INTRODUCTION
The decision to proceed with a project is often based almost exclusively on early conceptual cost estimates. These estimates provide the basis for the cash flow projections and budget forecasts used during the project feasibility study. Unreliable cost estimates can result in significant cost overruns later in the project when it is too late to contain them. Project Cost Estimating, Budgeting & Value Engineering Skills training course will provide the delegates with the necessary skills for accurately estimating the total cost of their proposed projects, eliminating unnecessary costs, linking cost estimates to selected procurement methods, and enhancing the overall value of project delivery. This10 days course offers a series of estimating techniques and processes to forecast the anticipated costs of projects with a focus on budget estimates accurately, estimates for pre-construction services, estimating contractor and subcontractor work, estimating general conditions, pricing self-performed work, estimating negotiated contracts and performing lump-sum and unit-price estimates
OBJECTIVES
At the end of the Course Objectives of Project Cost Estimating, Budgeting & Value Engineering Skills training course you will:
Gain knowledge of techniques used in project estimating, from the conceptual stage to the final detailed estimate
Understand the different types of estimates used to estimate project costs accurately and progressively
Understand the different types of contracts based on the distribution of risk between contracting parties
Understand the fundamental concepts of Value Engineering and Analysis
Demonstrate proficiency in applying life-cycle costing principles
Objectively present a convincing case in support of certain project alternatives
WHO SHOULD ATTEND ?
This course is suitable for a wide range of professionals but will greatly benefit:
Anyone involved in project initiation, engineering design, and critical assessment of projects
All those responsible for making significant decisions concerning plans and budgets for large and complex projects
Project or Program Sponsors, Project Managers, Cost Estimators, Cost Controllers, Engineers, Designers, and Project Staff
All those aspiring to deliver better value in all sectors of the economy from major projects in construction, manufacturing, petrochemical, healthcare, education, legal and public services
COURSE OUTLINE
Day 1
Cost Estimating Basics
Basic Project Management definitions
Cost Selection Methods
Typical project terminology & setting up for success
Project cost management, Cost Control
Resource & Cost Allocation
Understanding project management inputs to cost estimation
Day 2
Pricing, Contracts, and Risk
Project management inputs to cost budgeting
Resource Requirements
Direct & Indirect Project Costs
Probability and Standard Deviation Formulae
Contract types according to risk distribution
Fixed Price Contracts, Cost-Plus Contracts
Day 3
Developing the Project Budget & Cost Control
Risk Identification, Analysis & Management
Qualitative Risk Analysis
Quantitative Risk Analysis
Risk & Probability Matrix
Risk Response Strategy
Cash Flow management
Day 4
Approximate & Detailed Estimating Methods
Material Estimating
Civil/Construction Estimating
Labor estimating, Detailed estimating with labor crews
Procurement Management
Risk distribution in contracting
Project risk profiles
Day 5
Advanced Estimating Methods
Building Information Modeling (BIM)
Cost Estimating Relationships (CER)
Computer Estimating
Control Charts
Day 6
Defining Value and Value Engineering concepts and principles
How and when is Value Engineering applied?
Project definition through stakeholder analysis and management
Identifying relationships between Value, Cost, and Worth
Overview of Different Value Engineering Phases
Day 7
The Function Analysis Phase - Expressing Project Functional Needs and Constraints
The Information Phase steps and procedures
Developing Value Engineering Job Plan
Defining project constraints
What is function analysis and Function-Cost-Worth Analysis?
Developing FAST Diagrams to identify critical project components
Cross-Functional Project Team Approach
Day 8
The Creative Phase - Inspiring Creativity in Your Project Team
Creativity and Creative thinking within the project environment
Creative thinking techniques
Reaching consensus and leveraging the power of project team collaboration
Project risk perception and identification
Identifying priorities through paired comparison
The output of the Creative Phase
Day 9
The Evaluation Phase - Making Informed Project Decisions
Project evaluation methods
Performing project risk and scenario analyses
Life-cycle costing techniques
Incremental benefit-cost analysis for project evaluation
Effective Decision-making in a project environment
The output of the Evaluation Phase
Day 10
The Planning and Reporting Phases -Getting Results through Effective
Communication
Develop and assess VE proposals to optimize project value
Action planning roles and responsibilities
Reporting VE findings to Senior Management and project stakeholders
Incorporating VE into the early project phases
Integrating VE with Continuous Improvement Techniques
LPC Training is capable of conducting this training programme exclusively for your delegates. Please e-mail us on admin@lpcentre.com for further information and/or to receive a comprehensive proposal.
www.lpcentre.com
DOCUMENTATION
High-Quality material has been prepared by the LPC team for distribution to delegates. In addition, a special note pad to facilitate note-taking will be provided.
CERTIFICATES
Accredited Certificate of completion will be issued to those who attend & successfully complete the programme.
SCHEDULE
Our Course timings commence at 09:00AM12:45PM Or 01:00PM - 05:00PM.
REGISTRATION & PAYMENT
Please complete the registration form on the course page & return it to us indicating your preferred mode of payment. For Further Information, please get in touch with us.
CANCELLATION AND REFUND POLICY
Delegates have 14 days from the date of booking to cancel and receive a full refund or transfer to another date free of charge. If less than 14 days notice is given then we will be unable to refund or cancel the booking unless on medical grounds. For more details about the Cancellation and Refund policy, please visit www.lpcentre.com/terms-and-conditions/
TRAVEL AND TRANSPORT
We are committed to picking up and dropping off the participants from the airport to the hotel and back.
CONTACT INFO
LONDON
Oxford Street, 25 N Row, London W1K 6DJ
+44 20 36 916 970 | +44 20 80 900 464 info@lpcentre.com
DUBAI
Business Bay, ParkLane Tower, Offices 718 - 719
+971 43 88 00 94
dubai.training@lpcentre.com
KUALA LUMPUR
No. 3273 Level 32, Menara Prestige, 1, Jalan Pinang, 50450 Kuala Lumpur +60 19 305 5694 www.lpcentre.com