Estimating, Budgeting, and Value Engineering for Projects

Estimating, Budgeting, and Value Engineering for Projects

Course Description


Introduction

 

Welcome to the "Estimating, Budgeting, and Value Engineering for Projects" training course, designed by Cambridge for Global Training. In this course, participants will gain comprehensive skills in project cost estimation, budgeting, and value engineering, crucial for successful project management. Through a combination of theory, case studies, and practical exercises, attendees will learn how to effectively estimate project costs, allocate budgets efficiently, and implement value engineering techniques to optimize project outcomes.

 

Course Objectives

By the end of the course, participants will be able to:

 

  • Understand the principles and techniques of project cost estimation.
  • Develop proficiency in creating and managing project budgets.
  • Apply value engineering methods to enhance project efficiency and cost-effectiveness.
  • Analyze risk factors and incorporate them into cost estimation and budgeting processes.
  • Improve decision-making skills related to project resource allocation and cost control.

 

Who Should Attend

 

  • Project managers seeking to enhance their skills in cost estimation and budgeting.
  • Financial analysts interested in understanding project cost management.
  • Engineers and architects involved in project planning and execution.
  • Procurement professionals responsible for budget allocation and cost optimization.
  • Anyone involved in project management or related fields looking to improve their knowledge of cost control and value engineering.
Course Outline


Unit 1: Introduction to Project Cost Management

 

  • Overview of project cost management
  • Importance of accurate cost estimation
  • Principles of value engineering
  • Cost estimation techniques
  • Case study: Cost estimation in real-world projects

 

Unit 2: Project Budgeting Fundamentals

 

  • Basics of project budgeting
  • Creating a project budget
  • Budget allocation and tracking
  • Budget variance analysis
  • Practical exercises: Developing project budgets

 

Unit 3: Value Engineering Techniques

 

  • Understanding value engineering
  • Identifying value engineering opportunities
  • Value analysis and function analysis
  • Value engineering workshops
  • Case study: Successful implementation of value engineering

 

Unit 4: Risk Management in Cost Estimation and Budgeting

 

  • Introduction to risk management
  • Identifying project risks
  • Risk analysis and assessment
  • Incorporating risk into cost estimation and budgeting
  • Case study: Risk management in project cost control

 

Unit 5: Advanced Topics in Cost Control

 

  • Earned Value Management (EVM)
  • Cost forecasting and predictive analytics
  • Resource optimization strategies
  • Cost-effective procurement methods
  • Practical exercises: Implementing advanced cost control techniques
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Estimating, Budgeting, and Value Engineering for Projects
REF code: O-1052
Date: 09 - 13 Dec 2024
City: Tbilisi
Language: English
Price: 4500 £

Course Description


Introduction

 

Welcome to the "Estimating, Budgeting, and Value Engineering for Projects" training course, designed by Cambridge for Global Training. In this course, participants will gain comprehensive skills in project cost estimation, budgeting, and value engineering, crucial for successful project management. Through a combination of theory, case studies, and practical exercises, attendees will learn how to effectively estimate project costs, allocate budgets efficiently, and implement value engineering techniques to optimize project outcomes.

 

Course Objectives

By the end of the course, participants will be able to:

 

  • Understand the principles and techniques of project cost estimation.
  • Develop proficiency in creating and managing project budgets.
  • Apply value engineering methods to enhance project efficiency and cost-effectiveness.
  • Analyze risk factors and incorporate them into cost estimation and budgeting processes.
  • Improve decision-making skills related to project resource allocation and cost control.

 

Who Should Attend

 

  • Project managers seeking to enhance their skills in cost estimation and budgeting.
  • Financial analysts interested in understanding project cost management.
  • Engineers and architects involved in project planning and execution.
  • Procurement professionals responsible for budget allocation and cost optimization.
  • Anyone involved in project management or related fields looking to improve their knowledge of cost control and value engineering.

Course Outline


Unit 1: Introduction to Project Cost Management

  • Overview of project cost management
  • Importance of accurate cost estimation
  • Principles of value engineering
  • Cost estimation techniques
  • Case study: Cost estimation in real-world projects

Unit 2: Project Budgeting Fundamentals

  • Basics of project budgeting
  • Creating a project budget
  • Budget allocation and tracking
  • Budget variance analysis
  • Practical exercises: Developing project budgets

Unit 3: Value Engineering Techniques

  • Understanding value engineering
  • Identifying value engineering opportunities
  • Value analysis and function analysis
  • Value engineering workshops
  • Case study: Successful implementation of value engineering

Unit 4: Risk Management in Cost Estimation and Budgeting

  • Introduction to risk management
  • Identifying project risks
  • Risk analysis and assessment
  • Incorporating risk into cost estimation and budgeting
  • Case study: Risk management in project cost control

Unit 5: Advanced Topics in Cost Control

  • Earned Value Management (EVM)
  • Cost forecasting and predictive analytics
  • Resource optimization strategies
  • Cost-effective procurement methods
  • Practical exercises: Implementing advanced cost control techniques
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