COSTING ENGINEERING TRAINING

BENEFIT OF TRAINING:

What does a cost engineer do?

Cost engineering is “the engineering practice devoted to the management of project cost, involving such activities as estimating, cost control, cost forecasting, investment appraisal and risk analysis.” “Cost Engineers budget, plan and monitor investment projects.

• Training Method: Classroom/Virtual

• Duration: 4 Days

• Training Schedule: By Request/In Session

• COURSE OBJECTIVE:

Teach the utilization of financial and cost techniques to do cost analysis for decision-making, pricing and control of operations.

• Address:-

• Lagos: 41, Isolo way Ajao Estate, By 7 & 8 Junction, Off International Airport Road Isolo, Lagos State

• Suite 48 Futeb Plaza, Effurun-Sapele Road, Opposite Refinery road Junction, By Delta Shopping Mall(Shoprite), Effurun/Warri, Delta State

COURSE OUTLINE: (BASIC)

1. Meaning of cost engineering

2. The cost engineer & responsibilities

3. Introduction to cost estimation, budgeting & control

4.The unit price estimate with work examples

5. Variation factors in estimating

6. Cost estimation methods: Rule of thumb approach, Detailed “grassroot or “bottom-up” approach, Analogy, Competitive supplier proposals & Parametric approach

7. Meaning & Applications of EVA (Earned Value Analysis)

8. Parameters used in EVA

– Budget at completion (BAC)

– Planned Value (PV)

– Earned Value (EV)

– Actual Cost (AC)

– Schedule Variance (SV)

– Cost Variance (CV)

– Schedule Performance Index (SPI)

– Cost Performance Index (CPI)

– Estimate to complete (ETC)

– Estimate at completion (EAC)

– Variance at Completion (VAC)

ADVANCED:

1. Meaning of cost engineering

2. The cost engineer & responsibilities

3. Introduction to cost estimation, budgeting & control

4.The unit price estimate with work examples

5. Variation factors in estimating

6. Cost estimation methods: Rule of thumb approach, Detailed “grassroot or “bottom-up” approach, Analogy, Competitive supplier proposals & Parametric approach

7. Meaning & Applications of EVA (Earned Value Analysis)

8. Parameters used in EVA

– Budget at completion (BAC)

– Planned Value (PV)

– Earned Value (EV)

– Actual Cost (AC)

– Schedule Variance (SV)

– Cost Varaiance (CV)

– Schedule Performance Index (SPI)

– Cost Performance Index (CPI)

– Estimate to complete (ETC)

– Estimate at completion (EAC)

– Variance at Completion (VAC)

9. Applications of Primavera 6.0 in analysis of EVA

– Converting estimated cost into budget

– Loading cost into schedule

– Performing Earned Value Analysis (Case Scenario, implications & implementations)

10. Resource (Cost, Material & Personnel) usage spreadsheet diagrams (curves & bars) Analysis.

– Cost curves and analysis for EVA (PV, EV, AC. etc.)

11. Applications of P6 to project based examples relating to costing