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Course Code: FNBN 129
6136 Course Visits
Project Cost Estimation Techniques
Course Sector:
Finance, Accounting and Banking
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Introduction
Training course introducion / brief
Cost estimates greatly impact the success of any project: between getting projects running quickly or it being delayed and cancelled. Cost estimation strategies allows project managers to have forecast the resources essential for each stage of a project to ensure that projects stay on track within the set time and budget.
This training course is designed to provide participants with the key and relevant concepts of cost estimating in order for them to create an accurate forecast of costs for pre-construction services, estimating sub-contractor work, estimating general conditions, pricing self-performed work, and estimating negotiated contracts. The course will cover topics such as the requirements for estimating costs, components of project estimates, estimating vs budgeting, and many more.
Course Objectives
At the end of the training course, participants will be able to
- Gain a comprehensive understanding of the essential concepts and terms related to cost estimating.
- Understand the different estimate classifications and components, and the functions of each.
- Identify and apply techniques used in Project estimating, from the conceptual stage to the final detailed estimate
- Know the difference between estimating and budgeting.
- Apply proper risk analysis to effectively mitigate risks at minimal costs, and to determine appropriate contingencies for residual risks
Course Audience
Who is this course for, and can benefit the most
- Executives who have strategic financial oversight of their unit or organization
- Finance-related roles
- Accounting-related roles
- Marketing Managers
- Financial managers
- Affiliate marketing leaders
- Career Enhancers
- Digital Innovators
- Business owner / Entrepreneur
- General / Senior Accountant
- Business Project Manager
- Bank Branch Manager
- Structured Finance Senior Relationship Manager
- Finance Transformation Manager
- Risk Manager
- Investment Analyst
Course Outline
The course aims and learning outcomes
Cost Estimating Essential Concepts
- Classifications of estimates
- Estimates’ accuracy
- Estimating and project funding approvals’
- How many estimates during a project life span
- Requirements for Proper Estimating
- Scope of Work
- Schedule
- Influence of Project Management Maturity
- Cost Estimating Essential Components
- Direct versus indirect costs
- Productivity
- Non-obvious costs
- Management and overhead
- Escalation factors
- Special allowances
- Reserves
- Contingency reserve
- Management Reserve
- Estimating versus budgeting
- Control estimate
- Control accounts
- Estimating tools and techniques
Project Cost Estimation
- Key concepts of project management
- Importance of cost management and cost control in projects
- Methods of cost selection, and resource and cost allocation
- Project management data and how to apply cost estimation
Cost Analysis, Contracts and Risk Distribution
- Methods of Cost Budgeting
- The requirements of resource
- Concept of risk distribution in contracting and allocation of risk in contract
- Types of contracts in cost estimation/budgeting
Developing the Project Budget and Cost Control
- Risk Identification, Analysis and Management
- Qualitative Risk Analysis
- Quantitative Risk Analysis
- Risk and Probability Matrix
- Risk Response Strategy
- Cash Flow Management
Approximate and 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 Modelling (BIM)
- Techniques of Cost Estimating Relationship (CER)
- Computer training on cost estimation and control charts
Providers and Associations
Providing the best training services and benefits to our valued clients
Boost certificate of completion
BOOST's Professional Attendance Certificate “BPAC” is always given to the delegates after completing the training course, and depends on their attendance of the program at a rate of no less than 80%, besides their active participation and engagement during the program sessions.
ENDORSED EDUCATION PROVIDER
Flexible deadlines
Customized dates accordance to your schedule
Shareable Certificate
Earn certificate upon completion
COURSE METHODOLOGY
Our Training programs are implemented by combining the participants' academic knowledge and practical practice (30% theoretical / 70% practical activities).
At The end of the training program, Participants are involved in practical workshop to show their skills in applying what they were trained for. A detailed report is submitted to each participant and the training department in the organization on the results of the participant's performance and the return on training. Our programs focus on exercises, case studies, and individual and group presentations.
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