COST ESTIMATING FOR PROJECTS USING COMMERCIAL SOFTWARE

Course Description: 

This course focuses on generating comprehensive project cost estimates with minimal input, significantly reducing the time needed compared to conventional approaches. It introduces essential concepts of simulation tools prevalent in the market and advocates for a consistent methodology to decrease estimation fluctuations. The program delves into utilizing commercial cost estimation tools to assess projects, ensuring optimal returns on investments. Real-world examples will be utilized to demonstrate practical applications and guide participants in adapting project estimates to local conditions, mitigating potential decision-making uncertainties.

Who Should Attend? 

This course is designed for project investors/owners, project directors, project managers, project engineers, cost estimators, cost controllers, planners, project accountants, project risk managers, financial analysts. 

What You Will Gain: 

• Grasp the art of constructing, deciphering, and refining estimates in a fraction of the time typically demanded by conventional techniques.

• Acquire proficiency in utilizing commercial cost estimation tools to execute comprehensive cost assessments, monitor expenses, appraise petroleum capital undertakings, and optimize investment yields.

• Develop the competency to produce steadfast and dependable cost estimates throughout all project lifecycle stages.

• Hone the skill of adapting project estimates to accommodate local circumstances, thereby minimizing potential uncertainties in decision making.

• Master the application of system documentation to endorse uniformity in cost estimating methodologies and diminish variability in estimations.

Course Outline: 

• Fundamentals of Cost Estimation for Projects. Introduction to Activity-Based Costing Methodology.

• Exploring the User Interface of Commercial Cost Estimator Software.

• Building a Robust Cost Estimation Model Structure & Applying Commercial Cost Estimation Software for Cost Modeling.

• Unveiling Workflows for Crafting Comprehensive Project Cost Models and Establishing Building Blocks.

• Mastering Effective Strategies for Building Precise Project Cost Estimates and Identifying Vital Estimation Components.

• Engaging in Interactive Workshops for Hands-On Experience with Commercial Cost Estimation Software and Practical Implementation of Learned Principles.

• Attaining Precision in Project Cost Estimation and Proficiency in Managing Profitability. Analyzing Project Cost Model Data and Conducting What-If Scenarios.