ROMAN Consulting Group
Estimate Reviews and Validation
If no one's challenged your estimate, it's probably not ready yet. Even strong teams miss details in early estimates, overlooked assumptions, misapplied escalation, contingencies stretched too thin or padded without reason, fuzzy scope boundaries. ROMAN Consulting Group provides independent estimate reviews for EPC and third-party capital project estimates, adding the discipline and structure that ensures an estimate aligns with both project definition and industry best practice before it becomes the basis for a funding decision.
What is Estimate Reviews and Validation
An independent estimate review is a structured evaluation of an already-developed cost estimate, conducted in accordance with AACE Recommended Practice 31R-03, assessing estimate quality, suitability, and alignment with project objectives. Unlike a "red-line" check of arithmetic, the review evaluates the methodology, assumptions, and documentation behind the number, most critically, whether the Basis of Estimate (BoE) is clear enough to support the decision it's meant to inform.
Our Approach
Methodology and Input Validation — confirming the methodology and inputs used to develop the estimate are sound and appropriately applied
Classification Confirmation — verifying the estimate class and its associated accuracy range genuinely reflect project definition
Scope Alignment — assessing scope coverage, exclusions, and alignment with the current project definition
Escalation and Contingency Defensibility — evaluating escalation, contingency, indirects, and contractor markups for defensibility, per AACE RP 110R-20's dual lens of predictability (can the project deliver within budget) and competitiveness (are costs in line with market norms)
Benchmarking — comparing the estimate against industry data and metrics to confirm it holds up outside the document itself
Where useful, ROMAN develops a Should-Cost Estimate as an independent baseline for evaluating contractor pricing. Reviews are performed by AACE-credentialed practitioners using tools including Aspen Capital Cost Estimator (ACCE), supported by vendor outreach and current market data.
Built for Owners Validating Contractor Numbers
Owners and EPCs who have received a third-party or contractor-developed estimate and need an independent check before relying on it. Organizations preparing to negotiate contractor pricing and needing a defensible reference point. Capital committees requiring assurance that an estimate's contingency and escalation are justified, not just asserted.
Case Study
An EPC contractor submitted a lump-sum proposal to a mid-size owner ahead of contract award. The owner's internal team felt the number was high but lacked a structured basis to challenge it. ROMAN's independent review found the estimate's escalation rate had been applied uniformly across all cost categories rather than differentiated by commodity, materially inflating the contingency requirement. Armed with ROMAN's findings, the owner returned to the negotiating table with a specific, defensible basis for renegotiation, rather than a general sense the number felt high.
Frequently Asked Questions
Q, What is an independent estimate review?
A. An independent estimate review is a structured evaluation of an existing cost estimate's methodology, scope alignment, and contingency, conducted per AACE Recommended Practice 31R-03, to confirm the estimate is defensible and aligned with project maturity.
Q. How is this different from Independent Estimating?
A. Independent Estimating builds a cost estimate from the ground up. Estimate Reviews and Validation evaluates an estimate that already exists, typically one provided by a contractor or third party, checking it for defensibility rather than producing a new number from scratch.
Q. What AACE standards guide ROMAN's estimate reviews?
A. ROMAN's reviews are grounded in AACE Recommended Practice 31R-03 (estimate review methodology) and RP 110R-20 (predictability and competitiveness in cost estimates).
