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
