Learn Estimating & Cost Control from Udemy

What's inside

Learning objectives

Understand the sensitivity of estimates
Basic spreadsheet based estimating
Types of resources used in projects
Cost estimating techniques
Establishing cost budgets

Revision of cost budgets
Identifying cost control requirements
Effective cost control techniques
Reporting cost performance progress
Early identification of deviation from cost budget

Understand the sensitivity of estimates
Basic spreadsheet based estimating
Types of resources used in projects
Cost estimating techniques
Establishing cost budgets
Revision of cost budgets
Identifying cost control requirements
Effective cost control techniques
Reporting cost performance progress
Early identification of deviation from cost budget

Syllabus

Introduction

Here are some guidelines to studying this course on estimating and cost control.

Full course notes - Estimating and Cost Control

Before commencing this course, you need to gain an understanding of Work Break Down Structures (WBS) by reading this explanation

Estimating and Developing a Tender Estimate

This video provides an overview of understanding estimating techniques for a building and construction project.

We explain the following:

Why project estimating is essential to construction management

Understanding the sensitivities of estimates
What are the various acceptable cost estimating techniques

What is meant by project resources

An explanation of project direct costs

An explanation of project indirect costs

How to calculate a tender estimate - using a simple formular

Using spreadsheets to assist in the calculation

What is a "Bill of Quantities" and how is it used

Watch this videa on Developing a Tender Estimate and then download the additional material including the Self Assessment Task 1.

Budgeting for costs and review practices

This video explains the importance of project budgets and how a Work Breakdown Structure is used to create budgets. We provide explanations on:

The definition of a Work Breakdown Structure (WBS)

Best practice rules for creating a WBS

How to establish a cost budget

What is included in a good cost budget

The 4 steps to preparing a cost budget

Review the initial project estimate
Allocate direct costs to various activities
Sum up direct costs in WBS
Allocate indirect costs

What are overhead costs

The use of estimating packages

How to revise budgets

Developing a tender estimate

Revision of Cost Budgets

Module 3 - Cost Control & Forecasting

This video explains the requirements of good cost control on a building and construction project and how the project cost control system should be used to manage costs. We cover in detail the following:

Identifying cost control requirements on your project - what tasks are involved

The importance of controlling project costs

How to manage costs during the project

The processes of controlling costs

Looking at forecasting of key project activities

Looking at forecasting categories -

Budgeted costs
Estimated Total Cost
Cost Committed
Cost Exposure
Cost to date
Over or Under Cost Amount

Estimating the total time to complete an activity

Comparing % of work completed against Expenditure on an activity

Reporting cost performance Progress

Forecasting for Activity Cost control

Variance from Cost Budgets and Administrative Controls

Variance from Cost Budgets

Watch the video on Establishing Administrative Controls and then download the two documents for the Self Learning task and complete the task.

Good to know

Know what's good

, what to watch for

, and possible dealbreakers

Helps prepare learners to be responsible for developing and controlling project costs

Develops understanding of cost estimating techniques, types of resources used in projects, and project cost control requirements

Provides practical cost control techniques and strategies

Offers a certificate of attainment upon successful completion

May require learners to come in with prior knowledge and understanding of Work Breakdown Structures (WBS)

Activities

Be better prepared before your course. Deepen your understanding during and after it. Supplement your coursework and achieve mastery of the topics covered in Learn Estimating & Cost Control with these activities:

Review Estimating Techniques

Show steps

Review basic estimating techniques to strengthen understanding of concepts.

Show steps

Read through the provided course notes on estimating techniques.
Watch the provided video on understanding estimating techniques for a building and construction project.
Complete the self-assessment task 1.

Seek Guidance from Industry Experts

Show steps

Connect with professionals in the field to gain valuable insights and guidance.

Show steps

Identify potential mentors with experience in cost estimating and control.
Reach out to mentors and request their guidance.
Attend industry events and conferences to network with professionals.

Organize Course Materials

Show steps

Organize and review course notes, assignments, and other materials to enhance retention.

Show steps

Create a system for organizing notes, assignments, and other materials.
Review and summarize key concepts from each module.
Complete practice questions and assignments to reinforce understanding.

