Construction Project Cost Management

Description

Construction project cost management is a professional-level training course designed to develop the knowledge and practical skills of construction professionals required to plan, estimate, control, monitor, and optimize construction project costs throughout the project life cycle. This training course integrates cost estimating, budgeting, tendering, cash-flow management, cost control, value engineering, earned value management, change management, risk management, and financial reporting. This training course focuses on setting principles, methods and procedures involved in managing the cost of construction projects, and, thus, deals with the estimating, tendering and physical implementation stage of construction works projects i.e. the period between the preparation of engineers’ estimates for bids, receiving of bid documents by the contractor’s office, to the contractor’s notice to proceed, and the end of the defects liability period. The training course in general assumes that construction contracts entered into are based on either design bid build or design build delivery method and use contemporary contracting forms. The construction project cost management concepts and procedures for other forms of project delivery methods and stakeholders are discussed. It is focused on the last part of design phase, which deals with project management fee, the preparation of engineering estimates, estimation for tendering, tendering for works, and extends to the construction and commissioning and closeout phases of the construction project. The training course is particularly relevant to project managers, quantity surveyors, cost engineers, contractors, consultants, and construction professionals. In this professional training course, practical applications, case studies and project-based scenarios are included. Topics covered include the following:

• Construction project cost management overview
• Plan construction project cost management
• Estimate construction project cost
• Determine construction project budget
• Monitor and control construction project cost
• Inputs, mechanisms, constraints and outputs

Outcomes

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

• Describe cost management processes in construction projects
• Identify the process that establishes the policies, procedures, and documentation for planning, managing, expending, and controlling construction project costs – plan cost management
• Define the process of developing an approximation of the monetary resources needed to complete construction project activities – estimate costs
• Plan the process of aggregating the estimated costs of individual activities or work packages to establish an authorized cost baseline – determine budget
• Establish the process of monitoring the status of the Construction project to update the project costs and managing changes to the cost baseline – control costs

Target audience

The target audience for this training course includes construction project managers, civil engineers, architects, quantity surveyors, contract administrators, planning engineers, project control engineers, consultants, contractors, developers, procurement professionals, and client representatives.