Cost Estimating for Engineers

Course Description

Cost estimating for engineers is a three day course designed to to provide engineers with the fundamental tools and techniques needed to develop meaningful cost estimates. The course is primarily aimed at engineers, technical staff and managers who are involved in the preparation and approval of cost estimates and cost proposals. This interactive course offers a balanced mix of practical exercises coupled with traditional learning methods.

Course Objectives

The course will deliver the following objectives:

• Introduce Cost Estimating fundamentals and procedures
• Highlight the importance of cost as a business driver
• Define and identify the elements of costs
• Provide hands-on estimating practice
• Explore the use of statistics in estimating

The specific areas of competency addressed are:

• Fundamentals of business finance and the effect of cost on the bottom line of the business
• The use of work breakdown structures in estimating
• Different estimating methodologies and their application
• Zero based estimating and the use of metrics
• Estimating labour and materials costs
• Estimating allowances and contingencies
• Reviewing and documenting estimates
• An introduction to risk analysis
• Applying Statistical analysis and probability predictions as part of the estimating process

Benefits of attending

The course will provide delegates with an understanding of:

• Cost Estimating methods
• The process of building a price from costs
• Statistical techniques to improve confidence in estimates
• How to collect, organise and evaluate data for developing cost estimates

With these skills in place the attendees will be able to approach cost estimating activities in a logical  systematic and structured manner that will help deliver consistent business performance.

Course Duration: 3 Days