Application & Data Requirements - 3
Composite
- Used for justifying an application for funding
- And subsequent for design cost control checking
- Especially on long, difficult or high-cost projects
- Based partly on parametric data and partly on actual quantities (detailed estimating)
- Accuracy varies according to the amount and quality of relevant data available
- But progressively higher than a simple parametric estimate
- As parametric data gives way to quantitative data
- E.g. range down to -15% to +20%