Cost Estimate Classification System

The Cost Estimate Classification System is a method used in project planning to categorize the accuracy and detail of cost estimates based on how developed the project's design is. It ranges from early-stage estimates with limited information, which tend to be less precise, to detailed estimates closer to project completion that are highly accurate. This system helps stakeholders understand the reliability of cost projections at different project phases, aiding in decision-making, budgeting, and risk management throughout the project's lifecycle.