Abstract
This short course will provide project team members a view of the standard activities required forpreparing estimates during various project development stages. It is not a detailed course for the
professional cost estimator, but a guide for the preparation and review of project specific estimates.
This course describes many factors that are incorporated into the cost estimate and describes the way
in which estimates are developed. In addition, the course will explain a standard accuracy guide for
each stage. It also includes guidelines for estimate reviews to ensure that estimates meet the
required validity and accuracy level for the project stage being considered.
The primary topics to be covered in the course are:
- What is an estimate and why do we use them?
- Estimate types and accuracy
- Estimating process
- Direct and indirect costs
- Allowances
- Risks and contingency
- Escalation and inflation
- Estimate considerations
- Reviewing the estimate
provided with an MS Excel template and a standard guidance document for estimating. The course
will be based off AACEi Recommended Practices.