Cost Estimating: estimating the costs of technical projects

Correctly estimating the costs of technical projects can safely be called an art. It is walking the thin line between theoretical models and predictions on the one hand, and the wealth of practical experience on the other. Yet in any project in a technical or industrial environment, it is necessary to have a number of people experienced in this field in order to keep costs under control. 

During this unique two-day training course, participants are taught both the basic and more advanced aspects of cost estimating. Theory is interspersed with example cases and exercises. All aspects are covered, from preparing an initial rough budget using factor budgets to developing a detailed cost estimate.

The following insights obtained during the course can be put into practice immediately afterwards:

• Become familiar with industry terminology and recommendations.
• Gain better control of projects through faster and more accurate budgeting.
• Evaluating budgets and including risk provisions in the budget.

Part 1: Introduction to budgeting and budgeting

• The role of cost estimation in each phase of the project life cycle
• The relationship between budgeting, budgeting and cost control
• What determines the accuracy of the budget?
• How to deal with unforeseen costs and risks
• The influence of contract forms on budget and risks
• Case study and examples for determining unforeseen costs and risks
• How can projects be optimised with Value Engineering?

Part 2: Budgeting techniques

• Methods for budgeting
• Detailed budgeting with unit rates
• Case study and examples for estimating technical disciplines, including: mechanics, piping, electricity, instrumentation, etc.
• Conceptual and factor budgeting
• Case study and examples for estimating project costs in early phases with incomplete scope
• Engineering and Indirect Costs Estimating
• Case study and examples for estimating design costs

This training course is aimed at anyone who is active in a technical or industrial environment and comes into contact with the cost aspect of projects, and wants to gain more insight into this:

• Project engineers and managers;
• Planners;
• Cost estimators;
• Work planners;
• Maintenance engineers and managers;
• Purchasers;
• ...