Six other activities

Expand to see all activities and additional details

Show all nine activities

Calculate Cost Estimates

Show steps

Reinforce your understanding of the basic principles of cost estimating.

Browse courses on Cost Estimating

Show steps

Read the provided course materials on cost estimating.
Work through practice problems and exercises.
Compare your answers with the provided solutions.

Analyze Case Studies

Show steps

Develop your critical thinking skills by analyzing real-world examples of cost control in action.

Browse courses on Case Studies

Show steps

Read the provided case study.
Identify the key elements of the cost control system.
Evaluate the effectiveness of the cost control system.
Make recommendations for improvement.

Create a Project Budget

Show steps

Enhance your understanding of budgeting principles by creating a budget for a real-world project.

Browse courses on Project Budget

Show steps

Identify the project scope and objectives.
Estimate the project costs.
Allocate the project budget.
Monitor and control the project budget.

Discuss Cost Control Strategies

Show steps

Engage with peers to share and discuss effective cost control strategies.

Browse courses on Project Cost Management

Show steps

Join or form a study group with other course participants.
Identify and research different cost control strategies.
Lead or participate in group discussions on cost control.

Estimate Project Costs

Show steps

Practice estimating project costs using various techniques to improve accuracy.

Show steps

Gather project requirements and specifications.
Identify and quantify project resources.
Develop a cost estimate using appropriate techniques.
Review and refine cost estimates.

Develop a Cost Control Plan

Show steps

Create a detailed plan to monitor and control project costs effectively.

Show steps

Identify cost control objectives and responsibilities.
Establish cost control measures and procedures.
Develop a system for tracking and reporting costs.
Implement and monitor the cost control plan.

Career center

Learners who complete Learn Estimating & Cost Control will develop knowledge and skills that may be useful to these careers:

Estimator

Estimators are responsible for developing and maintaining project estimates, including the estimation of labor costs, material costs, and equipment costs. This course can equip individuals with the knowledge and skills needed to prepare accurate and reliable project estimates, which are essential for project planning and budgeting. It covers various cost estimating techniques, cost analysis methods, and risk assessment principles, enabling estimators to produce credible estimates that support informed decision-making.

See salaries and explore the career path for Estimator

Construction Manager

A Construction Manager oversees the planning, coordination, and execution of construction projects. They are responsible for managing the project budget, schedule, and resources, as well as ensuring that the project meets the required quality standards. This course can provide Construction Managers with a comprehensive understanding of cost estimating techniques, cost control principles, and cost reporting methods. It can help them develop the skills needed to effectively manage project costs and ensure the financial success of their projects.

See salaries and explore the career path for Construction Manager

Project Controls Engineer

Project Controls Engineers are responsible for implementing and managing project controls systems, including cost control, schedule control, and performance monitoring. They work closely with project managers and other stakeholders to ensure that projects are delivered within budget, on time, and to the required quality standards. This course can provide Project Controls Engineers with a comprehensive understanding of cost control principles, cost reporting methods, and cost forecasting techniques. It can help them develop the skills needed to effectively manage project costs, identify potential cost overruns, and implement corrective actions.

See salaries and explore the career path for Project Controls Engineer

Cost Engineer

Cost Engineers are responsible for analyzing, managing, and controlling project costs throughout the project lifecycle. They work closely with project managers, estimators, and other stakeholders to develop cost estimates, identify cost-saving opportunities, and implement cost control measures. This course can provide Cost Engineers with a solid foundation in cost estimating, cost budgeting, and cost control principles. It can help them develop the skills and knowledge needed to effectively manage project costs and ensure the financial viability of projects.

See salaries and explore the career path for Cost Engineer

Quantity Surveyor

Quantity Surveyors are responsible for measuring and valuing construction work, including the preparation of bills of quantities and the assessment of variations. This course can provide Quantity Surveyors with a comprehensive understanding of cost estimating techniques, cost analysis methods, and project management principles. It can help them develop the skills needed to prepare accurate cost estimates, assess variations, and manage project costs effectively.

See salaries and explore the career path for Quantity Surveyor

Bid Manager

Bid Managers are responsible for managing the bidding process for construction projects, including the preparation of bid documents, evaluation of bid proposals, and negotiation of contracts. This course can provide Bid Managers with a comprehensive understanding of cost estimating techniques, cost analysis methods, and risk assessment principles. It can help them develop the skills needed to prepare accurate bid estimates, analyze bid proposals, and negotiate contracts that protect the interests of their organization.

