Course Details
Course Outline
5 days course
The methodology of Cost Estimation
- Fundamental information about project management
- Setting up projects for success
- Importance of cost management and cost control in projects
- Methods of cost selection and resource and cost allocation
- Understanding project management data and how to apply cost estimation
Cost Analysis, Contracts and Risk Distribution
- Methods of Cost budgeting
- Understanding the requirements of resource
- Difference between “Direct costs” and “Indirect costs”
- Concept of risk distribution in contracting and allocation of risk in contracts
- Types of contracts in cost estimation/budgeting
Construction Cost Estimation Methods
- Cost estimation of materials
- Approximate method of estimation
- Labour estimation and detailed cost estimation with labour
- Methods of procurement management
- Risk profiles in a project (estimation for probability of risks in a project)
Budgeting of Project and Cost Control
- Analysis of risk
- Understanding the concept of “Qualitative risk analysis” vs “Quantitative risk analysis”
- Training on developing risk assessment matrix
- Strategies and tools for risk response planning
Advanced Estimating Methods: BIM and CER
- Building information modelling (BIM)
- Technique of cost estimating relationship(CER)
- Computer training on cost estimation and control charts
- Concept of cash flow management
- Review of the course and “Question and Answer session”
