Project Cost Estimation Techniques

Project Cost Estimation Techniques

Monday 03 May 2021

  • Duration: One Week
  • City: London
  • Fees: 3900 GBP

Introduction:

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.

Course Objectives:

  • 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

Course Outlines

Day 1

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

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”
Download Premium WordPress Themes Free
Download Premium WordPress Themes Free
Download Premium WordPress Themes Free
Download WordPress Themes Free
online free course
download huawei firmware
Free Download WordPress Themes
udemy paid course free download

Registration Request

  • https://www.lpcentre.com/courses/project-cost-estimation-techniques-3/
  • Your email and other personal information will not be published. Required fields are marked *
  • Your mobile number is important in order to call you back if there is any problem with your registration
  • Please type your company address / P.O Box
  • This field is for validation purposes and should be left unchanged.