Cost Engineering - Effective Estimating and Cost Control of Technical Projects
Details
THE COURSE
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.
THE GOAL
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 estimates and assess/mitigate risk by utilizing appropriate
sources, and to use these data plus forecasting techniques for cost control.
Outline
PROGRAMME CONTENT
Overview Of Cost Management
The 10 key elements of capital management
Models of project and process development
Roles and responsibilities
Mission statement of Cost Engineering
Cost Engineering Practices
The 4 key elements of cost engineering
Work Breakdown Structure
Cost engineering products
Cost information - sources of data
Training and Behaviours
Cost Estimating
Types of estimates
Estimating methods
Direct and indirect costs
Estimate format and preparation
Factors of a Good Estimate
Cost containment
Risk Analysis
Types of uncertainty
Risk assessment - the checklist approach
Risk tracking and reporting
Case studies
Computer Based Estimating
Software and databases
The practitioner-machine interface
Mastery levels
Roles and responsibilities
Option Analysis
Best value assessment
Project/process selection criteria
Key factor analysis
Project Cost Controls
Cost tracking and trending
Authorization for expenditure
Cost status reports
Forecasting methodology and procedure
Fixed asset management
Change management
Scheduling
Close-out procedures
Contract files
Lessons learned
Case studySchedules
No. of Days: | 3 |
Citadel for Technological and Engineering Dev. (CITED), a leading organisation in rendering quality service in Corporate Training, Manpower Development and Continued Professional Development (CPD) of Engineers, Technologist and Technicians have been in existence for over twenty years bringing quality service to Nigerians and Nigerian Engineers. Our portfolio of programs is renowned for its breadth and depth of focus, the caliber of its speakers, its interactive, practical and result-orientated nature, and the diverse and national range of participants. It is an excellent networking opportunity.
CITED programs also offer concrete toolkits of effective and practical techniques, strategies and skills to take away. The content continually evolves in response to new business. Our workshops are designed specially for individuals interested in or currently using engineering/technical expertise/skills and technologies to solve their organisation challenges.