Master Project Cost Estimation & Value Engineering Skills

Course Description

This comprehensive 5-day course equips participants with advanced skills in project cost estimating, budgeting, and value engineering. Learn to accurately forecast project costs, develop effective budgets, and apply value engineering techniques to optimize project value. Gain practical experience in various estimation methods and enhance your decision-making skills in project cost management.

Learning Objectives

• Master techniques for accurate project cost estimation from conceptual to detailed stages
• Develop proficiency in creating comprehensive project budgets and cash flow forecasts
• Learn to apply value engineering methodologies to enhance project value and reduce costs
• Understand risk analysis and mitigation strategies in project cost management
• Gain skills in life-cycle costing and benefit-cost analysis for informed decision-making

Course Modules

Day 1: Fundamentals of Project Cost Estimating

• Introduction to project cost management
• Cost estimating basics and terminology
• Types of estimates and their applications
• Cost estimation techniques and tools

Day 2: Advanced Cost Estimating and Budgeting

• Detailed cost breakdowns and work packages
• Resource allocation and cost assignment
• Developing project budgets and cash flow forecasts
• Budget control and performance measurement

Day 3: Value Engineering Principles and Methodologies

• Introduction to value engineering concepts
• Function analysis and FAST diagramming
• Creative problem-solving techniques
• Value engineering job plan implementation

Day 4: Risk Management in Cost Estimation

• Identifying and assessing cost-related risks
• Quantitative and qualitative risk analysis methods
• Risk mitigation strategies and contingency planning
• Monte Carlo simulation for cost risk analysis

Day 5: Life-Cycle Costing and Decision Making

• Life-cycle cost analysis techniques
• Benefit-cost analysis for project evaluation
• Making informed decisions using cost data
• Presenting and communicating cost estimates effectively

Practical Wins for Participants

• Ability to produce accurate and reliable project cost estimates
• Skills to develop comprehensive project budgets and control costs effectively
• Expertise in applying value engineering to optimize project value and reduce costs
• Enhanced decision-making capabilities in project cost management