Accuracy

de: Genauigkeit

Accuracy is the term used to describe the predictability of the estimate matching the final project cost. Accuracy is a direct function of the amount of process design, project engineering, time, etc., the estimator has available at the time the estimate is made. Do not confuse accuracy with contingency. Contingency is sub-mitted as a line item in the estimate and is included in the accuracy. This indicates that the accuracy of the contingency itself is only as accurate as the estimate. For example, a 30%accurate estimate may carry a 20% contingency. This means that the contingency itself is only 30%accurate. Therefore, contingency cannot be used as a tool to increase the accuracy of the estimate.

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