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Course


Cost Estimation, Budgeting, and Control

During this course you will learn about the modern methods and techniques of cost

estimating. You will understand the requirements for the different stages of the project

preconstruction phases and how to comply with developing estimates for different

project stakeholders (owners, consultants, contractors). You will understand the level of

detail and information needed to be able to monitor and develop metrics against your

initial estimates and project programmes during the project execution. You will learn for

what indices and what warnings to look for during the execution to avoid cost overruns

and to deliver projects on budget and on time.

 

Course Outline

 

Introduction to Estimating & Cost Management

  • Cost Estimating
  • Quantity Surveying
  • Essential Cost Terminology
  • Budget Development
  • Schedule Development
  • Project Management
  • Cost Management
     

Cost Estimating Principles

  • Classes / Stages of Estimates
  • Rule of Thumb & Analogous Estimating
  • Conceptual Estimating
  • Parametric Estimating
  • Detailed Estimating
  • Types and Working Examples of Detailed Estimates (Activity Based vs Resource Based)
  • Requests for Quotes and Comparison Tables
  • Cost Estimating International Approaches (US vs RICS), Understanding Different Terminologies used on each
  • Cost Break Down Structures of Estimates (CSI Devisions, Uniformat and RICS standards)
  • Calculating Indirect Costs and Preliminaries
  • Estimate Markups and Totals
  • Validation & Checking of Estimates
     

Quantity Surveying

  • Methods for Quantity Takeoff (Working Examples)  
    • Excel  
    • Manual (Ruller) 
    • On-Screen Takeoff 
    • BIM
  • International Measurement Methods
    • New Rules of Measurement (NRM)  
    • Standard Method of Measurement (SMM7) 
    • Principles of Measurement International (POMI)
  • Valuation forms for measuring progress and preparing payment Bills
     

Advanced Cost Estimating Topics

  • Theoretical Background of Assemblies and Smart Assemblies
  • Examples of Smart Assemblies (Highways, Utilities, Buildings, Pipelines)
  • Value Engineering principles with Cost Models / Smart Assemblies
  • Constructability Analysis on Estimates
  • Cost Optimization through Optimum Resource Allocation
  • BIM Based Estimating Principles (5D)
  • Examples of Commercial Cost Libraries for Estimate Development (RS Means, BCIS, Richardson’s)
  • Location factors and historical data adjustments
  • Rate forecasting
  • Risk Analysis and Monte Carlo Simulation on Estimates for Probabilistic Assessment of Costs / Tenders
     

Scheduling

  • Defining the Work Break Down Structure
  • Identifying Activities
  • Calculating the Duration of Activities
  • Defining the Logic and Developing the Barchart
  • Cost / Resource Loading a Project Programme
  • Cash Flow Development
  • Programme Baselining
     

Cost Control & Progress Monitoring

  • Updating the Project Programme and Recording Actuals
  • Earned Value
  • Measuring Productivities
  • Key Performance Indexes
  • Cost to Complete

For more info: info@advisors.co

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