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.
This course will provide the skills to correctly/accurately cost estimate a project and prepare budget reports based on it.
In many times, a project/operation tends to go over budget and hence cost estimation is an important tool to prevent it. Also for project managers, over-budgeting in a project makes his/her credibility look bad and hence this course is been provided to learn the skills for accurate cost estimation and hence develop an economic project.
- 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
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
- 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)
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
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”