What is the classification of the estimates produced using the methodology in the book?

In February 2005 AACE International promulgated the recommended practice of AACE International Cost Estimate Classification System that provided guidelines for applying the general principles of estimate classification to project cost estimates (i.e. cost estimates that are used to evaluate, approve, and/or fund projects).  In accordance with AACE International Recommended Practice No. 18R-97 using equipment factored or parametric models when the level of project definition expressed, as a percent of complete definition is 1 to 15 percent defined is considered a Class 4 Estimate with an expected accuracy range of 15 to 50 percent.

AACE International Recommended Practice No. 18R-97 stated Class 4 estimates are generally prepared based on limited information and subsequently have fairly wide accuracy ranges. They are typically used for project screening, determination of feasibility, concept evaluation, and preliminary budget approval. Typically, engineering is from 1% to 15% complete, and would comprise at a minimum the following: plant capacity, block schematics, indicated layout, process flow diagrams (PFDs) for main process systems, and preliminary engineered process and utility equipment lists.