Cost Estimating Course

Online price: SAR 1200

Offline Price: SAR 2400

Course Duration: 5 days 06pm TO 10pm

Duration (Hrs) 20 Hours/Hours

Course date: 10/03/2023

Course date (2): 28/04/2024

Course date (3): 19/05/2024

Course date (4): 30/06/2024

Course Mentor: ESI

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Course Description:

The estimation process is one of the important and advanced processes in the project lifecycle. It significantly contributes to facilitating the prediction of expected costs, required cash flows, and anticipated expenses necessary for the execution of all project activities. It reveals the feasibility of the project in its early stages, which forms the basis for the decision to proceed or abandon it. Due to its importance and significant impact, we have prepared this course to cover important aspects that are highly needed. We have ensured that the trainee receives the essential principles and correct methods of estimation to ensure more accurate calculations and, consequently, more precise costs.

Target Audience:

  • Project Managers.
  • Cost Estimation and Control Engineers.
  • Cost Accountants.
  • University and Engineering College Graduates.
  • Those interested in the field of cost estimation and control in government institutions, municipalities, consulting firms, companies, and contracting institutions.

Course Contents:

First Axis:

  • Comprehensive introduction to cost estimation.
  • Fundamentals of cost estimation.
  • Cost elements.
  • Cost centers.
  • Cost classification.
  • Cost determination methods.
  • Project cost management.
  • Resource allocation and cost.
  • Project management inputs for cost estimation.
  • Direct and indirect project costs.
  • Types of contracts, pricing, and risks.

Second Axis:

  • Types and objectives of cost estimation.
  • Types of estimates.
  • Key terms in cost estimation.
  • Cost estimation documents.
  • Information sources used in cost estimates.
  • Sources of errors in cost estimates.
  • Responsibilities of project management in estimation.
  • Estimation review and approval.
  • Introduction to preliminary estimates.
  • Objectives of preliminary estimates.
  • Methods of preliminary estimates.
  • Estimating cost based on capacity or volume.
  • Cost estimation based on unit price.
  • Flat area meter method.
  • Cubic meter method for volume.

Third Axis:

  • Detailed cost estimates.
  • Steps for preparing detailed estimates.
  • Reviewing bidding documents.
  • Site inspection.
  • Quantification.
  • Planning and scheduling of works (implementation study).
  • Requests for proposals, construction materials, and subcontractors.
  • Estimating direct costs.
  • Estimating indirect costs.
  • Estimating the required profit percentage based on project size and work conditions.

Fourth Axis:

  • Estimating the costs of the project lifecycle.
  • Errors in cost estimation.
  • Economic analysis.

Course Objectives:

  • Enhancing the skills, qualification, and professional development of those interested and specialized in cost estimation.
  • Distinguishing between different estimation methods and levels.
  • Improving the ability to use various estimation methods.
  • Avoiding common errors in the estimation process.