Project Cost Engineering
Master how to avoid pitfalls, mistakes, and inaccuracies that can spell the difference between failure and success in any project.
About the Course
Cost engineering is a fundamental but challenging task for contract and project managers. This course helps employees to master the approaches to estimating costs and schedules for any project. A thorough understanding of the various project areas that must be estimated and the tools and methodologies best suited for the estimates underscores the importance of effective estimating throughout the project management life cycle.
Participants will benefit from seasoned advice on avoiding pitfalls, mistakes, and inaccuracies that can spell the difference between failure and success in any project.
At the end of this 3-day training, participants will be able to:
1. Create and use a solid work breakdown structure (WBS) and resource breakdown structure (RBS) to estimate cost and work - Preliminary, Budget, and Definitive Cost Estimates
2. Create cost estimates using different estimating techniques
3. Perform Value Analysis of projects
4. Incorporate risk and uncertainty in their estimates, and provide range estimates
5. Apply a formal process to create a cost estimate for any project
This project Cost Engineering course is intended for intermediate-level Program and Project Managers involved in Capital Budgeting, Portfolio, Program or Project Management, Project Cost Estimating, Resource Allocation/Optimization, Business Case Analysis, etc.
Course Content
- Cost Engineering Overview
- Cost Management Plan:
a. Management of cost through the cycle of a project,
b. Units of measure, precision level of estimates,
c. Organizational procedure links,
d. Control thresholds,
e. Earned Value Rules,
f. Reporting Formats,
g. Process descriptions etc.
- Methodologies and tools for effective estimating:
a. Analogous estimating,
b. Parametric and Bottom Up estimating,
c. Activity Based Costing
- Project Budget Determination:
a. Cost Baseline Budget,
b. Estimate padding,
c. Reserve Analysis and
d. Project Budget.
- Cost Baseline Budget and the S- Curve.
- Cost Control:
a. Earned value Management;
b. Performance Management with Earned Value;
c. Earned Value Examples.
- Economic and Business case analysis and assessment.
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