Project Cost Estimating, Budgeting & Value Engineering Skills

Created by LEC Team
Last updated Mon, 27-Mar-2023
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Besides, choices regarding maximizing project prices without sacrificing quality or capability are extremely depending on the use of a set of systematic and also logical procedures and also techniques to improve the whole-life task worth. This course will certainly offer the delegates with the required abilities needed for properly estimating the overall cost of their suggested jobs, eliminating unnecessary prices, connecting expense quotes to chosen procurement approaches, and enhancing the total worth of project delivery.

The program provides a series of estimating techniques and also procedures to forecast accurately the prepared for expenses of tasks with a focus on budget plan price quotes, price quotes for pre-construction services, estimating service provider and sub-contractor work, approximating basic conditions, rates self-performed job, estimating discussed contracts, and performing lump-sum and unit-price quotes.

Course Goals of Project Cost Estimating, Budgeting & Value Design Abilities


  • Gain an understanding of strategies used in project estimating, from the theoretical phase to the last in-depth quote
  • Recognize the different sorts of price quotes utilized to properly as well as gradually quote job costs
  • Comprehend the different sorts of contracts based on the circulation of risk in between having celebrations
  • Understand the essential concepts of Value Design and also Evaluation
  • Show efficiency in using life-cycle costing concepts
  • Objectively offer a convincing situation on behalf of certain job alternatives


Day 1
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

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 2
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

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 3
Advanced Estimating Methods
  • Building Information Modeling (BIM)

  • Cost Estimating Relationships (CER)

  • Computer Estimating

  • Control Charts

Framework for Applying Value Engineering in Projects

  • Defining Value and Value Engineering concepts and principles

  • How and when is Value Engineering applied?

  • Project definition through stakeholder analysis and management

  • Identifying relationships between Value, Cost, and Worth

  • Overview of Different Value Engineering Phases



Day 4
The Function Analysis Phase - Expressing Project Functional Needs and Constraints
  • The Information Phase – steps and procedures

  • Developing Value Engineering Job Plan

  • Defining project constraints

  • What is function analysis and Function-Cost-Worth Analysis?

  • Developing FAST Diagrams to identify critical project components

  • Cross-Functional Project Team Approach

The Creative Phase - Inspiring Creativity in Your Project Team

  • Creativity and Creative thinking within the project environment

  • Creative thinking techniques

  • Reaching consensus and leveraging the power of project team collaboration

  • Project risk perception and identification

  • Identifying priorities through paired comparison

  • The output of the Creative Phase



Day 5
The Evaluation Phase - Making Informed Project Decisions
  • Project evaluation methods

  • Performing project risk and scenario analyses

  • Life-cycle costing techniques

  • Incremental benefit-cost analysis for project evaluation

  • Effective Decision-making in a project environment

  • The output of the Evaluation Phase

The Planning and Reporting Phases - Getting Results through Effective Communication


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