Euro Training Limited Training Programs, Workshops and Professional Certifications
...

Specific Job Related Process Knowledge and Skills

Including Leveraging the Best of Digital Transformation, Data Analytics and Artificial Intelligence AI on his Job
Audio version brochure
EST200-2
2 Week Job Process Performance & Productivity Process Skills Training

Estimating & Cost Control Work Process Skills

Building Hands-on Skills & Competencies in

  1. Implementing standardized, quality-assured methods and procedures in estimating and cost control.

  2. Building and maintaining a knowledge base for improved productivity and organizational efficiency.

  3. Leveraging value engineering to optimize costs without compromising quality.

  4. Utilizing data analytics and AI tools for real-time cost monitoring and decision-making.

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2 Week Training Programs

Kualalumpur
20-31 Jan 2025
Dubai
3-14 Feb 2025
London
17-28 Feb 2025
New York
2-13 March 2025
Seattle, USA
16-27 March 2025
Istanbul
30 March-10 April 2025
New York
13-24 April 2025
Dubai
27 April-8 May 2025
Kualalumpur
11-22 May 2025
London
25 May-5 June 2025


Useful Links


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What is Covered in this Job Process Workshop?

  1. Train participants in multi-discipline methodologies for estimating, budgeting, cost control, and value engineering.
  2. Equip participants to establish effective cost control systems, including early warning systems for cost overruns.
  3. Provide tools for implementing good and benchmarked best practices in cost engineering.
  4. Develop participant skills for building and managing an organizational knowledge base for estimating and cost control.
  5. Introduce data analytics and AI tools for proactive cost management and decision support.
  6. Build professional competencies for training, coaching, and mentoring teams in cost engineering practices.

Who Should Attend?

  1. This Estimating & Cost Control Work Process Skills program 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.
  2. This Program can also be used to train Estimating, Budgeting, Cost Control, Value Engineering and Project Management teams.

Program Content & Modules

Estimating & Cost Control Work Process Skills


  1. Overview of estimating and cost control as critical functions in project management.
  2. Understanding the relationship between project planning, scope, and cost.
  3. Challenges in delivering accurate estimates and maintaining cost control.
  4. Importance of a standardized and quality-assured approach to cost engineering.
  5. Strategy Processes
  6. Aligning estimating and cost control objectives with organizational goals.
  7. Defining KPIs for cost accuracy, budget adherence, and value optimization.
  8. Establishing policies for value engineering integration into estimating practices.
  9. Planning Processes
  10. Estimating Methodologies
  11. Developing work scope definitions and performing material takeoffs from specifications and drawings.
  12. Applying cost estimation methods, including bottom-up, parametric, and analogous estimating.
  13. Incorporating risk analysis into estimates to account for uncertainties.
  14. Budgeting Processes
  15. Allocating budgets based on detailed cost estimates and value engineering recommendations.
  16. Establishing contingency funds for high-risk project elements.
  17. Operational Processes
  18. Cost Control Systems
  19. Implementing real-time tracking systems to monitor expenditures and budget variances.
  20. Using early warning systems to detect emerging cost overruns and take corrective action.
  21. Review and Validation Methods
  22. Reviewing cost estimates for accuracy, completeness, and alignment with project objectives.
  23. Validating cost proposals against benchmarks and historical data.
  24. Value Engineering Integration
  25. Conducting value engineering analyses to identify cost-saving opportunities.
  26. Optimizing materials, methods, and processes to reduce costs without sacrificing quality.
  27. Performance Evaluation Processes
  28. Establishing and tracking KPIs for estimating accuracy, cost control efficiency, and value realization.
  29. Conducting performance reviews to identify trends and improvement opportunities.
  30. Benchmarking performance against industry best practices.
  31. Data Analytics Processes
  32. Implementing data analytics tools to monitor cost trends and identify inefficiencies.
  33. Using predictive models to forecast potential cost overruns and budget impacts.
  34. Analyzing historical data to improve future estimating accuracy.
  35. Risk Management Processes
  36. Identifying cost risks through risk analysis frameworks (e.g., Monte Carlo simulations).
  37. Developing contingency plans to address high-impact cost risks.
  38. Continuously monitoring risk factors and updating cost control measures.
  39. Quality Assurance Processes
  40. Ensuring cost estimates meet quality standards through regular reviews and audits.
  41. Verifying the accuracy and consistency of data inputs used in cost engineering.
  42. Establishing quality benchmarks for estimating processes.
  43. Contingency Management Processes
  44. Activating contingency plans in response to cost variances.
  45. Adjusting budgets and estimates dynamically to reflect real-time changes.
  46. Communicating adjustments to stakeholders to maintain transparency.
  47. Improvement and Lessons Learned Processes
  48. Capturing lessons learned from estimating and cost control processes to refine methodologies.
  49. Sharing insights and best practices across teams to improve organizational performance.
  50. Regularly updating estimating and cost control knowledge bases.
  51. Building Process Knowledge and Updating SOPs
  52. Documenting and maintaining standard operating procedures for estimating and cost control.
  53. Developing a centralized knowledge base to support training and decision-making.
  54. Updating SOPs to reflect advancements in tools, methods, and industry trends.
  55. Reporting Processes
  56. Preparing detailed cost reports for stakeholders, including deviations and corrective actions.
  57. Using dashboards to present real-time cost performance data visually.
  58. Providing actionable recommendations based on cost analyses.
  59. AI Leveraging Processes
  60. Implementing AI tools to automate data collection, estimate validation, and trend analysis.
  61. Using machine learning to improve cost prediction accuracy and identify risks proactively.
  62. Generating AI-driven insights to support decision-making in cost control processes.
  63. Use Cases Estimating & Cost Control Management

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