Project Cost Estimation: 5-Day Course for Accurate Budgets

Course Description

This comprehensive 5-day course equips participants with advanced techniques for accurate project cost estimation in construction. Covering everything from initial budgeting to final cost control, the course emphasizes practical skills in estimating, value engineering, and cost management. Participants will learn to create precise estimates, control project costs effectively, and maximize project value.

Learning Objectives

• Develop accurate cost estimates using various techniques including parametric, bottom-up, and three-point estimating
• Create and manage project budgets effectively
• Apply value engineering principles to optimize project costs without sacrificing quality
• Implement cost control methods, including Earned Value Management (EVM)
• Understand and mitigate financial risks in construction projects
• Utilize modern software tools for cost estimation and management

Course Modules

Day 1: Fundamentals of Project Cost Estimation

• Introduction to project cost management
• Types of cost estimates
• Cost estimation process and best practices
• Understanding project scope and its impact on costs

Day 2: Advanced Estimation Techniques

• Parametric estimating
• Bottom-up estimating
• Three-point estimating
• Analogous estimating and benchmarking

Day 3: Budgeting and Cost Control

• Developing project budgets
• Cost baseline creation
• Earned Value Management (EVM) principles
• Change management and cost impact analysis

Day 4: Value Engineering and Risk Management

• Principles of value engineering
• Cost-benefit analysis techniques
• Identifying and quantifying project risks
• Risk mitigation strategies and contingency planning

Day 5: Modern Tools and Industry Best Practices

• Cost estimation software and tools
• Building Information Modeling (BIM) for cost management
• Industry benchmarks and standards
• Case studies and practical applications

Practical Wins for Participants

• Ability to create accurate and reliable cost estimates for construction projects
• Skills to effectively control project costs and manage budgets
• Techniques to optimize project value through strategic cost management
• Proficiency in using modern cost estimation tools and software