ASTM Int'l Develops Cost Estimate Classification for New Construction Projects - ASTM E 2516
January 12, 2007 // Published as a news service by IHS
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ASTM International developed a standard to improve communication among the many stakeholders that are involved in preparing, evaluating and using cost estimates for new construction projects.
The standard, ASTM E 2516 - Classification for Cost Estimate Classification System, was developed by ASTM Subcommittee E06.81 on Building Economics, which is part of ASTM International Committee E06 on Performance of Buildings.
According to ASTM, ASTM E 2516 will provide a logical, consistent and objective methodology for classifying cost estimates for a building project.
This is important because details frequently change during the natural course of designing a construction job and each detail has an effect on cost.
The standard will allow project team members to differentiate between cost estimates resulting from these changes. Each development milestone in a project requires an increasingly more detailed cost estimate.
Using ASTM E 2516 will ensure that the validity of all cost estimates made along the way can be easily understood by everyone on the team.
According to Anthony Huxley, a consultant and E06 member, ASTM E 2516 will fill a need in the construction industry. "Classifications are used in various forms by various organizations but not consistently on a national basis," said Huxley. "There is a clear need for an industry-wide standard."
"E 2516 provides a clear understanding and a common language that will aid communication by all members of any project team," said Huxley. "Team members who would benefit from the standard include clients, financiers, project managers, architects, engineers, contractors and others."
Source: ASTM International.