At the end of the Course Objectives of Project Cost Estimating, Budgeting & Value Engineering Skills training course you will:

• Gain knowledge of techniques used in project estimating, from the conceptual stage to the final detailed estimate

• Understand the different types of estimates used to estimate project costs accurately and progressively

• Understand the different types of contracts based on the distribution of risk between contracting parties

• Understand the fundamental concepts of Value Engineering and Analysis

• Demonstrate proficiency in applying life-cycle costing principles

• Objectively present a convincing case in support of certain project alternatives

This course is suitable for a wide range of professionals but will greatly benefit:

• Anyone involved in project initiation, engineering design, and critical assessment of projects
• All those responsible for making significant decisions concerning plans and budgets for large and complex projects
• Project or Program Sponsors, Project Managers, Cost Estimators, Cost Controllers, Engineers, Designers, and Project Staff
• All those aspiring to deliver better value in all sectors of the economy from major projects in construction, manufacturing, petrochemical, healthcare, education, legal and public services

Part 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

Part 2

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

Part 3

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

Part 4

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

Part 5

Advanced Estimating Methods

• Building Information Modeling (BIM)
• Cost Estimating Relationships (CER)
• Computer Estimating
• Control Charts

Part 6

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

Part 7

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

Part 8

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

Part 9

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

Part 10

The Planning and Reporting Phases -Getting Results through Effective Communication

• Develop and assess VE proposals to optimize project value
• Action planning roles and responsibilities
• Reporting VE findings to Senior Management and project stakeholders
• Incorporating VE into the early project phases
• Integrating VE with Continuous Improvement Techniques

RECTUS attendance certificate will be issued to all attendees completing minimum of 80% of the total course duration