Cost Management: Budgeting, Estimating and Value

The “Cost Management: Budgeting, Estimating, and Value” course is designed to provide professionals with the essential knowledge and skills needed to manage costs effectively across various projects and businesses. Selecting the appropriate estimation method at each project development stage relies on the available information and the desired level of accuracy. Furthermore, decisions related to optimizing project costs while maintaining quality and functionality hinge on employing systematic and logical procedures and techniques to augment the overall value throughout the project life cycle.

This course is designed to equip participants with the essential skills for precise project cost estimation, eliminating extraneous costs, aligning cost estimates with chosen procurement methods, and enhancing the overall value of project delivery. Throughout the course, participants will delve into fundamental topics related to cost management, including budgeting, cost estimation, and value analysis. Emphasis is placed on understanding how to develop accurate and realistic budgets, estimate project costs effectively, and assess the value proposition of projects and business initiatives.

Objective

• Acquire knowledge of project estimating techniques, from the conceptual phase through to the preparation of detailed estimates.
• Understand the various types of estimates and how they are used to progressively and accurately determine project costs.
• Gain insight into different contract types and how risk is allocated between contracting parties.
• Learn the fundamental principles of Value Engineering and Value Analysis to optimize project outcomes.
• Develop proficiency in applying life-cycle costing methods to support informed decision-making.
• Effectively present well-supported recommendations for specific project alternatives.