Course Registration Form

Discounts

  • 10% discount if confirmed and paid at least 30 days in advance of course start date
  • Group discounts available
  • Special pricing for self-sponsored individuals
  • Special pricing in low income locations

How to Register

  • Send an email to register@sukad.com
  • Call (UAE) +971 4 367 1976  (Lebanon) +961 6 951 949
  • Fill the form above

Fundamentals of Cost Estimating

Course Description

This course covers the fundamental principles of cost estimating either in a generic version or a version for capital investment projects (petroleum, utilities, engineering, and construction industries).

The main topics include estimates’ classifications, estimating tools and techniques, the importance of historical records, project management maturity and impact on cost estimating. We also emphasize the need to have more than one or two estimates during the project life span. The course will discuss appropriate estimating in accordance with the different project stages and for different requirements.

Further, the course will also cover the specific components of proper estimates, such as: direct and indirect costs, escalation and technology allowances, contingencies and management reserve and any other project specific requirements.

This course will not provide specific rates or material costs tools since these are specific to a company and industry.

Learning Objectives/Outcomes

Who should Attend

Course Description

This course covers the fundamental principles of cost estimating either in a generic version or a version for capital investment projects (petroleum, utilities, engineering, and construction industries).

The main topics include estimates’ classifications, estimating tools and techniques, the importance of historical records, project management maturity and impact on cost estimating. We also emphasize the need to have more than one or two estimates during the project life span. The course will discuss appropriate estimating in accordance with the different project stages and for different requirements.

Further, the course will also cover the specific components of proper estimates, such as: direct and indirect costs, escalation and technology allowances, contingencies and management reserve and any other project specific requirements.

This course will not provide specific rates or material costs tools since these are specific to a company and industry.

Learning Objectives/Outcomes

Who should Attend

Course Outline

 

Day 1

  1. What is cost estimating
  2. Estimating essential concepts
    1. Estimating tools and techniques
    2. How many estimates during project life span
    3. Estimates’ classifications
    4. Estimates’ accuracy
    5. Estimating and project funding approvals
  3. Requirements for proper estimating
    1. Scope of work
    2. Schedule
    3. Influence of project management maturity

Day 2

  1. Cost estimating essential components
    1. Direct versus indirect costs
    2. Productivity
    3. Non-obvious costs
    4. Management & overhead
    5. Escalation factors
    6. Special allowances (new technology, others)
  2. Reserves
    1. Contingency reserve
    2. Management reserve
  3. Estimating versus budgeting
    1. Control estimate
    2. Control accounts
  4. Class wrap-up
    1. Class project
    2. Action plans