Cost Management



Accurate cost estimating is an essential part in planning projects and it needs to be done in different manners at different stages. Cost estimating is the calculation and analysis of the many items that influence and contribute to the cost of the project. Estimating is a complex process involving collection of available and pertinent Information relating to the scope of a project, expected resource consumption and future changes in resource costs. The objective of cost estimate is to produce an accurate, cost effective prediction of what a project will most likely cost. This course emphasizes a rational approach toward estimating which includes simple calculations techniques. The course will provide participants with tools and techniques with which they can estimate their assigned works. The course also provides examples of basic calculations to deliver understanding to attendees as well as introduce hands on training on simplified spreadsheet program used for cost estimating. Upon completion of this course the attendee will have the knowledge to explain estimates to stakeholders and how to document and improve estimates.



Module (1) Cost Engineering & Management

1.1            What is Cost Engineering?

1.2            Why is it important?

1.3            What Cost Engineering now does for its users?

1.4            Cost Estimating Methods

1.5            Benefits of Cost Engineering

1.6            Project life cycle

1.7            Types of cost estimating

1.8            Cost estimating challenges

1.9            Project costs

1.10           Production rates


Module (2) Cost Estimating

2.1   Conceptual Cost Estimate

2.2   Parametric Cost Estimate

2.3   Detailed Cost Estimate

2.4   Materials Handling

2.5   Estimating Indirect Cost

2.6   Estimating accuracy

2.7   Allowances and Contingency


Module (3): Life-Cycle Costing and Value Engineering

3.1   Contract Cash Flow

3.2   Time-Value of Money

3.3   Value Engineering

3.4   Time-Cost Trade-Off


Module (4): Cost Budget

4.1   Contract Cash Flow

4.2   Project Cash Flow

4.3   Project Profitability Indicators

4.4   Discounted Cash Flow

4.5   Finalizing Tender Price

4.6   Mark-up estimation

4.7   Risk analysis

4.8   Identifying Cost Contingency

4.9   Pricing work items


Module (5): Cost Control and Earned value

5.1   Control System

5.2   Work Breakdown Structure

5.3   Cost Control

5.4   Work Progress

5.5   Earned Value Management



 4 hours lecture, 5 lectures per week, 20 hours

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