Event Date: April 28-30 2025  Location: Accra, Ghana
Training Objectives:
  • Develop a sound understanding of the principles, methodologies and industry best practices in Cost Engineering
  • Understand the business context, the project life cycle and the purpose of Cost Engineering in projects
  • Learn to prepare cost estimates, from high level factor estimating to very detailed equipment and bulk material cost
  • Understandtheimpactofprojectlocation,marketenvironmentandproject execution strategy on project cost
  • Learn how to control, forecast and report the cost and progress during project execution
  • Develop the skills and knowledge to review and reconcile cost estimates
  • Understand the principles and methodologies of risk analysis and risk management
  • Learn to set-up and maintain risk registers, perform cost & schedule risk analysis and execute risk mitigation
  • Work on real case studies to practice all aspects of this master class

Why now?

The course “Cost Estimating, Life Cycle Costing, Budgeting and Risk Management” is focusing on the Front End Loading / Preparation phase of projects. This is the phase in which you make estimates, schedules and project execution plans (plus a lot more) in order to prepare for the execution of the project. Because Budget Estimates are prepared during Detailed Design & Engineering, this course is also useful for the Detailed Engineering phase of Project Execution.

Attending a course on Project Cost Engineering is essential for professionals involved in project management and financial planning. This course provides in-depth knowledge of cost estimation, budgeting, and financial control, which are critical for the successful execution of any project. By understanding the principles of cost engineering, you can develop accurate cost estimates, manage project budgets effectively, and ensure that projects are completed within financial constraints. This expertise helps in minimizing cost overruns, optimizing resource allocation, and enhancing the overall financial performance of projects.

Moreover, a course on Project Cost Engineering equips you with the skills
to analyze cost data, forecast future expenses, and implement cost-saving measures. These skills are invaluable for making informed decisions that can significantly impact the profitability and sustainability of projects. Whether
you are a project manager, engineer, or financial analyst, mastering cost engineering techniques will enhance your ability to manage complex projects, improve financial accountability, and contribute to the strategic goals of your organization. This training not only boosts your career prospects but also ensures that you are well-prepared to handle the financial challenges of modern project management.

Course Coverage

Day 1: Cost Engineering: Definitions and Cost Estimating Methodologies

Estimating Definitions

  • Project life cycle
  • Purpose of estimates
  • Accuracy & Probability
  • Allowances
  • Contingency and Escalation
  • Money of the Day / Real Term
  • Estimating plan / Basis of Estimate

Factor Estimating

  • Definitions, advantages and disadvantages
  • Exponent method
  • Cost per capacity method
  • Lang, Hand and Chilton method
  • Specific factor method

Quantity Ratio Estimating

  • Definitions, advantages and disadvantages
  • Quantity ratios for piping
  • Quantity ratios for electrical & instrumentation
  • Quantity ratios for structural steel
  • Quantity ratios for civil, painting & insulation

Parametric and Range Estimating

  • Nomenclature
  • Pareto’s Law
  • Critical elements and key questions
  • Range Estimating input and simulation

Detailed Estimating

  • Discipline estimating
  • Unit rates & sources of pricing
  • Estimating of equipment
  • Piping estimate
  • Insulation estimate
  • Civil estimate

Day 2: Location & Market Factors, Indices, Budgeting and Project Assurance & Risk

Location Factors and Market Factors

  • How to set up a location factor
  • Location cost surveys
  • Steel- and commodity prices
  • Benchmarks
  • Indices
  • Cost modeling

Budgeting

  • Setting up a project budget
  • Project baseline
  • Contingency allocation
  • Work Breakdown Structure
  • Cost Breakdown Structure
  • Code of accounts
  • Interaction with Contracting & Procurement

Quantity Ratio Estimating

  • Definitions, advantages and disadvantages
  • Quantity ratios for piping
  • Quantity ratios for electrical & instrumentation
  • Quantity ratios for structural steel
  • Quantity ratios for civil, painting & insulation

Why Cost Control

  • Potential influences on costs
  • Pre-requisites for effective cost control
  • Cost control plan and procedures
  • Schedule Control
  • Progress measurement
  • Earned Value Analysis / Management
  • Project Controls best practices
  • Integrated Cost & Schedule Control

Day 3: Risk Identification, Assessment, Analysis & Management

Risk Workshops

  • Methodology
  • Attendants
  • Risk registers

Risk Modeling

  • Cost risk analysis
  • Schedule risk analysis
  • Deterministic methodology
  • Probabilistic methodology
  • Risk analysis tools
  • Risk management

Risk Management

  • Risk mitigation
  • Project risk management

Cost Risk Analysis

  • Ranges
  • Distributions
  • Correllation
  • Iterations
  • Risk

Schedule Risk Analysis

  • Uncertainties in duration
  • PERT
  • Critical path
  • Critical chain

Target Audience

This course is designed for professionals involved in cost management who wish to deepen their knowledge and skills in project cost analysis and risk management.

  • Cost Engineers
  • Cost Estimators
  • Cost Controllers
  • ProjectManagers
  • Project Engineers
  • Project Planners
  • Finance managers
  • Finance Executives

Register now / Request Brochure