Learn Estimating & Cost Control
4.1 (197 ratings)
Course Ratings are calculated from individual students’ ratings and a variety of other signals, like age of rating and reliability, to ensure that they reflect course quality fairly and accurately.
969 students enrolled

Learn Estimating & Cost Control

Develop a good practical understanding of best practice estimating and cost control on building & construction Projects
4.1 (197 ratings)
Course Ratings are calculated from individual students’ ratings and a variety of other signals, like age of rating and reliability, to ensure that they reflect course quality fairly and accurately.
969 students enrolled
Created by Exner Education
Last updated 10/2015
English
English [Auto-generated]
Price: $104.99
30-Day Money-Back Guarantee
This course includes
  • 2 hours on-demand video
  • 16 downloadable resources
  • Full lifetime access
  • Access on mobile and TV
  • Certificate of Completion
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What you'll learn
  • Understand the Sensitivity of estimates
  • Basic spreadsheet based estimating
  • Types of resources used in projects
  • Cost estimating techniques
  • Establishing cost budgets
  • Revision of cost budgets
  • Identifying cost control requirements
  • Effective cost control techniques
  • Reporting cost performance progress
  • Early identification of deviation from cost budget
Requirements
  • Basic understanding of Budgeting
  • Basic understanding of construction projects
Description

This course has been  designed for business  owners and anyone  involved in project  management, and will  be of particular interest  to Estimators, Builders, Engineers, Construction and  Project Managers,  Project Coordinators  and Site and Works  Managers or those  intending to be involved  in the area of  estimating or  controlling costs on  projects. If you would like to discuss being assessed for this course, please visit our website. Upon successful completion you will receive a certificate of attainment.

Who this course is for:
  • Business Managers
  • Project Managers
  • Planners
  • Site Managers
  • Builders
  • Engineers
  • Construction Managers
Course content
Expand all 11 lectures 02:21:13
+ Introduction
3 lectures 07:30

Here are some guidelines to studying this course on estimating and cost control.

Preview 07:30
Full course notes - Estimating and Cost Control
33 pages
Before commencing this course, you need to gain an understanding of Work Break Down Structures (WBS) by reading this explanation
Notes On Work Breakdown Structures
3 pages
+ Estimating and Developing a Tender Estimate
2 lectures 25:40
This video provides an overview of understanding estimating techniques for a building and construction project.

We explain the following:
  • Why project estimating is essential to construction management
  • Understanding the sensitivities of estimates

  • What are the various acceptable cost estimating techniques
  • What is meant by project resources
  • An explanation of project direct costs
  • An explanation of project indirect costs
  • How to calculate a tender estimate - using a simple formular
  • Using spreadsheets to assist in the calculation
  • What is a "Bill of Quantities" and how is it used



Preview 13:26

Watch this videa on Developing a Tender Estimate and then download the additional material including the Self Assessment Task 1.

Developing a Tender Estimate
12:14
+ Budgeting for costs and review practices
2 lectures 22:19
This video explains the importance of project budgets and how a Work Breakdown Structure is used to create budgets.  We provide explanations on:

  • The definition of a Work Breakdown Structure (WBS)
  • Best practice rules for creating a WBS
  • How to establish a cost budget
  • What is included in a good cost budget
  • The 4 steps to preparing a cost budget
    1. Review the initial project estimate
    2. Allocate direct costs to various activities
    3. Sum up direct costs in WBS
    4. Allocate indirect costs
  • What are overhead costs
  • The use of estimating packages
  • How to revise budgets
  • Developing a tender estimate 

Cost Budgeting Video
12:29
Revision of Cost Budgets
09:50
+ Module 3 - Cost Control & Forecasting
2 lectures 26:31
This video explains the requirements of good cost control on a building and construction project and how the project cost control system should be used to manage costs. We cover in detail the following:

  • Identifying cost control requirements on your project - what tasks are involved
  • The importance of controlling project costs
  • How to manage costs during the project
  • The processes of controlling costs 
  • Looking at forecasting of key project activities 
  • Looking at forecasting categories - 
    1. Budgeted costs
    2. Estimated Total Cost
    3. Cost Committed
    4. Cost Exposure
    5. Cost to date
    6. Over or Under Cost Amount
  • Estimating the total time to complete an activity
  • Comparing % of work completed against Expenditure on an activity
  • Reporting cost performance Progress

Cost Control Video
14:29
Forecasting for Activity Cost control
12:02
+ Variance from Cost Budgets and Administrative Controls
2 lectures 23:13
Variance from Cost Budgets
13:08

Watch the video on Establishing Administrative Controls and then download the two documents for the Self Learning task and complete the task.

Establish Administrative Controls
10:05