Cost Estimating Essentials
Cost estimation is a dynamic discipline as part of the ever-evolving project cost management field. The estimating methodologies keep changing as the possibilities to collect and analyze project data expands with technological advancements. Whether you are a project manager or a cost estimator, it is essential to keep your cost estimating skills relevant to the changing environment to advance in your career.
- About the course
- Who should attend
About the course
Cost Estimating Essentials Course by Cost Engineering Academy covers A to Z of cost estimation. You will learn terminology and approaches for different aspects of cost estimating while also learning how to apply them in your everyday work.
What you’ll learn
By the end of the course, you will have gained:
- An understanding of the essentials of cost estimation, cost control and planning.
You will also be able to read and use cost engineering and cost estimating reports.
- The knowledge to prepare and evaluate estimates more quickly and accurately.
This will immediately improve the control you have over your projects.
- The ability to make your own factor estimates and detailed estimates and validate those prepared by others.
- The insight to identify major cost risks of engineering.
When combined with the estimating methods, this enables you to estimate the engineering involved in your projects and prevent budget overruns.
The Cost Engineering Academy is trusted by many industry leaders, such as:
“Cost Engineering Academy is one of the best within their profession. I have attended the estimating courses and found them very helpful. The courses gave me an excellent knowledge of Cost Engineering, which helped me a lot during my work life as an Engineering Manager. The courses are “best in class” and up to date, hence I would like to recommend them as a professional .”
– Mikael Hesselberg , Engineering Manager at NNE
This course is aimed at:
This course is suitable for project team members who are looking to establish a robust command of cost estimating concepts and techniques. Experienced cost estimators who need to keep their cost estimation knowledge and skills up-to-date and relevant would benefit from this course. Also, the individuals interested in getting a comprehensive understanding of cost estimation are recommended to attend.
We encourage executives and managers to attend the course together with their teams to take full advantage of the learning opportunity and for a successful implementation.
- Project manager / director;
- Finance project executive / manager;
- Project engineer;
- Cost estimator;
- Project cost engineer;
- Discipline leads;
- Members of the purchase department;
- Members of a tendering team;
- Work preparators
- All who are involved in technical projects, cost estimation, cost control and planning and contract review in their organizations.
There are no specific requirements to be able to attend this course.
On the first day, you will learn about specific approaches to cost estimating and their related terms. You will also learn the estimation types and classifications that can be used at certain stages of your projects. The second and third day focus on detailed and factor estimating, the two main estimating techniques and how to apply them.
The fourth and final day focuses on estimating the cost of the actual engineering work. This means that, together with estimating methods, you will be able to keep the cost down for your engineering phases, and as a result of this, you will be able to prevent budget overruns.
Day 1 – Introduction to cost engineering
- The basic definitions of and ties between cost estimation, cost control and planning;
- Various contract forms;
- The position of estimating in each phase of the lifecycle of a project;
- Definitions within estimating;
- Value Engineering.
Day 2 – Detail estimating
- Estimating methods;
- Different approaches to estimating;
- Principles of the quantitative method;
- Buildup of unit rates;
- Direct versus indirect;
- Cases in preparing estimates by using various techniques for different disciplines.
Day 3 – Factor estimating
- Different factor estimating methods;
- Advantages and disadvantages;
- Quantitative estimating method;
- Estimating of equipment.
Day 4 – Estimating of engineering
- Engineering activities;
- Engineering effort in engineering phases;
- Methods of estimating engineering;
- Detailed approach per discipline.