Cost Engineering - Effective Estimating and Cost Control of Construction Projects

This seminar examines the key concepts of cost engineering including estimating, risk analysis, cost control, scheduling and change management to achieve best value for investments and expenditures.

Course Outline

After participating in this course, you will be able to:

• Discover the basics of Project Execution and Project Control
• Be able to understand estimates and prepare Control Budgets
• Prepare meaningful Cost Reports
• Get insight into Change Management, Trends and Change Orders
• Use Project Schedules
• Prepare Cash Flow Forecasts
• Assist in Value Engineering studies
• Calculate Life Cycle Costs

Description

Project leaders and technical staff who are charged with delivering tangible results in their areas of responsibility require objective cost assessments for funding and control decisions on ongoing basis. The business purpose of the cost engineering function is to provide these assessments early and reliably, so that better decision may be made.

This seminar examines the key concepts of cost engineering including estimating, risk analysis, cost control, scheduling and change management to achieve best value for investments and expenditures. It provides methodologies, procedures and tools (e.g. tables, forms) to do the work, along with hands-on experience on their use. Participants will be in a position to use these tools and procedures starting immediately to meet success criteria of current activities.
 
Objectives

To provide an understanding of the key concepts of cost engineering and where / how they should be applied. To provide proven, effective cost estimating and control methods. To enable participants to prepare simple estimates and assess/mitigate risk by utilizing appropriate sources, and to use these data plus forecasting techniques for cost control.  

Who Should Attend

• Engineers
• Technical Staff
• Project Managers
• Construction Managers
• Entry Level Estimators
• Others who wish to increase their mastery of cost estimating and control

Program Outline

Day I

Welcome, Introduction, Workshop Preview, Learning Outcomes and the Assessment Method

I Cost Management Overview

• Typical Project Execution
• Fundamentals for cost control
• Project and process models for development
• Roles and responsibilities
• Models of project and process development
• CIQS and AACE mission statements

II Cost Engineering Practices

• Definition and types of Work Breakdown Structures/Code of Accounts
• Outputs from the process
• Data gathering
• Comparing elemental costs to a model
• Quantity surveyor training
• AACE international certification
• Changes in the workplace

III VE Workshop Process

• Value Engineering Concepts
• Optimum times to have a value engineering workshop
• Exercise

IV Risk Assessment

• Categories of risk
• Measurement for risk contingencies
• Mitigating risk
• Phases for risk assessment
• Template / sample Contingency Drawdown

Day II

V Cost Control and Management

• Setting up Control Budget
• Cost tracking
• Forecasting and trending
• Exercise on forecasting and trending
• Cost reporting
• Change requests; instructions and orders
• Schedule impacts
• Close-out procedures

VI Cost Estimating

• Estimate Categories - (AACE Classification)
• Conceptual Estimates
• Scope Definition at various stages
• Quantity based estimates
• Computerized Estimating Programs
• Estimate Allowances and Accuracy
• Quick estimates for trends

 VII Life Cycle Costing Workshop

• Overview
• The basic elements
• Benefits and uses
• Life cycle cost worksheet
• Case study
• Presentation / templates

Final Review

• Lessons learned
• Certificates
• Next steps

Questions and Answers and Feedback to Participants on Achievement of Learning Outcomes

There will be a one-hour lunch break each day in addition to a refreshment and networking break during each morning and afternoon session.

Daily Schedule:
8:00   Registration and coffee (first day only)
8:30   Session begins
12:00 Lunch
4:30   Adjournment

Faculty

Devendra s. Hundal is an estimating, planning and cost control consultant. He has worked with Suncor Energy, Alcoa, Petro Canada and Husky Energy, as well as EPC companies in the areas of estimating, planning and cost control since 2002. He retired from Fluor Canada in Calgary after 23 years, with experience in all aspects of project controls including several construction assignments. He has over 30 years industry experience. He worked as an estimating consultant and was responsible for reviewing contractor estimates and schedules on behalf of owners. As a project controls manager he was responsible for all planning, estimating, cost control, analysis and reporting on large scale grass roots petrochemical and heavy oil upgrading plants, from project kick-off to construction completion including multiple field assignment. He has extensive interface with engineering, procurement and construction personnel. He also has trainer experience in which he conducted various training courses for estimating and project controls personnel at Fluor Canada.

Additional Details

Pre-Requisites

Certificates offered

1.2 CEU / 12 PDH * The course also includes a copy of the text book, Construction Budgeting, 2nd Edition

Cancellation Policy

To withdraw from a course, you must send a request, in writing, with the official receipt to our office. Fifteen or more business days in advance: full refund less $50.00 administration charge. Five to fifteen business days in advance: non-refundable credit of equal value for any future EPIC seminar within one year. Credits are transferable within your organization. In case of an unexpected event occurring after this time, you may send someone else to take your place without any additional cost.

Map & Reviews

EPIC Educational Program Innovations Center
[ View Provider's Profile ]

Future Inns Halifax
30 Fairfax Drive
Halifax, NS
Canada   B3S 1P1

Reviews

 

This course has not yet been rated by one of our members.

If you have taken a course through this vendor please log into your account and leave feedback for this vendor. You will be helping ensure our members get directed to the best training facilities.

Here are some reviews of the training vendor.

   

Would have liked more interactive problem solving.

Reviewed by Allen A. 2011