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The decision to proceed with a project is often based almost exclusively on early conceptual cost estimates, and these estimates provide the basis for the cash flow projections and budget forecasts used during the project feasibility study. Unreliable cost estimates can result in significant cost overruns later in the project life when it is too late to contain them. As potential projects are considered, management not only requires costs estimates of high accuracy, they seek opportunities to reduce life-cycle costs, improve budget accuracy and optimize whole-life project value.

Estimates are determinations of future costs. Any prediction of the future is full of dangers, assumptions or scenarios form hidden backbones of any estimate. For reasonable prediction of the future an understanding of the behavior of a number of "present indicators of likely future costs" is essential. To control the accuracy of our estimates an analysis and monitoring of these "indicators" can assist us to develop Early Warning Systems, so appropriate decisions can be taken before it is too late. In this age of information the estimating professional can have access to a number of sources of information to assist him obtain realistic estimates, but the problem of relevance or applicability of the data to your organization needs to be sorted out. All these methodologies and more will be discussed in this program.

By the end of this course, delegates will know about:

· How to go about preparing estimates ensuring quality assurance in estimate completeness and accuracy?

· How to obtain realistic cost estimates?

· Advanced methodologies for material takeoff from specifications drawings and quality assurance checks

· How to ensure that these estimates have been prepared after application of value engineering analysis

· How to setup estimating cost control early warning systems

· Develop an effective use of estimating information technology tools, estimating organizing and historical cost database system development

· The sources of estimating, prediction and value engineering information

· How to interpret them to be relevant to your organizations estimating needs

This course is designed for all those responsible for making significant decisions concerning costs, plans and budgets for large and complex projects, project managers, project cost estimators, cost controllers, project planners, contract professionals, and project procurement staff will find this course highly relevant, anyone involved in project initiation, project estimating and budgeting, and development as well as critical assessment of project cost proposals in client and contracting companies, financial managers, senior accountants, accounting & budgeting personnel, those new to the field take away a good multidiscipline understanding of the issues involved in the program works

· Introduction & overview

· Estimating & value engineering problems

· Bidding & negotiation issues

· Understanding "value" for your organization

· Understanding "value" for your customer

· Impact of contract conditions on estimates

· Good practices in estimating (quality assurance)

· Work scope & objectives: physical, documentation & strategic

· Planning & scheduling

· Defining value and value engineering concepts and principles

· How and when is value engineering applied?

· Value engineered estimating methodology

· Computer tools for estimating

· Value engineering implementation step-by-step methodology

· Quality assurance in estimating

· Understanding strategic & customer focus for estimating function

· Good practices for estimating management

· Best practices for estimating management

· Program recommendations and action plan

· Preparing an estimate for a project using checklists & forms

· Feasibility project

· Design project

· Construction project