Project Cost Estimating, Budgeting & Value Engineering Skills

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Course Introduction

The decision to proceed with a project is often based almost exclusively on early conceptual cost estimates, and 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 life when it is too late to contain them. As potential projects are considered, management not only requires costs estimates of high accuracy, they seek opportunities to reduce life-cycle costs, improve budget accuracy and optimize whole-life project value.

Determining which estimation method to use, at each stage of project development, depends on the information available at the time of preparation and its desired accuracy. Besides, decisions regarding optimising project costs without sacrificing quality or functionality are highly dependent on the use of a set of systematic and logical procedures and techniques to enhance the whole-life project value.

This course will provide the delegates with the necessary skills needed 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. The course offers a series of estimating techniques and processes to forecast accurately the anticipated costs of projects with a focus on budget estimates, estimates for pre-construction services, estimating contractor and sub-contractor work, estimating general conditions, pricing self-performed work, estimating negotiated contracts, and performing lump-sum and unit-price estimates.

The course also 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. This methodology can be used to identify alternative ideas/solutions at any project phase to produce the client's best value requirements. Within the project management context this course significantly enhances cost estimating, budgeting, creative thinking, problem solving, and informed decision-making skills.

Objectives

The primary objectives of the programme are to help delegates to:

  • 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 accurately and progressively estimate project costs.
  • Understand the different types of contracts based on the distribution of risk between contracting parties.
  • Effectively apply incentive arrangements to get the best results from the contract
  • Understand the fundamental concepts of Value Engineering and Analysis.
  • Understand how value engineering supports effective project management by providing a continuous thread of good practice throughout the project development process.
  • Appreciate the level and nature of the information needed to develop a project scope.
  • Gather and organize information and cost relevant to key elements of the project.
  • Learn how to capture and incorporate stakeholders' input in the development of the project charter.
  • Report effectively to top management and project stakeholders in the context of proposing alternatives that improve the overall project value.
  • Demonstrate proficiency in applying life-cycle costing principles.
  • Objectively present a convincing case in support of certain project alternatives.

Course Outline

Day 1: Day One Framework for Applying Value Engineering in Projects

  • Defining Value and Value Engineering concepts and principles
  • How and when is Value Engineering applied?
  • Project definition through stakeholder analysis and management
  • Team player styles
  • Identifying relationships between Value, Cost and Worth
  • Overview of Different Value Engineering Phases

Day 2: Day Seven 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 3: Day Eight 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
  • Output of the Creative Phase

Day 4: Day Nine 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 project environment
  • Output of the Evaluation Phase

Day 5: Day Ten 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

Certificate

  • Copex Certificate of Attendance will be provided to delegates who attend and complete the course.
  • The applicable PMI Professional Development Units/Contact Hours will be reflected in the Certificate of Attendance

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COPEX Training is your gateway to professional growth, with over 20 years of experience turning potential into success. Each year, we deliver over 1,000 courses in 50+ countries, earning a stellar 98% satisfaction rate. Trusted by global giants like BP, the United Nations, and HSBC, we partner with top certification bodies to provide career-focused training that empowers individuals and drives organizational breakthroughs. Our mission? To transform the way professionals learn and grow in today’s fast-changing industries. Through expert insights, cutting-edge methods, and hands-on approaches, we equip you with the skills and confidence to tackle challenges, seize opportunities, and thrive in your career.

Led by a passionate leadership team and supported by a network of world-class trainers, COPEX Training connects professionals worldwide with life-changing opportunities. We are committed to excellence, ensuring every participant leaves with the tools, expertise, and confidence to conquer an ever-evolving world.

Related Categories

Finance & Accounting Project Management (PM) 10-Day Training Courses

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Our cancellation policy varies depending on the circumstances presented. Generally, cancellations must be initiated in formal writing at least 14 days prior to the commencement date of the training course. Further, the option to shift an existing registration to another training course on a later date is possible. Otherwise, a full refund will be initiated.

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