Projects Management
Project Cost Estimation Techniques
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Project Cost Estimation Techniques Course
Introduction:
Accurate and timely project cost estimating is essential for project success. Estimating plays a critical role throughout the project management lifecycle, requiring effective and efficient execution.
Course Objectives:
At the end of the Project Cost Estimation Techniques 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.
- Analyzing and applying risk assessment method to reduce risks at minimal costs.
- Contingency plan for residual risks
- Understand different types of contracts
Who Should Attend?
The Project Cost Estimating Techniques 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
Course Outlines:
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
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
Construction Cost Estimation Methods
- Cost estimation of materials
- Approximate method of estimation
- Labor estimation and detailed cost estimation with labor
- Methods of procurement management
- Risk profiles in a project (estimation for probability of risks in a project)
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
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”