Project Cost Estimating

Overview

The course introduces methods and techniques used in estimating project costs through defining task via a work breakdown structure (WBS). A variety of cost estimating techniques are practiced during the workshop and emphasis is placed on selecting the most accurate estimating methods for a particular task.

Learning Objectives

  • Define cost estimating
  • List cost estimating terminology
  • Create a work breakdown structure (WBS) for use in cost estimating
  • Identify costs to be estimated
  • Evaluate cost estimating techniques
  • Select techniques to achieve more accurate results
  • Apply techniques to plan, measure, and control costs
  • Practice cost estimating
  • Use team estimating
  • Create a Spend Plan
  • Create several Cost Estimates throughout the workshop using the techniques learned

Topics & Content

  • Familiarize participants with best practices tools, techniques and communication
  • Cost estimating process
  • Various terminology used in cost elements
  • Cost estimating concepts and elements
  • Types of estimates
  • Detail estimates for each work package or task
  • Intermediate estimates
  • Estimates at completion (EAC)
  • Estimate to complete (ETC)
  • Factors that influence estimates
  • Effort vs. duration estimates
  • Documenting estimates
  • Basis of estimate (BOE)

Course Information

Course Code: PM402
Delivery Method: 2 Day Instructor-Led
Target Audience: Those responsible for estimating costs on projects

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