Project Cost Estimating, Budgeting & Value Engineering Training Course

Module 1: Fundamentals of Project Cost Estimating

• Principles of Project Cost Estimating
• Role of cost management in project delivery
• Project cost structures and classifications
• Cost estimating lifecycle
• Cost estimating inputs and assumptions
• Accuracy levels and estimate maturity

Module 2: Cost Estimating Methods and Techniques

• Principles of cost estimating
• Analogous estimating
• Parametric estimating
• Bottom-up estimating
• Three-point estimating
• Expert judgement and historical data
• Estimate documentation and assumptions

Module 3: Cost Data, Resources, and Cost Structures

• Identifying project cost components
• Labour and material costing
• Equipment and resource costs
• Direct and indirect costs
• Fixed and variable costs
• Overheads and contingency
• Developing a cost breakdown structure

Module 4: Project Cost Planning

• Principles of cost planning
• Establishing project cost objectives
• Cost planning across project phases
• Resource-based cost planning
• Cost constraints and financial requirements
• Cost baselines and control accounts
• Integrating cost planning with project schedules

Module 5: Project Budgeting and Financial Control

• Principles of project budgeting
• Developing a project budget
• Allocating costs to project activities
• Establishing cost baselines
• Contingency and management reserves
• Cash flow considerations
• Budget approval and documentation

Module 6: Project Finance Fundamentals

• Principles of project finance
• Project funding requirements
• Capital and operating expenditure
• Cash flow forecasting
• Financial assumptions and constraints
• Funding schedules and payment structures
• Financial risk considerations

Module 7: Value Engineering and Cost Optimisation

• Principles of value engineering
• Value analysis and functional analysis
• Identifying cost reduction opportunities
• Evaluating alternative solutions
• Balancing cost, quality, functionality, and performance
• Lifecycle cost considerations
• Applying value engineering to project decisions

Module 8: Cost Monitoring, Control, and Forecasting

• Monitoring project expenditure
• Cost performance measurement
• Variance analysis
• Cost forecasting
• Earned Value Management concepts
• Identifying cost overruns
• Developing corrective and preventive actions

Module 9: Risk, Uncertainty, and Cost Contingency

• Identifying cost-related risks
• Cost uncertainty and estimation risk
• Contingency planning
• Cost risk assessment
• Scenario and sensitivity analysis
• Managing changes that affect project costs
• Maintaining cost control under changing conditions

Module 10: Integrated Project Cost Estimating, Budgeting, and Value Management

• Integrating cost estimating, budgeting, and cost planning
• Linking project costs with scope and schedule
• Applying value engineering to financial decisions
• Analysing project cost performance
• Developing integrated cost management reports
• Practical cost estimation and budgeting exercises
• Case studies in project cost management