About This Course
Cost estimation is both an analytical and creative process. Explore how to evaluate project resources, select estimating techniques, and document cost data systematically. Through practical examples, you’ll learn to balance accuracy with efficiency and link cost inputs to the work breakdown structure.
You’ll also explore how risk, contingency, and quality influence project cost outcomes — and how approved budgets evolve into the project baseline for monitoring and control.
By the end of this course, you will:
- Define the difference between estimates, effort, cost, price, and budget.
- Select and apply the right cost estimation technique for your project stage.
- Build and document work package cost estimates with accuracy.
- Identify direct and indirect costs and determine what can be capitalised.
- Allocate risk and quality costs within work packages.
- Input, categorise, and manage cost data in alignment with your project schedule.
Topics Covered:
- Some definitions and terminologies
- Cost Estimating Techniques
- Cost Estimating Work Packages
- Estimating Supplier and Subcontractor Costs
- Direct and Indirect Costs
- Capitalised Cost criteria
- Cost Allocation
- Allocating Costs
- Allocating the Cost of Risk
- Calculating the Cost of Quality
- Inputting Project Costs into the Project Schedule
Course Duration: Approximately 30 minutes
Access to Course: 7 days from date of purchase
