An Intensive 5-day Training Course
Construction Costs and Estimating
Cost-risk, Control and Estimation Techniques
- Format: Classroom
- Duration: 5 days
- Language: English
- Accredited: CPE, KHDA Certified training courses
Cost estimating, and analysis requires a knowledge of costing combined with a variety of experiences in alternative analysis, material selection, risk management, contingency planning and contract types.
This Construction Costs and Estimating training course is designed to offer participants the opportunity to enhance their capabilities in cost estimating and analysis as a profession that combines the understanding of theoretical estimating principles with engineering, project management, procurement, and budgeting disciplines.
Participants attending this EuroMaTech training course will develop the following competencies:
- Key cost estimating and management definitions and concepts
- Various conceptual and detailed cost estimating techniques
- Cost-Risk analysis and defining the required risk reserves
- Cost controlling using earned value management
- Understand costing versus pricing
- Review contract types regarding the price payment
This EuroMaTech training course aims to enable participants to achieve the following objectives:
- Know the basic concepts of preparing costs estimates, budgets and cost reports
- Learn how to calculate, analyse and manage costs, and acquire the skill of measuring and calculate costs elements for goods and services.
- Recognize the different concepts of preparing estimated costs for projects and tenders (Pricing)
- Understand the cost control of the projects using Earned Value Management.
- Preparing policies and processes that help in estimating the financial costs of the projects and submitting proposals costs and recommendation.
WHO SHOULD ATTEND?
This EuroMaTech training course is designed specifically for those professionals who are involved in cost planning, estimating, analysis, budgeting, and controlling such as, but not limited to:
- Cost estimators and cost controllers
- Project planners and project controllers
- Project managers and team members
- Procurement leaders and staff
- Finance staff
The EuroMaTech training course will combine presentations with interactive practical case studies, supported by video materials, and group activities. Delegates will be encouraged to participate actively in relating the principles of cost estimating and management to the needs of their projects and organizations.
This Construction Costs and Estimating training course shall provide cost estimating techniques including conceptual and detailed cost estimating techniques, It will also cover the important aspect of Cost-Risk analysis and defining the required risk reserves as well as the Earned value analysis for cost controlling and reporting.
Day 1 - The Foundation for Project Cost Management
- Applications of Cost Estimating
- Types of Cost Estimates: Life Cycle Costs, Budget, Proposal, etc
- Cost Estimating Inputs and Products
- WBS and Cost Element Structure (CES)
- Estimate Development and Validation
- Estimate formal and informal reviews
- Day 1 Q and A
Day 2 - Cost Estimating Techniques and Case Studies
- Analogous Estimating Methods
- Parametric Estimating Process
- Parametric Model Development
- Bottom-Up Estimating Methods
- Estimating Labour, Material and Equipment Costs
- Cost Breakdown Structure (CBS)
- Inflation and Cost Estimating
- Inflation Indices and Procedures
- Day 2 Q and A
Day 3 - Cost Control using EVM, Learning Curve and Regression Analysis
- Earned value management (EVM)
- Cost Variance (CV)and Schedule Variance (SV)
- Schedule and Cost Performance Indices (SPI & CPI)
- Estimate At Complete (EAC) and Variance At Complete (VAC)
- Different Learning Curve Concepts and Theories
- Learning Curve Application
- Regression Analysis
- Day 3 Q and A
Day 4 - Cost Risk Analysis
- Risk Definitions and Risk Process
- Risk Management Planning and Identification
- Risk Analysis and Treatment (Mitigation)
- Quantitative Risk Analysis and Sensitivity Analysis
- Simulation and probability
- Present Value of Money and Time Value of Money
- Cost-Benefit Analysis and Breakeven Analysis
- Day 4 Q and A
Day 5 - Contracts and Pricing
- Pricing vs costing
- Pricing strategies
- Profit and Revenue
- Contract Types and Risk Sharing
- Overall Course Review
- Post Course Assessment
- Course Closure
Euromatech is a Knowledge & Human Development Authority (KHDA) approved training institute in Dubai, licensed and approved to deliver training courses in the UAE.
The KHDA is the regulatory authority in the UAE, that oversees administering, approving, supervising, and controlling the activities of various education providers in the UAE. We are proud of our commitment to ensuring quality training courses and status as a KHDA-approved training provider.
Taught by our team of highly qualified trainers, our KHDA approved training courses will provide you with an enriching learning experience and practical knowledge that will help you future-proof your career and support professional development within your organisation.