimates (i.e., cost estimates that are used to evaluate, approve, and/or fund projects).

What does the AACE stand for?

AACE International (Association for the Advancement of Cost Engineering) was founded in 1956 by 59 cost estimators and cost engineers during the organizational meeting of the American Association of Cost Engineering at the University of New Hampshire in Durham, New Hampshire.

What is a class 5 estimate AACE?

Class 5 estimates are prepared for any number of strategic business planning purposes, such as but not limited to market studies, assessment of initial viability, evaluation of alternate schemes, project screening, project location studies, evaluation of resource needs and budgeting, long-range capital planning, etc.

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