See salaries and explore the career path for Bid Manager

Site Supervisor

Site Supervisors are responsible for overseeing the day-to-day operations of construction sites. They are responsible for ensuring that work is completed according to plans and specifications, within budget, and in a safe and efficient manner. This course can provide Site Supervisors with a practical understanding of cost control principles, cost reporting methods, and project management techniques. It can help them develop the skills needed to manage project costs effectively, identify potential cost overruns, and implement corrective actions.

See salaries and explore the career path for Site Supervisor

Project Manager

A Project Manager is a professional who plans, organizes, and monitors projects, including the budgeting, scheduling, and resource allocation of a project. Establishing cost budgets and controlling project costs are key aspects of a Project Manager's role. This course can help individuals develop the skills and knowledge needed to create accurate cost budgets, identify cost control requirements, and effectively control project costs throughout the project lifecycle. By understanding the principles of cost estimating and control, individuals can enhance their ability to deliver projects within budget and scope.

See salaries and explore the career path for Project Manager

Operations Manager

Operations Managers are responsible for planning, organizing, and controlling the operational activities of an organization. They are responsible for ensuring that operations are efficient, effective, and aligned with the organization's strategic objectives. This course can provide Operations Managers with a comprehensive understanding of cost control principles, cost reporting methods, and performance monitoring techniques. It can help them develop the skills needed to optimize operational costs, identify areas for cost reduction, and improve the overall efficiency of their operations.

See salaries and explore the career path for Operations Manager

Project Scheduler

Project Schedulers are responsible for developing and maintaining project schedules, including the sequencing of activities, resource allocation, and project milestones. They work closely with project managers and other stakeholders to ensure that projects are completed on time and within budget. This course can provide Project Schedulers with a deeper understanding of cost estimating techniques, cost control principles, and cost reporting methods. It can help them develop the skills needed to integrate cost data into project schedules and identify potential cost-related risks and delays.

See salaries and explore the career path for Project Scheduler

Business Analyst

Business Analysts are responsible for analyzing business needs and developing solutions to improve business processes and systems. This course can provide Business Analysts with a deeper understanding of cost analysis techniques, budgeting principles, and cost reporting methods. It can help them develop the skills needed to analyze project costs, identify areas for cost optimization, and provide recommendations to stakeholders.

See salaries and explore the career path for Business Analyst

Purchasing Manager

Purchasing Managers are responsible for managing the procurement of goods and services for an organization. They are responsible for ensuring that goods and services are purchased at the best possible price, quality, and delivery time. This course can provide Purchasing Managers with a deeper understanding of cost analysis techniques, budgeting principles, and risk assessment principles. It can help them develop the skills needed to negotiate contracts, manage supplier relationships, and optimize procurement costs.

See salaries and explore the career path for Purchasing Manager

Risk Manager

Risk Managers are responsible for identifying, assessing, and mitigating risks to an organization. They work closely with senior management to develop and implement risk management strategies. This course can provide Risk Managers with a deeper understanding of cost analysis techniques, budgeting principles, and financial modeling techniques. It can help them develop the skills needed to assess the financial impact of risks, identify cost-effective risk mitigation strategies, and support decision-making in the face of uncertainty.

See salaries and explore the career path for Risk Manager

Financial Analyst

Financial Analysts play a crucial role in evaluating financial data and providing insights to support decision-making. They analyze financial statements, conduct financial modeling, and assess investment opportunities. This course can help Financial Analysts develop a deeper understanding of cost analysis techniques, budgeting principles, and cost reporting methods. It can enhance their ability to analyze project costs, identify financial risks, and provide informed recommendations to stakeholders.

See salaries and explore the career path for Financial Analyst

Consultant

Consultants provide expert advice and support to organizations on a wide range of business issues, including project management, cost management, and financial planning. This course can provide Consultants with a solid foundation in cost estimating, cost budgeting, and cost control principles. It can help them develop the skills and knowledge needed to provide valuable advice to clients on cost-related matters and assist them in improving their project performance.

See salaries and explore the career path for Consultant