Why Choose this Course?
The estimating techniques covered in this course will provide delegates with the necessary skills to forecast accurately the anticipated costs of projects with a focus on estimates for pre-construction services, estimating sub-contractor work, estimating general conditions, pricing self-performed work, and estimating negotiated contracts.
The development of reliable cost estimates during the design and early conceptual stages of a proposed project is of critical importance since the decision to proceed with a project is often based almost exclusively on early conceptual cost estimates. These estimates also provide the basis for the cash flow projections and forecasts used during the project feasibility study.
What are the Goals?
By the end of this course, participants will be able to:
- Apply techniques used in Project estimating, from the conceptual stage to the final detailed estimate
- Understand the different types of contracts based on the distribution of risk between contracting parties
- Synthesize innovative incentive arrangements to get the best results from the contract
- Apply proper risk analysis to effectively mitigate risks at minimal costs, and to determine appropriate contingencies for residual risks
- Prepare lump-sum, unit-price, cost plus, and time-and-materials estimates and contracts
Who is this Course for?
This course is suitable to a wide range of professionals but will greatly benefit:
- Project Cost Estimators
- Project Designers
- Project Planners and Schedulers
- Contracts Professionals
- Project Procurement and Purchasing Staff
- Project Control and Business Services Professionals who have the responsibility for preparing cost estimates and project proposals in client and contracting companies
How will this be Presented?
This course will utilise a variety of proven adult learning techniques to ensure maximum understanding, comprehension and retention of the information presented. Delegates will develop advanced project cost estimating and cost management skills and knowledge through formal and interactive learning methods. This includes individual exercises, team projects, applicable case studies and group discussions. Additionally, the course does not assume prior knowledge of the topics covered in the course. New concepts and tools are introduced gradually to enable delegates to progress from the fundamental to the advanced concepts of project risk management.
The Course Content
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
- AZTech Certificate of Completion for delegates who attend and complete the course