By the end of the program, 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

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

Day 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

Day 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

Day 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

Day 5

Advanced Estimating Methods

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