Cost Estimating Foundation

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.