Cost Estimating Guidance
Summary
This document sets out a best practice approach to the development of cost estimates for infrastructure projects and programmes. It is targeted at those involved in the sponsorship, leadership and delivery of projects to support better quality project cost estimates and improved decision making.
Applying the IPA’s priorities of principles, people and performance this document covers:
- Principles for best practice cost estimating outlining the fundamentals that underpin a good cost estimate to get the basics right
and address common pitfalls - Roles and responsibilities in producing, reviewing and owning the cost estimate to make informed decisions
- Cost estimating process that should be followed to produce a robust, assured and transparent cost estimates which can be used
with confidence to support successful delivery.
This guidance document is part of a suite of documents, including:
- Cost estimating guidance – setting out a best practice approach to cost estimation for all team members
- Cost estimating requirements – a technical guide setting out the detailed requirements for cost estimating teams and professionals to produce and assure cost estimates
- Training – to support professional development and promote the adoption of consistent method