Project Cost Estimating is a specialised Project Management Training Course designed to develop professional skills in cost estimating, project budgeting, cost control, and financial planning throughout the project lifecycle. The course covers estimating methods, cost structures, resource costing, contingency planning, budget development, forecasting, and cost performance measurement for effective project financial management.

Delivered by The British Academy For Training and Development, this course integrates budgeting, value engineering, project finance, and cost planning into a practical project management framework. Participants learn how to develop reliable cost estimates, establish realistic project budgets, evaluate cost alternatives, optimise resources, monitor financial performance, and apply value engineering techniques to achieve required project outcomes while controlling expenditure.

• Understand the principles and processes of Project Cost Estimating.
• Apply professional cost estimating techniques throughout the project lifecycle.
• Develop accurate and realistic project cost estimates.
• Identify direct, indirect, fixed, variable, and overhead project costs.
• Develop effective project budgeting structures.
• Apply cost planning techniques to support project financial decisions.
• Understand the fundamentals of project finance relevant to project managers.
• Establish cost baselines and appropriate financial controls.
• Apply value engineering to optimise project cost and performance.
• Analyse cost variances and forecast future project expenditure.
• Improve resource and cost allocation decisions.
• Monitor project financial performance and implement corrective actions.

Target Audience

• Project Managers and Project Coordinators.
• Project Cost Estimators and Cost Engineers.
• Project Controls Professionals.
• Quantity Surveyors and Cost Consultants.
• Financial and Commercial Project Professionals.
• Construction and Engineering Project Managers.
• Budget Managers and Project Finance Professionals.
• Procurement and Contract Management Professionals.
• Planning and Cost Control Specialists.
• Professionals responsible for cost planning, budgeting, and project financial management.

Module 1: Fundamentals of Project Cost Estimating

• Principles of Project Cost Estimating
• Role of cost management in project delivery
• Project cost structures and classifications
• Cost estimating lifecycle
• Cost estimating inputs and assumptions
• Accuracy levels and estimate maturity

Module 2: Cost Estimating Methods and Techniques

• Principles of cost estimating
• Analogous estimating
• Parametric estimating
• Bottom-up estimating
• Three-point estimating
• Expert judgement and historical data
• Estimate documentation and assumptions

Module 3: Cost Data, Resources, and Cost Structures

• Identifying project cost components
• Labour and material costing
• Equipment and resource costs
• Direct and indirect costs
• Fixed and variable costs
• Overheads and contingency
• Developing a cost breakdown structure

Module 4: Project Cost Planning

• Principles of cost planning
• Establishing project cost objectives
• Cost planning across project phases
• Resource-based cost planning
• Cost constraints and financial requirements
• Cost baselines and control accounts
• Integrating cost planning with project schedules

Module 5: Project Budgeting and Financial Control

• Principles of project budgeting
• Developing a project budget
• Allocating costs to project activities
• Establishing cost baselines
• Contingency and management reserves
• Cash flow considerations
• Budget approval and documentation

Module 6: Project Finance Fundamentals

• Principles of project finance
• Project funding requirements
• Capital and operating expenditure
• Cash flow forecasting
• Financial assumptions and constraints
• Funding schedules and payment structures
• Financial risk considerations

Module 7: Value Engineering and Cost Optimisation

• Principles of value engineering
• Value analysis and functional analysis
• Identifying cost reduction opportunities
• Evaluating alternative solutions
• Balancing cost, quality, functionality, and performance
• Lifecycle cost considerations
• Applying value engineering to project decisions

Module 8: Cost Monitoring, Control, and Forecasting

• Monitoring project expenditure
• Cost performance measurement
• Variance analysis
• Cost forecasting
• Earned Value Management concepts
• Identifying cost overruns
• Developing corrective and preventive actions

Module 9: Risk, Uncertainty, and Cost Contingency

• Identifying cost-related risks
• Cost uncertainty and estimation risk
• Contingency planning
• Cost risk assessment
• Scenario and sensitivity analysis
• Managing changes that affect project costs
• Maintaining cost control under changing conditions

Module 10: Integrated Project Cost Estimating, Budgeting, and Value Management

• Integrating cost estimating, budgeting, and cost planning
• Linking project costs with scope and schedule
• Applying value engineering to financial decisions
• Analysing project cost performance
• Developing integrated cost management reports
• Practical cost estimation and budgeting exercises
• Case studies in project cost management