Project Cost Estimating Skills: A Complete Guide
Course Overview
The **Project Cost Estimating Skills** course is designed to build professional competency in cost estimation, budgeting, and financial control within the project management environment.
Participants will gain a comprehensive understanding of **modern cost estimation techniques**, from conceptual estimates to detailed cost analysis, using best practices derived from **PMI, AACE International, and ISO 21500 standards**.
Through case studies and hands-on exercises, learners will develop practical skills in cost modeling, forecasting, and risk-adjusted estimating — ensuring that projects are **financially viable, realistic, and strategically aligned**.
This program is essential for professionals involved in **project planning, procurement, finance, and engineering management** who seek to improve decision-making accuracy and budget accountability.
Course Duration
**5 Days (35 Guided Learning Hours)**
Available in: **London | Dubai | Singapore | Kuala Lumpur | Riyadh | Istanbul**
Delivery Mode: **In-Person / Virtual / In-Company**
Target Audience
This course is ideal for:
* Project Managers and Cost Engineers
* Estimators and Quantity Surveyors
* Finance and Budget Control Officers
* Procurement and Contract Professionals
* Engineers, Planners, and Construction Managers
* Anyone responsible for project cost estimation and financial oversight
Course Objectives
By the end of this course, participants will be able to:
1. Apply systematic techniques for accurate cost estimation and forecasting.
2. Distinguish between different types of cost estimates (conceptual, preliminary, definitive).
3. Utilize parametric, analogous, and bottom-up estimating methods effectively.
4. Identify, quantify, and manage cost risks and contingencies.
5. Develop comprehensive cost breakdown structures and control baselines.
6. Integrate estimation practices with scheduling, procurement, and earned value systems.
Learning Outcomes
Upon successful completion, participants will be able to:
* Prepare and justify reliable project cost estimates at various stages of the project lifecycle.
* Analyze cost drivers and optimize resource utilization.
* Evaluate vendor proposals and benchmark project pricing.
* Apply sensitivity and scenario analysis to assess cost uncertainty.
* Implement cost control and performance monitoring frameworks.
* Communicate financial outcomes effectively to stakeholders.
Course Outline (5 Days)
Day 1 – Foundations of Project Cost Estimation
* Role of cost estimation in project success
* Overview of estimation frameworks (PMI, AACEI)
* Project cost lifecycle and key influencing factors
* Cost Breakdown Structure (CBS) and Work Breakdown Structure (WBS) alignment
* Workshop: Building a CBS for a sample project
Day 2 – Cost Estimating Methods and Techniques
* Analogous and parametric estimating
* Bottom-up and three-point estimating
* Expert judgment and data-driven models
* Tools and software for cost estimation
* Practical: Comparative exercise using different estimating techniques
Day 3 – Budgeting, Forecasting, and Cost Control
* Establishing the project budget and cost baselines
* Forecasting methods and cash flow analysis
* Cost variance and performance measurement (EVM techniques)
* Budget revision and change management
* Case Study: Budget development for a multi-phase project
Day 4 – Managing Cost Risks and Contingencies
* Identifying and quantifying cost risks
* Monte Carlo simulation and probabilistic estimating
* Developing contingency and management reserves
* Integrating cost risk management into project control systems
* Workshop: Building a risk-adjusted cost model
Day 5 – Reporting, Benchmarking, and Continuous Improvement
* Cost reporting and stakeholder communication
* Benchmarking and value engineering integration
* Post-project cost analysis and lessons learned
* Building organizational cost databases and maturity models
* Final Group Exercise: Full-cycle project cost estimation and presentation
Certification
Participants who successfully complete the training and exercises will be awarded the
🎓 **KE Leaders Certificate in Project Cost Estimating Skills**,
demonstrating mastery in advanced cost estimation, budgeting, and cost control techniques.
Key Benefits
* Gain hands-on experience in modern cost estimation tools and techniques.
* Strengthen financial decision-making and project feasibility analysis.
* Enhance cost transparency and accountability across project teams.
* Develop confidence in managing complex estimation challenges.
* Align project costing practices with global professional standards.
Contact Info:
Enquiry at : admin@keleaders.com
Whatsapp: 0044 790 125 9494
For more details visit our website : www.keleaders.com
