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Project Cost Estimation & Control

Date: 16 - 19th March, 2019 
Abu Dhabi University, Dubai Campus

 

Course ContentDurationMethod of TeachingMaterialsCost
  • Project Management Principles
  • Project Planning and Scheduling
  • Cost Estimating
  • Cost Budgeting and Time-Cost Relationship
  • Cost Accounting and Cost Control (Earned Value Analysis)
5 days
  • Lectures
  • Discussion
  • Examples
  • Case Studies
  • Computer Applications
All the required material will be provided by the instructor; such as notes, examples and case studies.2500 Dhs

 

Topics covered

I - Project Management Principles

  • The Project Management process & principles.
  • Project Phases: Effective management throughout the different project phases.
  • Project Participants: Contractual and working relationships.
  • Project Organization
  • Organizing the project team: Functional, Matrix, and Project forms of organizations.
  • Establishing policies and procedures.
  • Setting lines of communication and reporting system.
  • Factors affecting project scope, cost, and time.

II - Project Planning and Scheduling

  • Breaking the project into activities: Work Break-down Structure (WBS).
  • Developing the project Activity list.
  • Estimating activities time and resource requirements.
  • Establishing precedence relationships among activities.
  • Creation of a logic diagram.
  • Performing schedule calculations (early and late activity times, total and free floats) and identifying the critical path.
  • Generating Gantt Chart (Bar-Chart) schedules.
  • Generating resource profiles.
  • Optimizing the schedule and performing resource leveling.

III - Cost Estimating

  • The cost estimating process.
  • Types of costs.
  • Project Cost: Direct and indirect costs.
  • Production Cost: Variable and fixed costs.
  • Material, labor, equipment, and overhead costs.
  • Type of construction cost estimates: design, bid, and control estimates.
  • Approaches to cost estimation: parametric, production function, empirical cost, inference, and unit cost.
  • Historical cost data.
  • Effects of scale on construction cost.
  • Cost Indices and their applications to estimating.
  • Learning curve: time and cost implications.
  • Allowance for cost escalation and contingencies.

IV - Cost Budgeting and Time-Cost Relationship

  • Crashing the project duration.
  • Time/Cost Analysis.
  • The S-Curve.
  • Generating cash flow diagrams and developing project budget and financing requirements.
  • Understanding time-cost relationship and trade-offs.
  • Measuring progress.