COURSE OVERVIEW:

The accuracy of project estimates is the cornerstone of effective project support and control, determining the feasibility and financial health of any enterprise. This course provides a comprehensive framework for Project Estimating Requirements and Procedures, focusing on the systematic methodologies used to develop cost and time forecasts across the project lifecycle. It addresses the strategic importance of "Class of Estimate" definitions and the rigorous validation processes required to ensure that project budgets are realistic and defensible.

The scope of this training encompasses the application of "Parametric," "Analogous," and "Bottom-Up" estimating techniques, alongside the management of "Estimation Uncertainty." Participants will learn how to draft "Basis of Estimate" (BOE) documents, implement "Peer Reviews" for estimate validation, and manage "Escalation and Currency" fluctuations. The course provides practical tools for integrating "Risk Contingency" into the estimate and establishing a "Project Control Baseline" that facilitates effective monitoring.

Coverage includes the analysis of the AACE International cost engineering standards, the implementation of "Benchmarking" data, and the execution of "Life Cycle Costing" (LCC). Attendees will explore the utilization of "Estimating Software" and learn how to manage the "Interface" between the estimating team and the project control function. By mastering project estimating requirements and procedures, professionals will be able to enhance the reliability of project funding requests, reduce budget overruns, and provide a stable foundation for successful project execution.

COURSE OBJECTIVES:

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

• Apply the AACE "Class of Estimate" framework (Class 5 to Class 1).
• Design a comprehensive "Basis of Estimate" (BOE) document.
• Utilize "Analogous" and "Parametric" estimating methodologies.
• Execute "Bottom-Up" detailed estimating for work packages.
• Calculate "Direct Costs" vs. "Indirect Costs" and "Overheads."
• Implement "Escalation" models and "Currency Exchange" risk.
• Integrate "Risk-Based Contingency" using Monte Carlo simulations.
• Perform "Peer Reviews" and "Technical Audits" of estimates.
• Utilize "Benchmarking" data to validate estimate accuracy.
• Execute "Life Cycle Costing" (LCC) for project appraisal.
• Establish the "Project Control Baseline" from the final estimate.
• Communicate "Estimate Uncertainty" and ranges to stakeholders.

TARGET AUDIENCE:

This course is intended for Estimators, Cost Engineers, Project Control Specialists, Quantity Surveyors, and Project Managers.

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.