In addition, your textbook introduces the Association for the Advancement of Cost Engineering (AACE)
International’s Cost Estimate Classification System (Figure 16.2, p. 283).
This system classifies engineering and construction projects into five segments and demonstrates the
variability of the estimates based on the level of detail available.
For this Discussion, you will analyze estimating approaches used by construction firms. Begin by comparing
the textbook’s descriptions of estimate types to those defined by AACE International. What are the advantages
of one set of descriptions versus the other?
In addition, select one contract type and one project delivery system. How does each impact the approach
taken to estim