Project Cost Estimating, Budgeting and Value Engineering Skills: A Complete Guide
Course Overview
Accurate **cost estimation and budgeting** are vital to ensuring project success — but true excellence comes when these are aligned with **value engineering (VE)** principles. This course empowers professionals to plan, evaluate, and manage project costs strategically, ensuring optimal value, efficiency, and return on investment.
Participants will gain practical expertise in developing reliable **cost estimates**, establishing **budget baselines**, and applying **value engineering techniques** to optimize performance without compromising quality or scope. Real-world case studies and simulations will strengthen participants’ ability to deliver cost-effective, high-value projects.
Course Objectives
By the end of this program, participants will be able to:
1. Apply systematic cost estimation and budgeting methods.
2. Identify cost drivers and optimize project expenditure.
3. Use value engineering to improve efficiency and reduce waste.
4. Integrate project cost management with planning and control systems.
5. Develop and evaluate cost–benefit and value-based decision models.
6. Communicate financial insights effectively to stakeholders.
Learning Outcomes
Participants will learn to:
* Develop accurate cost estimates using analytical and empirical techniques.
* Prepare and manage project budgets aligned with objectives.
* Apply VE principles to reduce unnecessary costs and improve functionality.
* Evaluate project alternatives using life-cycle cost analysis.
* Implement cost control and reporting mechanisms.
* Enhance decision-making and stakeholder confidence through value-based management.
Target Audience
This program is ideal for:
* Project Managers and Engineers
* Cost Estimators and Planners
* Procurement and Contract Professionals
* Construction, Engineering, and Energy Sector Managers
* Finance, Audit, and Control Officers
* Anyone involved in cost planning, budgeting, or value improvement
Course Outline (5 Days)
Day 1 – Fundamentals of Cost Estimation
* Overview of cost management in project life cycle
* Principles of estimating accuracy and reliability
* Cost estimation techniques: analogous, parametric, bottom-up
* Understanding cost drivers and cost breakdown structures
* Workshop: Building a project cost model
Day 2 – Budget Development and Cost Control
* Developing and allocating project budgets
* Establishing baselines and performance measurement systems
* Budget forecasting and variance analysis
* Cash flow management and cost reporting
* Practical Exercise: Creating a cost baseline and control plan
Day 3 – Value Engineering (VE) Concepts
* Introduction to value engineering and value analysis
* Relationship between value, cost, and function
* The VE job plan (Information, Function, Creative, Evaluation, and Development phases)
* Identifying high-cost, low-value elements
* Case Study: Applying VE to a construction or industrial project
Day 4 – Integrating VE into Cost Management
* Linking VE to cost estimation and budgeting processes
* Function analysis system technique (FAST)
* Life-cycle cost analysis and optimization
* Decision-making tools for value-based project choices
* Simulation: Redesigning a project for enhanced value
Day 5 – Advanced Cost Evaluation and Strategic Control
* Risk and uncertainty in project cost estimation
* Monte Carlo and sensitivity analysis (overview)
* Cost–benefit and payback analysis
* Reporting VE and cost management results to management
* Capstone Exercise: Presenting a cost and value optimization report
* Final Review and Certification Assessment
Certification
🎓 Participants who successfully complete all modules will be awarded the
**Professional Certificate in Cost Estimation, Budgeting & Value Engineering (PCEBV)**
by **KE Leaders Training Centre, London**, validating their professional competency in project cost optimization and value improvement.
Key Benefits
* Master cost estimation, budgeting, and VE in one integrated program.
* Apply globally recognized cost and value improvement methodologies.
* Learn to manage budgets effectively under uncertainty.
* Drive cost efficiency while maximizing project value.
* Earn a prestigious professional certification recognized across industries.
Contact Info:
Enquiry at : admin@keleaders.com
Whatsapp: 0044 790 125 9494
For more details visit our website : www.keleaders.com
