Project Cost Estimating

Upcoming Schedule

There are no sessions scheduled at this time. Please contact us for more information.

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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