Cost Estimation and Budgeting for Projects
Learn to accurately estimate costs and manage budgets in this 2-day course. Ideal for project managers and engineers, it covers key techniques and tools to control project finances and avoid overruns.
Description
This 2-day course provides practical skills in cost estimation and budgeting for projects, focusing on accuracy and control. Designed for project managers, engineers, and cost estimators, it equips participants with tools to create reliable project budgets.
Accurate cost estimation and budgeting are critical for delivering projects on time and within financial constraints. Cost Estimation and Budgeting for Projects is a 2-day course designed to equip professionals with the skills to develop reliable cost estimates and manage project budgets effectively. The course covers estimation techniques, budgeting processes, and cost control, tailored to engineering, construction, and infrastructure projects.
Participants will learn to use methods like parametric, analogous, and bottom-up estimation to create accurate cost forecasts. The course addresses challenges such as scope changes, resource fluctuations, and unforeseen costs, providing strategies to mitigate risks. It explores tools like cost breakdown structures (CBS) and earned value management (EVM) to monitor and control project finances.
Hands-on exercises guide participants in preparing cost estimates, developing budgets, and analysing variances. This course is ideal for professionals seeking to improve financial planning, ensure project profitability, and enhance stakeholder confidence.
By the end, attendees will be equipped to produce accurate cost estimates, manage budgets effectively, and implement cost control measures, contributing to successful project delivery.
Course Outline
Day 1: Cost Estimation Techniques
- Introduction to cost estimation: Principles and methods.
- Estimation techniques: Parametric, analogous, bottom-up.
- Creating cost breakdown structures (CBS).
- Exercise: Preparing a project cost estimate.
Day 2: Budgeting and Cost Control
- Developing and managing project budgets.
- Cost control with earned value management (EVM).
- Analysing variances and managing scope changes.
- Budgeting for a construction project.
Who Should Attend?
- Project managers, engineers, and cost estimators.
- Professionals in construction or infrastructure projects.
- Financial analysts and planners managing project budgets.
- Individuals seeking to improve cost estimation skills.
Key Learning Outcomes
- Apply cost estimation techniques: Parametric, analogous, bottom-up.
- Develop accurate project budgets using cost breakdown structures.
- Monitor and control costs with earned value management (EVM).
- Mitigate risks of cost overruns and scope changes.
- Analyse budget variances and implement corrective actions.
- Enhance financial planning for project success.
Course Format and Duration
Live-Online