Project Cost Estimating Skills Course | Budget Forecasting

Course Description

This intensive 5-day course equips participants with advanced skills in project cost estimation, focusing on techniques for accurate budget forecasting from conceptual stages to detailed estimates. Participants will learn to apply various estimating methods, understand risk factors, and develop comprehensive cost management strategies for successful project delivery.

Learning Objectives

• Master techniques for creating accurate cost estimates at various project stages
• Understand different contract types and their impact on cost estimation
• Develop skills in risk analysis and contingency planning for cost management
• Learn to prepare and evaluate bids, proposals, and change orders
• Gain proficiency in using cost estimation tools and software

Course Modules

Day 1: Fundamentals of Project Cost Estimating

• Introduction to cost estimating principles
• Types of estimates and their applications
• Cost estimating process and lifecycle
• Key factors influencing project costs

Day 2: Estimating Techniques and Tools

• Parametric estimating methods
• Analogous estimating techniques
• Bottom-up estimating approach
• Cost estimation software and tools

Day 3: Risk Analysis and Contingency Planning

• Identifying and quantifying project risks
• Risk analysis techniques for cost estimation
• Contingency estimation and management
• Monte Carlo simulation for cost forecasting

Day 4: Contract Types and Pricing Strategies

• Fixed-price vs. cost-reimbursable contracts
• Time and materials pricing
• Unit pricing and schedule of rates
• Incentive contracts and performance-based pricing

Day 5: Advanced Cost Management Techniques

• Value engineering in cost estimation
• Life cycle costing principles
• Earned Value Management (EVM) basics
• Cost control and change management

Practical Wins for Participants

• Ability to create accurate and reliable project cost estimates
• Enhanced skills in risk assessment and contingency planning
• Improved contract negotiation and pricing strategy capabilities
• Proficiency in using modern cost estimation tools and techniques