Project Cost Estimating, Budgeting & Value Engineering Skills

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