Description
Learn Effective Cost Estimating Techniques and Best Practices.
Cost estimating is one part of the total construction project management team effort. It impacts many other departments such as procurement, scheduling, accounting finance, and other. Although cost estimators may need to know all the in’s and out’s in the process of cost estimating, everyone involved in the management of the construction project needs to be familiar with the cost estimate and the cost management process. Cost estimating is an important subject to those in the legal field because disputes arise typically in almost every construction project, with the cost as the core issue in the dispute. Also, this topic is recommended for architects and engineers who are involved in the design of construction projects as well as owners of such projects.
Date: 2019-09-05 Start Time: End Time:
Learning Objectives
Importance of Mathematical Intuition for Cost Estimators
Introduction to Cost Estimating
• Definitions: Quantity Estimating / Surveying, Cost Estimating, Cost Engineering, Cost Control, Cost Management
• Types of Estimates and Their Uses
• Types of Construction Contracts and the Impact on the Cost Estimate
• Total Project Cost to an Owner
• To Bid or Not to Bid; Factors Impacting the Decision to Bid
• Direct vs. Indirect Cost
• Work Breakdown Structure (WBS) and the CSI Masterformat
• Schedule of Values
Estimating Indirect Cost
• Bonds and Insurance
• Estimating General and Job / Project Overhead
• Estimating Profit and Contingency
• Estimating Inflation / Escalation
• Allocating Indirect Costs
Construction Cost Estimating
• Estimating Labor and Equipment
• Materials Estimating
• Tips on Quantity Take Offs
• Cost Estimating Database/Sources of Pricing
Cost Control
• The Baseline Budget
• Progress Payments
• Change Orders
Approximate Estimates
Saleh Mubarak-Saleh A. Mubarak, Ph. D.
