COURSE OVERVIEW:

The financial success of technical projects is determined long before the first shovel hits the ground, rooted in the accuracy of initial estimates and the rigor of subsequent cost controls. This course provides a comprehensive exploration of the cost engineering discipline, bridging the gap between engineering design and financial management. It focuses on the methodologies required to transform technical scopes into reliable budgets and to monitor expenditures against those baselines throughout the project lifecycle.

The scope of this training encompasses the entire spectrum of cost management, from conceptual "Class 5" estimates to detailed definitive estimates and final close-out audits. Participants will master the art of quantity surveying, unit rate analysis, and the application of contingency using probabilistic modeling rather than generic percentages. The course addresses the complexities of managing multi-currency budgets and the impact of market volatility on material and labor costs in large-scale industrial projects.

Coverage includes the implementation of Earned Value Management (EVM) for performance tracking, the management of change orders, and the development of sophisticated cost-to-complete forecasts. Attendees will learn how to utilize cost engineering software and data analytics to identify trends and provide early warnings of potential overruns. By the end of this program, professionals will be equipped to maintain the financial health of their projects, providing stakeholders with the transparency and predictability required for investment confidence.

COURSE OBJECTIVES:

After completion of this course, the participants will be able to:

• Apply standardized cost engineering terminology and principles.
• Develop accurate conceptual and detailed estimates for technical projects.
• Utilize various estimating techniques including parametric and bottom-up.
• Calculate project contingency using risk-based probabilistic methods.
• Implement Earned Value Management (EVM) for performance monitoring.
• Analyze variances in cost and schedule to identify root causes.
• Manage the project change control process to protect the budget.
• Develop reliable "Estimate to Complete" (ETC) and final cost forecasts.
• Oversee the procurement and subcontract cost management process.
• Monitor project cash flow and funding requirements effectively.
• Utilize cost engineering software for data integration and reporting.
• Conduct comprehensive financial close-out and post-project audits.

TARGET AUDIENCE:

This course is intended for Cost Engineers, Project Estimators, Quantity Surveyors, Planning Engineers, and Project Managers who are responsible for the financial delivery of technical or industrial projects.

TRAINING COURSE METHODOLOGY:

A highly interactive combination of lectures, discussion sessions, and case studies will be employed to maximize the transfer of information, knowledge, and experience. The course will be intensive, practical, and highly interactive. The sessions will start by raising the most relevant questions and motivating everybody to find the right answers. The attendants will also be encouraged to raise more of their questions and to share in developing the right answers using their analysis and experience. There will also be some indoor experiential activities to enhance the learning experience. Course material will be provided in PowerPoint, with necessary animations, learning videos, and general discussions.

The course participants shall be evaluated before, during, and at the end of the course.

COURSE CERTIFICATE:

National Consultant Centre for Training LLC (NCC) will issue an Attendance Certificate to all participants completing a minimum of 80% of the total attendance time requirement.