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Project Management
Mastering Project Cost Estimation With Budgeting and Value Engineering
Overview:
Introduction:
The Mastering Project Cost Estimation With Budgeting, and Value Engineering training program offers a series of estimating techniques and processes. It presents the value engineering methodology which emphasizes the return-on-investment aspect of decision-making in terms of lifecycle costs during project planning, procurement, and execution.
Program Objectives:
At the end of this program the participants will be able to:
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Acquire expertise in project estimating techniques, spanning from conceptualization to detailed estimates.
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Understand diverse estimate types for accurate and progressive cost estimation throughout projects.
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Comprehend contract variations based on risk distribution among parties involved.
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Implement incentive structures to optimize contract outcomes effectively.
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Gather and organize project-relevant information and costs for informed decision-making.
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Incorporate stakeholder input in project charter development and report project alternatives convincingly to top management.
Targeted Audience:
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Project Managers.
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Project Cost Estimators.
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Cost Controllers.
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Project Planners.
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Contract Professionals.
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Project Procurement Staff.
Program Outlines:
Unit 1:
Cost Estimating Basics:
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Explore the Estimating Life Cycle and Phases of the Design Process.
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Understand various types of Cost Estimates and Contract Structures.
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Learn Basic Estimating Procedures and techniques for Lump-sum, Unit-price, and Cost-plus contracts.
Unit 2:
Broad Scope Cost Estimating Techniques:
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Dive into Advanced Cost Estimating Techniques including PERT analysis and Standard Deviation calculations.
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Understand adjustments for Project Cost Estimates based on previous projects and economic factors.
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Learn to estimate project durations and costs using Learning Curves and Economic Price Adjustment.
Unit 3:
Budget Estimating Process:
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Master the process of Budget Estimating across different project phases.
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Develop budget estimates for programming, schematic design, and design development stages.
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Understand the importance of pre-construction services estimates and budget control mechanisms.
Unit 4:
Bid Contract Estimating Process:
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Explore the intricacies of Bid Contract Estimating, including work breakdown structures and subcontractor management.
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Learn the process of soliciting lump-sum bids and pricing self-performed work.
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Understand the accuracy validation and finalization steps in the bidding process.
Unit 5:
Unit Price Estimates:
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Understand the process of developing unit price bid forms and estimating direct and indirect costs.
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Master risk analysis techniques and variations-in-quantity contract provisions.
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Finalize bids through comprehensive risk analysis and bid finalization processes.
Unit 6:
Negotiated Contract Estimating:
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Explore the process of developing Guaranteed Maximum Price Estimates and negotiating contracts.
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Understand the fee determination and reimbursement structures for negotiated contracts.
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Develop strategies for responding to requests for proposals and negotiating subcontracts effectively.
Unit 7:
Contract Types and Compensation Arrangements:
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Understand the distribution of risk in contracting and project risk profiles.
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Explore various contract types, including fixed-price contracts, cost-plus contracts, and time-and-materials contracts.
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Master the intricacies of fee determination and cost savings strategies in different contract types.
Unit 8:
Narrow Scope Cost Estimating Techniques:
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Delve into specific cost estimating techniques such as power-sizing, factor estimates, and parametric cost estimating.
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Understand adjustments for project type, quality level, and economic constraints.
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Analyze estimating accuracy and apply techniques to adjust for project size and location.
Unit 9:
Framework for Applying Value Engineering in Projects:
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Gain insight into the concepts and principles of Value Engineering and its importance in project optimization.
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Understand the Value Engineering process from project definition to initiation and value analysis.
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Learn techniques for identifying relationships between value, cost, and worth, and initiating Value Engineering phases effectively.
Unit 10:
Function Analysis and Creative Problem Solving:
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Explore the role of Function Analysis in projects and how it helps define project constraints and cost estimates.
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Foster creativity within project teams and apply creative thinking techniques to optimize project value.
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Understand the output of the Evaluation Phase and its significance in making informed project decisions.