Cost Estimating Foundation
In this 4-day Cost Estimating training you will learn the basics of cost estimation, cost control and cost planning. Get the knowledge to identify major cost risks of engineering and join this Cost Estimating training!
Cost Estimating Foundation – mode of study
Option 1: 4-day training (in-class and remote/live online)
Option 2: In-company training
Cost Estimating – what will you learn?
A successful project starts with a well-founded estimate of the costs. The 4-day Cost Estimating Foundation training will teach you the basics of cost estimation. You will learn approaches for different aspects of the estimating profession and you will learn how to apply them in your daily work.
During this training we emphasize practical experience as well as theoretical knowledge. A number of small cases will be prepared during the training. This helps you get familiarized with the knowledge you have just gained and apply it to real world situations. At the end of the Cost Estimating Foundation training you will have:
- An understanding of the definitions of cost estimation, cost control and planning. You will also be able to read cost engineering reports and put it in the perspective of your project
- The knowledge to prepare and evaluate estimates quicker and more accurately. This will immediately have its effect on the control you have on the cost of your project
- The ability to make your own factor estimates and validate factor estimates prepared by others
- The knowledge to identify major cost risks of engineering. Together with the estimating methods this means you will be able to estimate the engineering involved in your projects
Overview of the training
On the first day of this cost estimating training, you will learn about specific approaches to estimating and their related terms. You will also learn what estimates can be used at what stages of your projects. The second and third day focus on detailed and factor estimating - the two main estimating techniques - and how to apply them. The fourth, and final, day focuses on estimating the cost of the actual engineering work. Engineering not only defines the cost of your project by the design that is made, but the engineering process in itself is part of your project cost as well. The focus of this day is on estimating those engineering cost. It will help you keep the cost low for your engineering phases, but as a result you can also prevent budget overruns.
Who should attend?
The Cost Estimating Foundation training is suitable for project team members who are looking to establish a robust command of cost estimating concepts and techniques. Experienced cost estimators who need to keep their cost estimation knowledge and skills up-to-date and relevant will also benefit from this training.
The training is specificly aimed at project managers/directors, finance project executives/managers, project engineers, cost estimators, project cost engineers, discipline leads, members of the purchase department, members of a tendering team, work preparators and all who are involved in technical projects, cost estimation, cost control and planning, and contract review in their organizations.
Requirements for attending this training
There are no specific requirements to successfully attend this training.
The following trainings could be interesting/relevant for you and/or your colleagues:
Do you prefer an in-house training on Cost Estimating? An in-house training, customized to your organization, has many advantages and:
- Saves you and your colleagues time, travel and accomodation expenses
- Enables you to train in the comfort of your own working environment
- Can be arranged for groups with a minimum of 5 people
- Can be arranged at a time convenient for you
- Sensitive issues can be openly discussed because there are no outsiders
For more information on this Cost Estimating Foundation training, the in-house possibilities or for any other question, please contact us. We are more than happy to help you!
- The basic definitions of and ties between cost estimation, cost control and planning
- Various contract forms
- The position of estimating in each phase of the project lifecycle
- Definitions within estimating
- Value engineering
- Estimating methods
- Different approaches to estimating
- Principles of the quantitative method
- Buildup of unit rates
- Direct versus indirect
- Cases in preparing estimates by using various techniques for different disciplines
- Different factor estimating methods
- Advantages and disadvantages of these methods
- Quantitative estimating method
- Estimating of equipment
Estimating of engineering
- Engineering activities
- Engineering effort in engineering phases
- Methods of estimating engineering
- Detailed approach per discipline
All trainers are international experts in the field of cost control. They will provide you with a unique blend of theoretical knowledge and practical challenges.
The Cost Estimating Foundation training consists of 4 consecutive days. All training days start at 09.00 hrs and last until approx. 17.00 hrs. You can attend the training in-class or remote/live online (up to your choice). The training will be held in The Netherlands. You can attend the training on:
- 27 - 30 March 2023
- 11 - 14 September 2023
- 11 - 14 December 2023
Fee / Registration
The fee of the Cost Estimating Foundation training is € 2,250 (VAT excl.) per participant. The fee includes all training materials, drinks and lunches. Please mention your preference for the public in-class training or the live online (remote) version of the training in the remark field of the registration form.