* All fees are exclusive of vat ** PREMIUM - Customize your learning experience
Cost estimating is a fundamental yet challenging task for contract and project managers. Participants will receive instruction on the cost estimating process, principles, and procedures based on best practices and the GAO Cost Estimating and Analysis Guidebook. In addition, they will learn the step-by-step process for developing accurate and realistic project cost estimates that withstand the scrutiny of customers and management and form a baseline for tight financial control. They will also learn how to incorporate risk and uncertainty in their estimates, provide range estimates and manage the cost estimating process throughout the project lifecycle
What Do Participants Learn?
Manage the cost estimating process throughout the project lifecycle
Incorporate risk and uncertainty into estimates
Understand the Cost Estimating Process
Understand the Cost Risk
Who Should Attend?
Those who are interested in the field
What Will the Learning Experience Include?
Comprehensive pre-program activities include:
Web-based information forms & surveys completed by attendee.
Direct consultation with the attendee about the expectations.
During the training, participants engage in data, activities, and conversations that lead to insight and knowledge.
Participants learn from expert trainers who have both academic and business experiences.
Highly applicable training content & instructive activities for adding depth to training topics.
**A half-day site visit for integrating the experience & plan next steps. Opportunities to provide connections, ideas & support.
Explore & Practice
Apply & sustain the learning experience by using this ongoing support:
To ensure participant has new skills or behavior progress.
Optional, fee-based mentoring & coaching with the trainer.
Training materials & additional documents (e-books, pdf files, presentations and articles)
Evaluate your training experience by giving us feedbacks and help us to reach our organizational goals.
Section One: Overview of Cost Estimating
The significance of the cost estimating process
Cost estimates in project management vs. acquisition
Challenges faced by cost estimators
Characteristics of a credible cost estimate
Types of cost estimates
Section Two: The Cost Estimating Process
Public vs. private sector cost estimating process
GAO’s twelve-step cost estimating process
Attributes of a successful cost estimating a team
Cost estimating planning
Customer and provider proposal processes
Section Three: Estimating Methodologies
Cost elements used in estimating techniques
Vendor quotes or catalog prices
PERT estimates and distributions
Top-down estimating technique
Cost factor estimating
Bottoms-up (detailed) estimating
Special estimating issues
Section Four: Cost Risk, Uncertainty, Validating and Documenting the Estimate
Factors contributing to program risk and uncertainty
ESI’s Risk Management Model
Changes in cost estimate uncertainty
Mapping GAO’s twelve steps to characteristics of a high-quality estimate
Validating the cost estimate
Documenting the cost estimate
Section Five: Linking the Credible Cost Estimate to the EVM system
Managing program/project costs
Using the cost estimate as the foundation of EVM analysis