Welcome to Cost Estimating Fundamentals
Cost estimation is the art of assigning value and the science for making use of a range of techniques to predict the costs of activities and assets. A wide range of methods, applications and names for estimates exist. This course introduces and explains the principles of cost estimating and demonstrates examples of persuasive cost-estimates.
Why Take This Course
Ajay M. Pangarkar CTDP, FCMA, FCPA, Instructor
Cost estimating is an exceptionally relevant topic for decision-makers. Whether you are in government, private enterprise, or non-profit, you will eventually be involved with a major investment requiring a proper cost estimate.
Cost estimating is more than simply compiling the purchase price and any associated cost to arrive at a final amount. This is a starting point but there are many other factors including life cycle costs and cost reliability for capital investments which you will learn about enrolling in this course.
This module explains the differences between actual costs and cost estimates and explains the purpose of cost estimates and the impact proper estimating makes on decision-making.
This module explains how to establish credible cost estimates through realistic budgets and develop work breakdown structures to identify precise cost elements and activities.
This module explains a variety of cost estimating approaches. It provides an overview of commonly applied cost estimate techniques including:
- Parametric approach
- Analogous approach
- Engineering build-up approach
This module reviews various types of cost data used in cost estimating applications including technical and programmatic and differentiating between quantitative and qualitative data. It explains why it is important to properly contextualize data and evaluate cost data elements.
Collecting data in preparation for developing an estimate follows a specific process. This module describes the data collection process and explains data credibility and normalization leading to preparing persuasive estimates.
This module addresses the fundamental relationship among managing costs, improving performance, and delivering value. Cost management concerns itself with the process of planning and controlling the budget of a project or business while recognizing relationships among cost, data, and performance.
2 hours (self paced)
July 20, 2020