The Best Practices of Estimating for Capital and Maintenance Projects

About This Course:

Cost estimating is a critical function for successful capital or maintenance projects, and reliable estimates depend heavily on the exercise of the best practices and thorough assessment of the cost factors. Project owners and developers depend on accurate data to make business decisions; contractors' profitability is built upon reasonable estimates; and architects and engineers rely on finely honed numbers to support their ability to provide proposal that both support a competitive position and, at the same time, minimize downside risk. In this learning program, attendees will learn about the best practices of estimating, and key factors critical to development of successul bids and establishment of adequate budgets will be examined.

Learning Objective 1

Attendees will learn about the best practices of estimating, and critical factors that shall be considered in development of estimates at various stages of design and construction.

Learning Objective 2

Attendees will understand how the selection of project delivery system, procurement method and contract vehicle can affect the logics behind estimate developments.

Learning Objective 3

The relationships between estimates and project risks, life-cycle cost and asset management will be examined.

Learning Objective 4

The key considerations and fundamentals of estimating design-build projects will be discussed. The roles and responsibilities of project owners, design-builders and estimators will be examined.