Project Cost Estimating, Budgeting & Value Engineering Skills

Course Info

Date: Dec-02-2024

Length: 2 Weeks

City: London

Fees: 8,275

Type: In Classroom

Available Dates

  • Dec-02-2024

    London

  • Dec-30-2024

    London

  • Jan-06-2025

    London

  • Feb-03-2025

    London

  • Mar-03-2025

    London

  • Apr-07-2025

    London

  • May-05-2025

    London

  • June-02-2025

    London

  • June-30-2025

    London

  • July-07-2025

    London

  • Aug-04-2025

    London

  • Sep-01-2025

    London

  • Sep-29-2025

    London

  • Oct-06-2025

    London

  • Nov-03-2025

    London

  • Dec-01-2025

    London

  • Dec-29-2025

    London

Dates in Other Venues

  • 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

  • Jan-06-2025

    Amsterdam

  • Jan-13-2025

    Barcelona

  • Jan-13-2025

    Dubai

  • Jan-20-2025

    Istanbul

  • Jan-20-2025

    Kuala Lumpur

  • Jan-27-2025

    Paris

  • Jan-27-2025

    Singapore

  • Feb-03-2025

    Amsterdam

  • Feb-10-2025

    Dubai

  • Feb-10-2025

    Barcelona

  • Feb-17-2025

    Istanbul

  • Feb-17-2025

    Kuala Lumpur

  • Feb-24-2025

    Paris

  • Feb-24-2025

    Singapore

  • Mar-03-2025

    Amsterdam

  • Mar-10-2025

    Dubai

  • Mar-10-2025

    Barcelona

  • Mar-17-2025

    Istanbul

  • Mar-17-2025

    Kuala Lumpur

  • Mar-24-2025

    Paris

  • Mar-24-2025

    Singapore

  • Apr-07-2025

    Amsterdam

  • Apr-14-2025

    Dubai

  • Apr-14-2025

    Barcelona

  • Apr-21-2025

    Istanbul

  • Apr-21-2025

    Kuala Lumpur

  • Apr-28-2025

    Singapore

  • Apr-28-2025

    Paris

  • May-05-2025

    Amsterdam

  • May-12-2025

    Dubai

  • May-12-2025

    Barcelona

  • May-19-2025

    Kuala Lumpur

  • May-19-2025

    Istanbul

  • May-26-2025

    Paris

  • May-26-2025

    Singapore

  • June-02-2025

    Amsterdam

  • June-09-2025

    Dubai

  • June-09-2025

    Barcelona

  • June-16-2025

    Kuala Lumpur

  • June-16-2025

    Istanbul

  • June-23-2025

    Singapore

  • June-30-2025

    Paris

  • June-30-2025

    Amsterdam

  • July-07-2025

    Amsterdam

  • July-14-2025

    Dubai

  • July-14-2025

    Barcelona

  • July-21-2025

    Istanbul

  • July-21-2025

    Kuala Lumpur

  • July-28-2025

    Paris

  • July-28-2025

    Singapore

  • Aug-04-2025

    Amsterdam

  • Aug-11-2025

    Barcelona

  • Aug-11-2025

    Dubai

  • Aug-18-2025

    Kuala Lumpur

  • Aug-18-2025

    Istanbul

  • Aug-25-2025

    Paris

  • Aug-25-2025

    Singapore

  • Sep-01-2025

    Amsterdam

  • Sep-08-2025

    Dubai

  • Sep-08-2025

    Barcelona

  • Sep-15-2025

    Kuala Lumpur

  • Sep-15-2025

    Istanbul

  • Sep-22-2025

    Singapore

  • Sep-29-2025

    Paris

  • Sep-29-2025

    Amsterdam

  • Oct-06-2025

    Amsterdam

  • Oct-13-2025

    Dubai

  • Oct-13-2025

    Barcelona

  • Oct-20-2025

    Kuala Lumpur

  • Oct-20-2025

    Istanbul

  • Oct-27-2025

    Singapore

  • Oct-27-2025

    Paris

  • Nov-03-2025

    Amsterdam

  • Nov-10-2025

    Barcelona

  • Nov-10-2025

    Dubai

  • Nov-17-2025

    Istanbul

  • Nov-17-2025

    Kuala Lumpur

  • Nov-24-2025

    Paris

  • Nov-24-2025

    Singapore

  • Dec-01-2025

    Amsterdam

  • Dec-08-2025

    Dubai

  • Dec-08-2025

    Barcelona

  • Dec-15-2025

    Kuala Lumpur

  • Dec-15-2025

    Istanbul

  • Dec-22-2025

    Singapore

  • Dec-29-2025

    Amsterdam

  • Dec-29-2025

    Paris

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