Course description
Projects cannot be successful without accurate and timely project cost estimating. Estimating is a practice that occurs throughout the project management lifecycle, and so it must be done effectively and efficiently.
Cost estimation is an approximate method of knowing the cost of a program, project or operation. It is a product of a cost estimation process.
Project Cost Estimating Techniques training course will provide the skills to correctly/accurately cost estimate a project and prepare budget reports based on it.
The estimating techniquesin this course will provide delegates with the necessary skills to forecast accurately the anticipated costs of projects with a focus on estimates for pre-construction services, estimating sub-contractor work, estimating general conditions, pricing self-performed work, and estimating negotiated contracts.
Suitability - Who should attend?
The Project Cost EstimatingTechniques training course is ideal for :
- Project Cost Estimators
- Project Designers
- Project Planners and Schedulers
- Contracts Professionals
- Project Procurement and Purchasing Staff
- Project Control and Business Services Professionals who have the responsibility for preparing cost estimates and project proposals in client and contracting companies
Outcome / Qualification etc.
At the end of the The Project Cost EstimationTechniques training course,delegates will learn how to:
- Learn the methods of cost estimation in a project, from the initial stages of the project till the final stage.
- Preparation of lump-sum, cost-plus and unit price and time and materials estimate and contracts.
- Analysing and applying risk assessment method to reduce risks at minimal costs.
- Contingency plan for residual risks
- Understand different types of contracts
Training Course Content
Day 1
The methodology of Cost Estimation
- Fundamental information about project management
- Setting up projects for success
- Importance of cost management and cost control in projects
- Methods of cost selection and resource and cost allocation
- Understanding project management data and how to apply cost estimation
Day 2
Cost Analysis, Contracts and Risk Distribution
- Methods of Cost budgeting
- Understanding the requirements of resource
- Difference between “Direct costs” and “Indirect costs”
- Concept of risk distribution in contracting and allocation of risk in contracts
- Types of contracts in cost estimation/budgeting
Day 3
Construction Cost Estimation Methods
- Cost estimation of materials
- Approximate method of estimation
- Labour estimation and detailed cost estimation with labour
- Methods of procurement management
- Risk profiles in a project (estimation for probability of risks in a project)
Day 4
Budgeting of Project and Cost Control
- Analysis of risk
- Understanding the concept of “Qualitative risk analysis” vs “Quantitative risk analysis”
- Training on developing risk assessment matrix
- Strategies and tools for risk response planning
Day 5
Advanced Estimating Methods: BIM and CER
- Building information modelling (BIM)
- Technique of cost estimating relationship(CER)
- Computer training on cost estimation and control charts
- Concept of cash flow management
- Review of the course and “Question and Answer session”
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London Premier Centre
London Premier Centre is a UK leading training provider based in London and specialises in international short courses. Our inspiring, comprehensive portfolio of more than 400 professional development courses and seminars covers a wide range of professions from Administration, Leadership,...