Introduction:

This intensive 3-day training program delves into the essential concepts of cost engineering, specifically applied to technical projects. It equips participants with the knowledge and skills to develop accurate cost estimates, implement effective cost control strategies, and navigate the complexities of project finances in the technical domain.

Objectives:

• Grasp the fundamentals of cost engineering and its role in project management.

• Master various cost estimating techniques tailored to technical projects.

• Understand and apply risk assessment and mitigation strategies for cost control.

• Develop and implement effective cost control procedures throughout the project lifecycle.

• Gain proficiency in cost monitoring, earned value management, and variance analysis.

Content:

Day 1: Foundations of Cost Engineering

• Definition, principles, and benefits of cost engineering.

• Project lifecycle and the role of cost engineering in each stage.

• Key performance indicators (KPIs) for cost management.

• Types of cost estimates (feasibility, budget, definitive).

• Estimating methodologies (parametric, bottom-up, analogous).

• Cost breakdown structure (CBS) development and application.

Day 2: Cost Engineering in Practice

• Cost estimating for specific technical disciplines (e.g., engineering, construction).

• Software tools and resources for cost estimating.

• Case studies and practical examples in technical project estimation.

• Implementing cost control systems and monitoring procedures.

• Change order management and cost impact assessment.

• Budgeting and variance analysis techniques.

Day 3: Advanced Cost Engineering Applications

• Understanding and applying LCC principles.

• Identifying and evaluating life cycle costs throughout the project lifespan.

• Making informed decisions based on LCC analysis.

• Cost considerations for integrating new technologies in projects.

• Adapting cost estimating and control strategies for innovative approaches.

Conclusion:

This training program equips participants with the comprehensive knowledge and practical skills necessary to excel in cost engineering for technical projects. Through interactive sessions, case studies, and practical exercises, participants gain hands-on experience in applying cost estimating, control, and management techniques.