Project Estimate Confidence Level Rating Index Defined

COMPLETE

o  Final payment made.

o  Post project assessment completed comparing project estimate, amount of contract award and total amount of change orders issued during project.

o  Total project costs reported.

OPTIMAL

Project scope and specifications clearly understood and well defined.

o  Clear understanding of materials, size and quantities needed to execute job.

o  Schedule and special site conditions understood.

o  Project estimate unlikely to change (generally at 90% or greater design and engineering phase).

o  Total Project contingencies (including project management, design, engineering, plus construction) range between 10%-15%.

HIGH

Project scope and specifications nearly complete but still subject to change (70%–90% design and engineering phase)

o  Materials, size and quantities needed to execute job have been defined but subject to minor changes.

o  Schedule understood.

o  Total Project contingencies (including project management, design, engineering, plus construction) may range between 20%-30%.

MODERATE

Project scope defined but lacks details.

o  Project specifications incomplete (60%-70% design and engineering phase).

o  Total Project contingencies (including project management, design, engineering, plus construction) may range between 30%-40%.

LOW

Project scope is a conceptual “vision” with limited detail.

o  Project cost is an educated guesstimate. Limited technical information available and/or limited analysis performed.

o  Specifications still in infancy stage. (Less than 50% design and engineering phase).

o  Total Project contingencies (including project management, design, engineering, plus construction) may range up to or exceed 50%.