Abstract

This short course will provide project team members a view of the standard activities required for preparing 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

Participants will develop a small estimate using the principles discussed in the course. They will be provided with an MS Excel template and a standard guidance document for estimating. The course will be based off AACEi Recommended Practices.

Short Course Objectives:

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.

Target Audience:

Project professionals that are not estimators.