3-Day Project Cost Engineering & Risk Management Course (Cape Town, South Africa - July 8-10, 2019) - Increase Business Profitability by Reducing Operation Cost

Tuesday, 25. June 2019 15:29

Dublin, June 25, 2019 (GLOBE NEWSWIRE) -- The "Project Cost Engineering & Risk Management" training has been added to ResearchAndMarkets.com's offering.

This Project Cost Engineering Course will equip participants with the skill and knowledge to control cost in their projects. They will learn the foundation of cost estimating, cost control and planning.

It is recognised that improving cost engineering capabilities within the industry contributes to the development of affordable products and technologies. There is growing demand at local, national and international levels to impart cost and affordability engineering knowledge to support organisations that seek high-quality cost engineers.

This program will cover the latest techniques and practical methodologies of project cost engineering and risk management to successfully manage project cost and risk, in order to maximize business ROI in the long run. You will gain the combination of unmatched risk analysis skills, cost engineering and thorough knowledge of your project parameters and uncertainties.

Top Learning Objectives

  • Master the methodologies of project cost engineering to maximize business ROI
  • Learn to prepare cost estimates and cost reduction strategies from high-level factor estimating to a very detailed equipment material cost
  • Understand the business context, project life cycle and the purpose of cost engineering
  • Discover the principles and methodologies of risk analysis and execute risk mitigation
  • Identify and apply the techniques to control, forecast and report the cost and monitor project performance
  • Grasp the impact of project location, market environment and project execution
  • Determine how to control, forecast and report the cost and progress during project execution
  • Develop the skills and knowledge to review and reconcile cost estimates

Agenda

Registration begins at 08:30. Course sessions will start promptly at 09:00 and end at 17:00. There will be two short breaks at appropriate times for refreshments and lunch break will be from 12:30 to 13:30.

DAY 1 COST ENGINEERING: DEFINITIONS AND COST ESTIMATING

Estimating Definitions

  • Project life cycle
  • Purpose of estimates
  • Accuracy & Probability
  • Allowances
  • Contingency and Escalation
  • Money of the Day/Real Term
  • Estimating plan/Basis of Estimate

Factor Estimating

  • Definitions, advantages and disadvantages
  • Lang, Hand and Chilton method
  • Specific factor method
  • Exponent method
  • Cost per capacity method

Case Study: Factor Estimating

Quantity Ratio Estimating

  • Definitions, advantages and disadvantages
  • Quantity ratios for piping
  • Quantity ratios for electrical & instrumentation
  • Quantity ratios for structural steel
  • Quantity ratios for civil, painting & insulation

Case Study: Quantity Ratio Estimating

Parametric And Range Estimating

  • Nomenclature
  • Pareto's Law
  • Critical elements and key questions
  • Range Estimating input and simulation
  • Detailed estimating
  • Discipline estimating
  • Unit rates & sources of pricing
  • Estimating of equipment
  • Piping estimate
  • Insulation estimate
  • Civil estimate

Case Study: Detailed Estimating

Case Study: Wrap-Up Day 1

DAY 2 LOCATION & MARKET FACTORS, INDICES, BUDGETING AND PROJECT ASSURANCE & RISK

Location Factors And Market Factors

  • How to set up a location factor
  • Location cost surveys
  • Steel- and commodity prices
  • Benchmarks
  • Indices
  • Cost modelling

Case Study: Analyzing Differences Between Locations And Markets

Budgeting

  • Setting up a project budget
  • Cost Breakdown Structure
  • Project baseline
  • Contingency allocation
  • Work Breakdown Structure
  • Code of accounts
  • Interaction with Contracting &
  • Procurement

Case Study: From Estimate To Budget Project Control

  • Why Cost Control
  • Potential influences on costs
  • Pre-requisites for effective cost control
  • Cost control plan and procedures
  • Schedule Control
  • Progress measurement
  • Earned Value Analysis/Management
  • Project Controls best practices
  • Integrated Cost & Schedule Control
  • Project Control tools

Case Study: Earned Value Analysis

Case Study: Wrap-Up Day 2

DAY 3 RISK IDENTIFICATION, ASSESSMENT, ANALYSIS & MANAGEMENT

Risk Workshops

  • Methodology
  • Attendants
  • Risk registers

Risk Modeling

  • Cost risk analysis
  • Schedule risk analysis
  • Deterministic methodology
  • Probabilistic methodology
  • Risk analysis tools
  • Risk management

Case Study: Setting Up A Risk Analysis Model

Risk Management

  • Risk mitigation
  • Project risk management

Case Study: Risk Management

Cost Risk Analysis

  • Ranges
  • Distributions
  • Correlation
  • Iterations
  • Risk

Case Study: Cost Risk Analysis

Schedule Risk Analysis

  • Uncertainties in duration
  • PERT
  • Critical path
  • Critical chain

Case Study: Schedule Risk Analysis

Case Study: Wrap-Up Day 3

For more information about this training visit https://www.researchandmarkets.com/r/7iqk62

Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.

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Related Topics: Engineering, Project Management 

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