Project Cost Estimating, Budgeting and Value Engineering Skills

Accurate cost estimating is essential for successful project planning, budgeting, and decision-making. Early project estimates form the foundation for feasibility studies, cash flow forecasting, and project approval, while inaccurate estimates can lead to significant cost overruns and project risks.

This conference provides participants with practical skills in project cost estimating, budgeting, procurement-related estimating, and value engineering techniques. It focuses on improving estimate accuracy, controlling project costs, evaluating procurement strategies, and optimizing whole-life project value without compromising quality or functionality. Participants will also learn how value engineering supports better decision-making throughout the project lifecycle to maximize project performance and return on investment.

The primary objectives of the program are to help delegates to:

• Gain knowledge of techniques used in project estimating, from the conceptual stage to the final detailed estimate
• Understand the different types of estimates used to accurately and progressively estimate project costs
• Understand the different types of contracts based on the distribution of risk between contracting parties
• Effectively apply incentive arrangements to get the best results from the contract
• Understand the fundamental concepts of Value Engineering and Analysis
• Understand how value engineering supports effective project management by providing a continuous thread of good practice throughout the project development process
• Appreciate the level and nature of the information needed to develop a project scope
• Gather and organize information and cost relevant to key elements of the project
• Learn how to capture and incorporate stakeholders’ input in the development of the project charter
• Report effectively to top management and project stakeholders in the context of proposing alternatives that improve the overall project value
• Demonstrate proficiency in applying life-cycle costing principles
• Objectively present a convincing case in support of certain project alternatives.

This program is designed for:

• Project Managers and Project Engineers
• Cost Estimators and Cost Control Engineers
• Contracts and Procurement Professionals
• Planning and Scheduling Engineers
• Construction Managers and Site Engineers
• Quantity Surveyors and Commercial Managers
• Value Engineering Specialists
• Operations and Maintenance Professionals
• Finance Professionals involved in project budgeting and investment analysis
• Consultants and Technical Professionals involved in project planning and execution
• Professionals seeking to enhance their skills in project cost estimating, contract strategies, risk analysis, and value engineering