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Project Cost Estimating

This in-depth course focuses on approaches to estimating costs and schedules for any project. Understand the various project areas that must be estimated and the tools and methodologies best suited for the estimates you will prepare. Recognize the importance of effective estimating throughout the project management life cycle.

Who Takes This Course

This course is intended for project and program managers who wish to enhance their project cost estimating skills required to deliver critical projects on time and within budget.

Learning Objectives

  • Define cost estimating, cost estimating terms, and cost estimating concepts such as basis of estimate
  • Create and use a solid work breakdown structure (WBS) and resource breakdown structure (RBS) to estimate cost and work
  • Create cost estimates using different estimating techniques
  • Apply a formal process to create a cost estimate for any project

Course Topics

Cost Estimating Overview

  • Everything Has a Cost
  • Estimate
  • Roles & Responsibilities
  • Components of a Cost Estimate
  • The Value of a Solid Cost Estimate
  • The Estimating Challenge
  • Which is Better: Overestimating or Underestimating?
  • When is Cost Estimating Performed?
  • Estimating Approaches
  • The Project Management Life Cycle
  • Accuracy and Confidence
  • Managing Expectations
  • Lesson Summary

Getting Started

  • Cost Estimating Prerequisites
  • Lesson Summary

Estimating Techniques

  • Units of Measure
  • Five Estimating Techniques
  • The Techniques Compared
  • Estimating Guidelines
  • Lesson Summary

Finalizing the Estimate

  • Key Factors in Estimating
  • The 10-Step Estimating Process
  • Tips to Improve Estimates
  • Lesson Summary

Course Summary

  • Review of Course Objectives
  • Estimating
  • Basic Questions
  • The Work Breakdown Structure
  • Resource Breakdown Structure
  • Five Estimating Techniques
  • Key Factors in Estimating
  • The 10-Step Estimating Process
  • Secrets for Estimating Success
  • Course Key Messages
  • Developing an Action Plan

Prerequisites

Course Details Minimize
Course Number: 6111
Tuition: $1239
Duration: 2 days
Delivery Method: Instructor-led live classroom
Other Delivery Methods:
CEUs: 1.4
PDU Credits: 14
CLPs: 16
PD/CDU Credits: 14
NASBA CPE Credits: 16
NASBA Level: Intermediate
NASBA Field of Study:
Management Advisory Services
Course Format:

Presentation, class exercises, and case studies.

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