Project Costs Estimate – Recommended Practices – (On Line)
Since the monetary aspect is of paramount importance in business, the cost estimation is a vital resource for any company. An accurate cost estimate increases the chances of a successful completion of a project. Since the promoter of the work will most likely have to adapt costs to limited resources, both large and small projects require trustingly cost estimates during the conceptual, design and construction phases.
This course provides participants with the necessary tools to develop reliable cost estimates, by assessing the project needs resources, applying one or more estimating methods and adjusting the estimates based on the project resources and risks.
Additionally, this course will provide participants a conceptual framework, which places them within Cost Management process, as part of the Projects execution, in accordance with international standards.
- What are the core skills and knowledge of cost engineering a person is required to have in order to be considered a professional practitioner, and in doing so.
- Understand the Total Cost Management Framework which describes a systematic process (i.e., TCM process) through which the skills and knowledge of cost engineering are applied.
- Understand what makes up cost; i.e. the basic resources (material, labor, etc.) that are needed to perform an activity or create an asset.
- Understand the distinction between cost elements that are directly applied to an asset and those that are indirectly applied.
- Relate the cost elements to the life cycle of the asset: acquisition, use and disposal.
- Use the understanding of cost elements to further understand how cost is measured, applied, and recorded to arrive at the total activity and/or asset cost.
- Apply the knowledge gained to solve problems related to cost element source and definition.
- Lectures 1
- Quizzes 0
- Duration 50 hours
- Skill level All level
- Language English
- Students 0
- Certificate No
- Assessments Yes