Lessons Learned on Estimate Classifications - …

Lessons Learned on Estimate ClassificationsGord Zwaigenbaum, CCE, FAACEIAACE Toronto SectionOctober 10, 2012 MeetingOutline Project Life Cycle & Cost Uncertainty Estimate Classes & Accuracy Ranges AACEI Estimate classification Guides Nature of Process/ Mining estimates Some Challenges for Mining Projects Commonalities with Other Industries Lessons Learned Review (and Closure)2 Project Life Cycle & Estimating % Time% Project Definition% Project Cost% Accuracy RangeInceptionCompletion3 Project Life Cycle & Estimating TimeCostCONCEPTCOMMISSIONINGENGINEERINGC ONSTRUCTION4 Project Life Cycle & Estimating TimeCostCONCEPTCLOSUREACQUISITIONOPERATI ON5 Project Life Cycle & Estimating6 Estimate Classes & Accuracy RangesDEFINITIVESCOPING STUDY40%20%10%15%0%80%5%40%15%0%ACCURACY RANGEENG G RANGEPREFEASIBILITYFEASIBILITYC lass 5 (FEL-1)Class 25%BID CHECK100%Class 1 Class 4 (FEL-2)Class 3 (FEL-3)7 Estimate Classes & Accuracy RangesEstimate ClassCommercial (Office Building)Industrial (Oil Refinery) Scoping Study 20% 30% Pre-Feasibility 15% 20% Feasibility 10% 15% Definitive 5% 10% Expected Accuracy Ranges by Project Type (illustrative only)8 Estimate Classes & Accuracy Ranges Requirements are specified by the Client: Study Class Accuracy Range Scope Responsibilities Study Schedule Review and Reporting Expectations are managed by the Consultant: Exceptions not

Lessons Learned on Estimate Classifications Gord Zwaigenbaum, CCE, FAACEI AACE Toronto Section. October 10, 2012 Meeting

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