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Project Cost Estimating

This two-day, 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 lifecycle.

Also available via instructor-led online (virtual classroom).

Learning Objectives
By the end of this course, students will be able to:
  • 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
Topics

Cost Estimating Overview

  • Cost estimating terms and key concepts
  • Major challenges associated with cost estimating
  • Iterative nature of cost estimating
  • Estimating with different product life cycles

Getting Started

  • Prerequisites to the estimating process
  • Multiple Work Breakdown Structure (WBS) types
  • Creating a deliverable-based WBS
  • Resource breakdown structures (RBS)

Estimating Techniques

  • Units of measure
  • Estimating techniques for developing cost estimates
  • Pros and cons of each estimating technique
  • Creating cost estimates using the different estimating techniques

Finalizing the Estimate

  • Ten-step cost estimating process
  • Techniques to clarify the estimating request and scope of work
  • Accounting for individual characteristics of resources
  • Documenting an estimate to ensure clear understanding of the cost estimate, assumptions, accuracy, confidence, etc.
  • Five tips that can improve estimating
Suggested Prerequisites
Additional Information
  • Bring this course to your organization! To learn more, call 888.545.8577.

Course Details

Course Number: 6111
Tuition: $1239
Duration: 2 days
PDU Credits: 14
NASBA CPE Credits: 16
PD/CDU Credits: 14
CLPs: 16
CEUs: 1.4
Level: Intermediate
Field of Study
Management Advisory Services
Course Format
Presentation, class exercises, case studies, and final exam
Exam Format
One Exam

Course Location & Dates

Guaranteed To Run Classes

Washington, DC

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