Advanced Cost Estimation – International Best Practices – Online Seminar
The Advanced Cost Estimation Specialization Seminar responds to the growing demand for updating information related to the most recent techniques in the world of estimating the cost of the project and the complexity faced by those responsible for making decisions in today’s competitive business environment.
In this Seminar participants acquire practical skills to extract and manipulate data using the best sources of information, executing the best methods of descriptive, predictive, prescriptive and interpretation analysis, consolidating their knowledge and increasing their accuracy, which will result in greater added value in their performance as Total Cost Management professionals using a structured approach to sound decision making.
Participants will learn the necessary tools to develop reliable cost estimates, evaluating the project’s needs resources, applying one or more estimation methods and adjusting them according to the resources and risks of the project.
In addition, participants will be provided with a conceptual framework, which places them within the Total Cost Management process, as part of the execution of the Projects, in accordance with international standards that focus all disciplines of this environment and engineering. .
The seminar instructor is a recognized expert in the field, with more than 30 years of experience in the area of Total Cost Management and is a member of AACE.
This seminar is 100% compatible with PMI® (Project Management Institute), PMBOK® current guide of Project Management Knowledge and with AACE – the Association for the Advancement of Cost Engineering – (Skills & Knowledge of Cost Engineering)
This course is certified with (AEP)
The AACE International Approved Education Provider (AEP) program is designed to provide cost and management professionals and their companies with a means of identifying suitable professional development courses in their geographic area. The AEP program also identifies individual instructors whose knowledge and experience qualifies them to teach or supervise the course materials being presented.
What the AEP Program Offers:
A Provider approval system with standards to ensure that continuing education programming is serving the needs of potential clients.
Continuous course improvement through course review and ongoing support from AACE staff.
Ability to award Continuing Education Units (CEUs).
Provider promotion and organizational recognition on the AACE International website.
An AACE AEP is entitled to:
Publicize your organization as an “AACE International Approved Education Provider.”
Use the official AEP logo appropriately in registered and approved promotional and course materials consistent with AEP Program policies.
Promotion on the AACE International website list of Approved Education Providers with a direct link to the organization’s website.
Review and Approval and Application Criteria
For a complete overview of the Review and Approval process and the criteria for data submission as part of the application process, please review the AEP Terms and Conditions prior to completing the application form.
AEP Audit Program
The AACE International Education Board has the responsibility for ensuring that Approved Education Providers continue to provide quality educational services and adhere to the Canons of Ethics. Because of this, all organizations participating in the AEP program are subject to a no-notice audit at any time. Organizations that fail to adhere to the tenets of the AEP Terms & Conditions Agreement are subject to removal from the AEP program.
- 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 44
- Quizzes 7
- Duration 6 weeks
- Skill level All level
- Language English
- Students 7
- Certificate Yes
- Assessments Self
Chapter 1 - Project cost estimation international best practices
- The cost estimation process – cost estimation development according to the phase of the project
- Cost estimation activities and recommended practices
- Cost estimation based on similar projects
- Cost estimation based on similar components
- Detailed cost estimation – based on bill of quantity
- Quiz 1 -Project cost estimation international best practices
Chapter 2 - Advanced cost estimation - Civil works
Chapter 3 - Advanced cost estimation - Process equipment
- Definitions and previous calculations for this discipline
- Boilers: Water heaters, Flame heaters, Spiral heating tank
- Heat Exchangers, Fuel Oil Heaters, Evaporators, Condensers and Coolers
- Compressors, Dampers and Air Dryers
- Pressure vessels
- Water Treatment Equipment
- Waste Treatment Equipment
- Solid handling and processing equipment
- Other handling and processing equipment
- Miscelaneus equipment
- Quiz 3 – Advanced cost estimation – Process equipment
Chapter 4 - Advanced cost estimation - Mechanical Works and Piping Works
Chapter 5 - Advanced cost estimation - Electricity and Instrumentation Works
Chapter 6 - Engineering – Home office cost estimation
Chapter 7 - Advanced cost estimate Oil and Gas Development Projects Onshore / Offshore
- Definitions and previous calculations for this discipline
- Overview of the petroleum and gas production process
- Costs of capital – capex in components of oil and gas exploitation projects (Onshore)
- Costs of capital – capex in components of oil and gas exploitation projects (Offshore)
- Operational costs – Opex
- Owner costs
- Decommissioning costs – (DECAB – ABEX)
- Quiz 7 – Advanced cost estimation – Oil and Gas Development Projects