Domain Specific Job Skills and Competencies
Leveraging the Best of Digital Transformation, Data Analytics and Artificial Intelligence AI
EST200-1D
1 Week Training Program
Estimating & Cost Control Skills
Building Skills & Competencies in
Implementing Practical Multi-Discipline Cost Engineering Processes
Implementing Good and Benchmarked Best Practices
- Step by Step Estimating & Cost Control Methodologies
- Incorporating Quality Assured Approach in Cost Engineering
- Effective Review & Validation Methods for Estimating
- Increase Productivity & Efficiency through Organizational Estimating & Cost Control Knowledgebase
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1 Week Training Programs
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Kualalumpur
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Seattle
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New Delhi
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New Delhi
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New York
| Seattle, USA
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London
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Kualalumpur
| Dubai
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London
| New York
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Seattle, USA
| Istanbul
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New York
| Dubai
|
Kualalumpur
| London
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What is Covered in this Program?
This Estimating & Cost Control Professional Program Provides Professional Level Skills and Competencies to Help Meet Estimating & Cost Control Operational and Strategic Objectives. This program will also provide Job Related Skills and Competencies in Cost Engineering for all Estimating, Budgeting, Cost Control and Value Engineering Professionals. Participant will gain essential multi-discipline understanding, methodologies and tools for effective estimating, budgeting, cost control and value engineering on his job. The program emphasizes use of standardized methods, procedures, knowledgebase and checklists to increase productivity and effectiveness. The participant will be empowered to participate, and potentially lead, corporate effort to build supporting knowledgebases and early warning systems for problems and opportunities.
The program will develop in the participant a professional performance level understanding of: the Estimating Function; Issues and Methods for obtaining Realistic Cost Estimates; Understanding Project Planning and how it Impacts Costs; Methodologies for Work Scope Development; Material Takeoff from Specifications Drawings; Applying Value Engineering Analysis to Estimating; Setting-up Cost Control Early Warning Systems; Using Computer Tools for Estimating; Sources of Estimating, Prediction and Value Engineering Information; Cost Control Early Warning Systems for detection of overruns; Assist participant develop Estimating Knowledgebase for his Section.
This Program will also Build Skills and Competencies in Developing Effective Estimating & Cost Control Performance Evaluation Systems, Developing Meaningful Estimating & Cost Control Key Performance Indicators KPIs, Developing & Maintaining Updated Estimating & Cost Control SOPs, Developing Knowledge System to Support Estimating & Cost Control Effectiveness and Efficiency, Leveraging Data Analytic System for Timely & Proactive Estimating & Cost Control Data, Leveraging Artificial Intelligence System for Proactive Decision Support Insights and Recommendations for Estimating & Cost Control Professionals. This program will also provide the Professional Knowledge and Skills to Plan and Implement an Internal Skills and Competency Building Training, Coaching and Mentoring System for Estimating & Cost Control Professionals and Team Members.
Estimating Methodology as a diligent determination of Future Costs with known risks and probabilities. This program will show: any prediction of the future is full of dangers - assumptions or scenarios are often hidden in any estimate, and if this program has is way, will be prominently displayed with any estimate submissions and evaluations. This program will enable reasonable prediction of the future costs through the understanding of the many factors that can influence future costs. To control the continued accuracy of our estimates and cost proposals, a data analysis and monitoring system can assist us develop an Early Warning Systems to warn of the changes and likely impacts. This will enable appropriate decisions to be taken before it is too late. This program will discuss the Data Analytics and Artificial Intelligence tools and methods that are becoming available to do this easily and proactively and often on real time basis. Program will recommend what Organizations need to implement in order to incorporate these aspects into the estimating process.
This Estimating & Cost Control Professional Program Provides Professional Level Skills and Competencies to Help Meet Estimating & Cost Control Operational and Strategic Objectives. This program will also provide Job Related Skills and Competencies in Cost Engineering for all Estimating, Budgeting, Cost Control and Value Engineering Professionals. Participant will gain essential multi-discipline understanding, methodologies and tools for effective estimating, budgeting, cost control and value engineering on his job. The program emphasizes use of standardized methods, procedures, knowledgebase and checklists to increase productivity and effectiveness. The participant will be empowered to participate, and potentially lead, corporate effort to build supporting knowledgebases and early warning systems for problems and opportunities.
The program will develop in the participant a professional performance level understanding of: the Estimating Function; Issues and Methods for obtaining Realistic Cost Estimates; Understanding Project Planning and how it Impacts Costs; Methodologies for Work Scope Development; Material Takeoff from Specifications Drawings; Applying Value Engineering Analysis to Estimating; Setting-up Cost Control Early Warning Systems; Using Computer Tools for Estimating; Sources of Estimating, Prediction and Value Engineering Information; Cost Control Early Warning Systems for detection of overruns; Assist participant develop Estimating Knowledgebase for his Section.
