Introduction

The Project Cost Estimating, Budgeting & Value Engineering Skills course is a practical 5-day professional training designed to equip participants with essential competencies for accurate project cost estimation, effective budgeting, and value engineering throughout the project lifecycle.

The training focuses on proven methodologies, tools, and best practices used in construction, engineering, development, and donor-funded projects. Participants will gain hands-on experience in cost analysis, financial planning, cost control, and value optimization to ensure projects are delivered within budget while maximizing value and performance.

Learning Objectives

By the end of this course, participants will be able to:

1. Understand the principles and processes of project cost estimating and budgeting
2. Prepare accurate cost estimates at different project stages
3. Develop and manage realistic project budgets
4. Apply value engineering techniques to optimize project costs and performance
5. Monitor and control project costs effectively
6. Identify cost risks and implement mitigation strategies
7. Improve decision-making related to project financial management

Important Dates
Classroom Training Calendar

Online Training Calendar

Course Outline

Day 1: Fundamentals of Project Cost Estimation

• Introduction to project cost management
• Types of cost estimates (conceptual, preliminary, detailed)
• Cost estimating principles and standards
• Direct and indirect project costs
• Data sources for cost estimation
• Estimating techniques (analogous, parametric, bottom-up)
• Practical exercise: Developing a basic cost estimate

Day 2: Project Budgeting and Financial Planning

• Relationship between cost estimates and project budgets
• Budget development process and approval
• Cash flow forecasting and financial planning
• Cost breakdown structures (CBS)
• Contingency planning and allowances
• Practical exercise: Preparing a project budget and cash flow plan

Day 3: Cost Control and Monitoring Techniques

• Cost control methods and tools
• Tracking actual costs vs budget
• Earned Value Management (EVM) fundamentals
• Cost performance indicators and reporting
• Managing cost variations and change orders
• Practical exercise: Cost tracking and performance analysis

Day 4: Value Engineering Concepts and Applications

• Introduction to value engineering and value management
• Value engineering methodology and job plan
• Function analysis and cost-worth analysis
• Identifying cost savings without compromising quality
• Value engineering in design and construction phases
• Case study: Applying value engineering to a project

Day 5: Risk Management and Integrated Cost Management

• Cost risk identification and assessment
• Risk-based cost estimation
• Managing uncertainties and escalation
• Integrating cost estimating, budgeting, and value engineering
• Best practices for sustainable cost management
• Course review, group discussion, and assessment

Targeted Participants

This course is ideal for:

• Project Managers and Coordinators
• Engineers and Quantity Surveyors
• Cost Estimators and Planners
• Construction and Infrastructure Professionals
• Finance and Budget Officers
• Procurement and Contract Management Officers
• NGO and donor-funded project staff
• Professionals involved in project planning and cost control