Course Details
Your Growth, Our Mission
Course Description
The estimating techniques covered in this course will provide delegates with the necessary skills to forecast accurately the anticipated costs of projects with a focus on estimates for pre-construction services, estimating sub-contractor work, estimating general conditions, pricing self-performed work, and estimating negotiated contracts.
The development of reliable cost estimates during the design and early conceptual stages of a proposed project is of critical importance since the decision to proceed with a project is often based almost exclusively on early conceptual cost estimates. These estimates also provide the basis for the cash flow projections and forecasts used during the project feasibility study.
The Training Course Will Highlight ?
Training Objective
By the end of this course, participants will be able to:
- Apply techniques used in Project estimating, from the conceptual stage to the final detailed estimate
- Understand the different types of contracts based on the distribution of risk between contracting parties
- Synthesize innovative incentive arrangements to get the best results from the contract
- Apply proper risk analysis to effectively mitigate risks at minimal costs, and to determine appropriate contingencies for residual risks
- Prepare lump-sum, unit-price, cost plus, and time-and-materials estimates and contracts
Target Audience
This course is suitable to a wide range of professionals but will greatly benefit:
- Project Cost Estimators
- Project Designers
- Project Planners and Schedulers
- Contracts Professionals
- Project Procurement and Purchasing Staff
- Project Control and Business Services Professionals who have the responsibility for preparing cost estimates and project proposals in client and contracting companies
Training Methods
This interactive Training will be highly interactive, with opportunities to advance your opinions and ideas and will include;
- Lectures
- Workshop & Work Presentation
- Case Studies and Practical Exercise
- Videos and General Discussions
Daily Agenda
Day One: Cost Estimating Basics
- Basic Project Management definitions
- Cost Selection Methods
- Typical project terminology & setting up for success
- Project cost management, Cost Control
- Resource & Cost Allocation
- Understanding project management inputs to cost estimation
Day Two: Pricing, Contracts and Risk
- Project management inputs to cost budgeting
- Resource Requirements
- Direct & Indirect Project Costs
- Probability and Standard Deviation Formulae
- Contract types according to risk distribution
- Fixed Price Contracts, Cost-Plus Contracts
Day Three: Developing the Project Budget & Cost Control
- Risk Identification, Analysis & Management
- Qualitative Risk Analysis
- Quantitative Risk Analysis
- Risk & Probability Matrix
- Risk Response Strategy
- Cash Flow management
Day Four: Approximate & Detailed Estimating Methods
- Material Estimating
- Civil/Construction Estimating
- Labor estimating, Detailed estimating with labor crews
- Procurement Management
- Risk distribution in contracting
- Project risk profiles
Day Five: Advanced Estimating Methods
- Building Information Modeling (BIM)
- Cost Estimating Relationships (CER)
- Computer Estimating
- Control Charts
Accreditation
BTS attendance certificate will be issued to all attendees completing minimum of 80% of the total course duration.
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