Project leaders and technical staff who are in charged with delivering tangible results in their areas of responsibility require objective cost assessments for funding and control decisions on ongoing basis. This course examines the key concepts of cost engineering including estimating, risk analysis, cost control, scheduling and change management to achieve best value of investments and expenditures. Upon completion of this workshop, participants will be able to:

• Managing the cost estimate and working within the budgets
• How to identify risk, mitigate the risk and be in charge of the project
• The life cycle of project, costing and cost controls

Content

Cost Management Overview

• Fundamentals of Cost Control
• Project and Process Models for Development
• Roles and Responsibilities
• Budgeting/Cost Management

Cost Engineering Practices

• Definition and Types of Work Breakdown
• Comparing Elemental Costs to a Model
• Changes in the Workplace
• Structures and Outputs from the Process

Risk Management

• Categories of Risks
• Measurement for Risk Contingencies
• Mitigating Risk Phases for Risk Assessment
• How to Identify Risks and the Early Signs

Cost Control and Management

• Forecasting and Trending
• Cost Tracking Historical Costs
• Authorization for Cost Control and Expenditure
• Close-Out Procedures

Cost Estimating

• Total Cost Management (TCM) Techniques
• Capital, Operating and Cyclical Estimates
• Cost Monitoring
• Estimating Perspectives Hard and Soft Cost

Life Cycle Costing

• The Basic Elements
• Benefits and Uses
• Life Cycle Cost Worksheets

For Whom: All Engineers, Technical Staff, Project Managers, Construction Managers, Entry Level Estimators, Supervisors, Team Leaders, and Others who wishes to increase their mastery of cost estimating and control.