Project Cost Estimating, Budgeting & Value Engineering Skills

Course Info

Length: 2 Weeks

City: London

Type: In Classroom

Available Dates

  • Apr-01-2024

    London

  • Apr-29-2024

    London

  • May-06-2024

    London

  • June-03-2024

    London

  • July-01-2024

    London

  • July-29-2024

    London

  • Aug-05-2024

    London

  • Sep-02-2024

    London

  • Sep-30-2024

    London

  • Oct-07-2024

    London

  • Nov-04-2024

    London

  • Dec-02-2024

    London

  • Dec-30-2024

    London

Dates in Other Venues

  • Apr-01-2024

    Amsterdam

  • Apr-08-2024

    Kuala Lumpur

  • Apr-08-2024

    Istanbul

  • Apr-15-2024

    Singapore

  • Apr-15-2024

    Paris

  • Apr-22-2024

    Amsterdam

  • Apr-22-2024

    Barcelona

  • Apr-29-2024

    Dubai

  • May-06-2024

    Amsterdam

  • May-13-2024

    Istanbul

  • May-13-2024

    Kuala Lumpur

  • May-20-2024

    Singapore

  • May-20-2024

    Paris

  • May-27-2024

    Dubai

  • May-27-2024

    Barcelona

  • June-03-2024

    Amsterdam

  • June-10-2024

    Istanbul

  • June-10-2024

    Kuala Lumpur

  • June-17-2024

    Singapore

  • June-17-2024

    Paris

  • June-24-2024

    Dubai

  • June-24-2024

    Barcelona

  • July-01-2024

    Amsterdam

  • July-08-2024

    Kuala Lumpur

  • July-08-2024

    Istanbul

  • July-15-2024

    Singapore

  • July-15-2024

    Paris

  • July-22-2024

    Barcelona

  • July-22-2024

    Amsterdam

  • July-29-2024

    Dubai

  • Aug-05-2024

    Amsterdam

  • Aug-12-2024

    Istanbul

  • Aug-12-2024

    Kuala Lumpur

  • Aug-19-2024

    Paris

  • Aug-19-2024

    Singapore

  • Aug-26-2024

    Dubai

  • Aug-26-2024

    Barcelona

  • Sep-02-2024

    Amsterdam

  • Sep-09-2024

    Istanbul

  • Sep-09-2024

    Kuala Lumpur

  • Sep-16-2024

    Paris

  • Sep-16-2024

    Singapore

  • Sep-23-2024

    Amsterdam

  • Sep-23-2024

    Barcelona

  • Sep-30-2024

    Dubai

  • Oct-07-2024

    Amsterdam

  • Oct-14-2024

    Istanbul

  • Oct-14-2024

    Kuala Lumpur

  • Oct-21-2024

    Singapore

  • Oct-21-2024

    Paris

  • Oct-28-2024

    Dubai

  • Oct-28-2024

    Barcelona

  • Nov-04-2024

    Amsterdam

  • Nov-11-2024

    Kuala Lumpur

  • Nov-11-2024

    Istanbul

  • Nov-18-2024

    Singapore

  • Nov-18-2024

    Paris

  • Nov-25-2024

    Barcelona

  • Nov-25-2024

    Dubai

  • Dec-02-2024

    Amsterdam

  • Dec-09-2024

    Kuala Lumpur

  • Dec-09-2024

    Istanbul

  • Dec-16-2024

    Paris

  • Dec-16-2024

    Singapore

  • Dec-23-2024

    Amsterdam

  • Dec-23-2024

    Barcelona

  • Dec-30-2024

    Dubai

Course Details

Course Outline

10 days course

Cost Estimating Basics

 

 

  • Basic Project Management definitions
  • Cost Selection Methods
  • Typical project terminology & setting up for success
  • Project cost management, Cost Control
  • Resource & Cost Allocation
  • Understanding project management inputs to cost estimation

Pricing, Contracts, and Risk

 

 

  • Project management inputs to cost budgeting
  • Resource Requirements
  • Direct & Indirect Project Costs
  • Probability and Standard Deviation Formulae
  • Contract types according to risk distribution
  • Fixed Price Contracts, Cost-Plus Contracts

Developing the Project Budget & Cost Control

 

 

  • Risk Identification, Analysis & Management
  • Qualitative Risk Analysis
  • Quantitative Risk Analysis
  • Risk & Probability Matrix
  • Risk Response Strategy
  • Cash Flow management

Approximate & Detailed Estimating Methods

 

 

  • Material Estimating
  • Civil/Construction Estimating
  • Labor estimating, Detailed estimating with labor crews
  • Procurement Management
  • Risk distribution in contracting
  • Project risk profiles

Advanced Estimating Methods

 

 

  • Building Information Modeling (BIM)
  • Cost Estimating Relationships (CER)
  • Computer Estimating
  • Control Charts

Framework for Applying Value Engineering in Projects

 

 

  • Defining Value and Value Engineering concepts and principles
  • How and when is Value Engineering applied?
  • Project definition through stakeholder analysis and management
  • Identifying relationships between Value, Cost, and Worth
  • Overview of Different Value Engineering Phases

The Function Analysis Phase - Expressing Project Functional Needs and Constraints

 

 

  • The Information Phase – steps and procedures
  • Developing Value Engineering Job Plan
  • Defining project constraints
  • What is function analysis and Function-Cost-Worth Analysis?
  • Developing FAST Diagrams to identify critical project components
  • Cross-Functional Project Team Approach

The Creative Phase - Inspiring Creativity in Your Project Team

 

 

  • Creativity and Creative thinking within the project environment
  • Creative thinking techniques
  • Reaching consensus and leveraging the power of project team collaboration
  • Project risk perception and identification
  • Identifying priorities through paired comparison
  • The output of the Creative Phase

The Evaluation Phase - Making Informed Project Decisions

 

 

  • Project evaluation methods
  • Performing project risk and scenario analyses
  • Life-cycle costing techniques
  • Incremental benefit-cost analysis for project evaluation
  • Effective Decision-making in a project environment
  • The output of the Evaluation Phase

The Planning and Reporting Phases -Getting Results through Effective Communication

 

 

  • Develop and assess VE proposals to optimize project value
  • Action planning roles and responsibilities
  • Reporting VE findings to Senior Management and project stakeholders
  • Incorporating VE into the early project phases
  • Integrating VE with Continuous Improvement Techniques

Course Video