2020 GAO High Quality Project Estimate Characteristics.xlsx
XLSX spreadsheet 14 KB Posted
- Solicitation number
- 36C26025R0032
About this file
This file is a GAO Cost Estimating characteristics spreadsheet that outlines four key characteristics of high-quality and reliable cost estimates: Comprehensive, Well Documented, Accurate, and Credible. The document provides evaluation criteria for assessing cost estimates at different design stages (10%, 35%, 65%, 95%, and 100%).
The spreadsheet details specific requirements for each characteristic, including that comprehensive estimates must include all lifecycle costs and be based on a work breakdown structure; well-documented estimates must show source data reliability and methodology; accurate estimates must use appropriate estimation methods and contain minimal mistakes; and credible estimates must include sensitivity analysis and cross-checking of major cost elements. The document references GAO Cost Estimating and Assessment Guide (GAO-20-195G) from March 2020 and provides a rating scale from "Met" to "Not Met" for evaluating how well estimates satisfy each criterion.
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Cost Estimate review
| https://www.gao.gov/assets/710/705312.pdf | KEY | |||||
| VA or A/E provided evidence that satisfied the entire criterion = | Met | |||||
| VA or A/E provided evidence that satisfies a larger portion of the criterion = | Substantially Met | |||||
| VA or A/E provided evidence that satisfied half of the criterion = | Partially Met | |||||
| VA or A/E provided evidence that satisfied a small portion of the criterion = | Minimally Met | |||||
| VA or A/E provided no evidence that satisfied any of the criterion = | Not Met | |||||
| GAO Cost Estimating and Assessment Guide (GAO-20-195G) March 2020 | 10% Design Construction Cost Estimate | 35% Design Construction Cost Estimate | 65% Design Construction Cost Estimate | 95% Design Construction Cost Estimate | 100% Design Construction Cost Estimate | |
| Four Characteristics of a high-quality and reliable cost estimate | Best Practices in Chapter 16: Auditing and Validating the Cost Estimate (Go to page 196 of 476) | Individual Assessment | Individual Assessment | Individual Assessment | Individual Assessment | Individual Assessment |
| Comprehensive | The cost estimate includes all life cycle costs | |||||
| The technical baseline description completely defines the program, reflects the current schedule, and is technically reasonable. | ||||||
| The cost estimate is based on a WBS that is product-oriented, traceable to the statement of work, and at an appropriate level of detail to ensure that cost elements are neither omitted nor double counted. | ||||||
| The cost estimate documents all cost-influencing ground rules and assumptions. | ||||||
| Well documented | The documentation should show the source data used, the reliability of the data, and the estimaring methodology used to derive each element's cost. | |||||
| The documentation describes how the estimate was developed so that a cost analyst unfamiliar with the program could understand what was done and replicate it. | ||||||
| The documentation describes step by step how the estimate was developed so that a cost analyst unfamiliar with the program could understand what was done and replicate it. | ||||||
| The documentation discusses the technical baseline description and the data in the technical baseline are consistent with the cost estimate | ||||||
| The documentation provides evidence that the cost estimate is reviewed and accepted by management. | ||||||
| Accurate | The cost model was developed by estimating each WBS element using the best methodology from the data collected. | |||||
| The estimate has been adjusted properly for inflation. | ||||||
| The estimate contains few, if any, minor mistakes. | ||||||
| The cost estimate is regularly updated to ensure it reflects program changes and actual costs. | ||||||
| Variances between planned and actual costs are documented, explained, and reviewed. | ||||||
| The estimate is based on a historical record of cost estimating and actual experiences from other comparable programs. |
| Credible | The cost estimate included a sensitivity analysis that identifies a range of possible costs based on varying major assumptions, parameters, and data inputs. |
| A risk and uncertainty analysis was conducted that quantified the imperfectly understood risks and identified the effects of changing key cost driver assumptions and factors. | |
| Major cost elements were crossed checked to see if results were similar. | |
| An independent cost estimate (ICE) was conducted by a group outside the acquiring organization to determine whether other estimating methods produce similar results. |
&F &A page &P of &N https://www.gao.gov/assets/710/705312.pdf
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