This Program will also Build Skills and Competencies in Developing Effective Estimating & Cost Control Performance Evaluation Systems, Developing Meaningful Estimating & Cost Control Key Performance Indicators KPIs, Developing & Maintaining Updated Estimating & Cost Control SOPs, Developing Knowledge System to Support Estimating & Cost Control Effectiveness and Efficiency, Leveraging Data Analytic System for Timely & Proactive Estimating & Cost Control Data, Leveraging Artificial Intelligence System for Proactive Decision Support Insights and Recommendations for Estimating & Cost Control Professionals. This program will also provide the Professional Knowledge and Skills to Plan and Implement an Internal Skills and Competency Building Training, Coaching and Mentoring System for Estimating & Cost Control Professionals and Team Members.
Estimating Methodology as a diligent determination of Future Costs with known risks and probabilities. This program will show: any prediction of the future is full of dangers - assumptions or scenarios are often hidden in any estimate, and if this program has is way, will be prominently displayed with any estimate submissions and evaluations. This program will enable reasonable prediction of the future costs through the understanding of the many factors that can influence future costs. To control the continued accuracy of our estimates and cost proposals, a data analysis and monitoring system can assist us develop an Early Warning Systems to warn of the changes and likely impacts. This will enable appropriate decisions to be taken before it is too late. This program will discuss the Data Analytics and Artificial Intelligence tools and methods that are becoming available to do this easily and proactively and often on real time basis. Program will recommend what Organizations need to implement in order to incorporate these aspects into the estimating process.
Who Should Attend?
This Training is intended for Professionals Seeking High Level Expertise in Estimating & Cost Control, including, Preparing, Analyzing, Reporting, Auditing or Approving Budgets, Estimates, Value Engineering Proposals, Change Orders/ Variation Orders, Evaluate Claims of Contractors or Additional Budget Requests and Cost Control Functions.
This Program can also be used to train Estimating, Budgeting, Cost Control, Value Engineering and Project Management teams.
This Training is intended for Professionals Seeking High Level Expertise in Estimating & Cost Control, including, Preparing, Analyzing, Reporting, Auditing or Approving Budgets, Estimates, Value Engineering Proposals, Change Orders/ Variation Orders, Evaluate Claims of Contractors or Additional Budget Requests and Cost Control Functions.
This Program can also be used to train Estimating, Budgeting, Cost Control, Value Engineering and Project Management teams.
Program Content & Modules
Estimating & Cost Control Skills
Business Aspects (Use, Value, Impact) of Estimating
Big Picture Business Aspects of Budgeting
Big Picture Business Aspects of Cost Control
Big Picture Business Aspects of Value Engineering
Estimating Step-by-Step Methodology
Budgeting Step-by-Step Methodology
Cost Control Step-by-Step Methodology
Estimating, Budgeting, Cost Control
(1) Operational Objectives
(2) Strategic Objectives
(3) Customers & Stakeholders
( (4) Performance Expectations
(5) Key Performance Indicators
(6) Data Required for Decision Making
(7) Sources of Data
(8) Risks and Sources of Error
(9) Performance DashboardsAccuracy in Estimating & Budgeting
Classification of Costs
Updating Data to Current Relevance using
(1) Escalation Formulas
(2) Other Aspects Impacting Estimates & BudgetsProject Proposal Preparation
Preparing a Project Contract Bid
Treatment of Risks & Contingencies
Calculating Production Costs
Impact of Contract Conditions on Estimates & Bids
Good Management Process Practices while
(1) Estimating
(2) Budgeting (3) Cost ControlPre-Estimating Documents and Date Collection
Breaking the Project into Deliverables (WBS)
Identifying Tasks for each Deliverable
Deciding between Work Methods Used - Where Alternatives Exist
Estimate Work Quantities and Resource Requirements
Contingencies for Known Problems & Inefficiencies
Estimating Direct Costs
Adjusting Direct Costs for Contingencies
Estimating Site Overheads
Estimating Head Office Overheads
Estimating Contractual Contingencies
Contractor's Contingency Allowances
Owner or Client's Contingency Allowances
Treatment of Profit
Presenting the Estimate & Basis
Alternate Estimates Plan B, Plan C, Monte Carlo Analysis
Cost Control of Raw Materials
Cost Control through Standardization
Smart Dynamic Cost Control
Impact of Project Changes, Variation Orders & Claims
Reporting Cost Control Variances the New Approach
(1) Good Cost Variances
(2) Neutral Cost Variances
(3) Bad Cost OverrunsEarly Warning Systems for Proactive Reporting Cost Performance
Computer Tools for Estimating & Budgeting
Impact of Contract Conditions on Estimates
Good Estimating Process Practices
Planning & Scheduling Decisions Impacting Estimates & Costs
Useful Internal & External Data Sources for Estimating
Program Recommendations
Outline Estimating & Cost Control Improvement Action Plan