Which class of estimate is associated with a project definition level of 0% to 2%?

The class of estimate that corresponds to a project definition level of 0% to 2% is a Class 5 Estimate. This type of estimate is typically used during the very early stages of project development, where the scope is not well-defined and there is limited information available to base the estimate on. At this level of project definition, the estimate often relies heavily on historical data, parametric modeling, or a rough order of magnitude.

Class 5 Estimates are generally considered the least accurate, with a typical variance of -25% to +75%. They are often used for feasibility studies or preliminary budget approvals to gauge potential costs before detailed design and planning begin.

Other classes of estimates correspond to more defined project scopes and are developed at later stages of project development, where there is more information available to provide a more accurate cost prediction. Class 1, Class 2, and Class 3 estimates are associated with progressively higher levels of project definition and detail, therefore are not applicable at the very early stage represented by a 0% to 2% project definition level.