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Cost, Project and Value Engineering for Effective Project Control

Added by Human Resource and Organisational Development Consultancy

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Listed in Project Management

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This Course is Designed For:
 Cost Engineers;
 Cost Analysts;
 Claims and Changes Specialists;
 Construction Managers;
 Contract Management Specialists;
 Cost Estimators;
 Planner/Scheduler (or Scheduling Engineers);
 Pre-Construction Managers;
 Project Controls Engineers;
 Project Managers;
 Quantity Surveyors.
Duration: 4 Weeks (20 Days)
Course Contents, Concepts and Issues

DAY 1: Cost Engineering: Overview
 Objectives of Cost Engineering;
 History;
 Importance;
 The International Cost Engineering Council (ICEC);
 Mathematics of Cost Comparisons;
 Depreciation;
 Accelerated Cost Recovery System;
 Modified Accelerated Cost Recovery System (MACRS);
 Cost Comparisons of Unequal Durations;
 Inflation;
 The Learning Curve;
 Profitability;
 Working Capital;
 Conceptual Costing;
 Forecasting;
 Value Engineering;
 Optimisation:
 Nomenclature.

DAY 2: Cost Accounting
 Project Cost Accounting;
 Functions of Cost Accounting;
 Types of Costs;
 Direct Costs;
 Indirect Costs;
 Overhead Costs;
 Standard Costs;
 Joint Cost;
 Job Order and Process Costing.

DAY 3: Estimating Cost (1)
 Capital Cost Estimation;
 Purpose of Estimates;
 Fixed Capital and Working Capital;
 Current Trends in Capital-Cost Estimating;
 Cost Estimates Types;
 Functions of Capital-Cost estimates;
 Cost of Making Estimates;
 Representation of Cost Data;
 Factored Estimating;
 Codes of Account;
 Startup Costs;
 Evaluation of the Estimate.

DAY 4: Estimating Cost (2)
 Operating Cost Estimation;
 Concept;
 Purposes of Operating Cost Estimates;
 Raw Materials and Utilities;
 Operating Labour;
 Maintenance;
 Indirect Payroll Cost;
 Operating Supplies;
 Laboratory and Other Service Costs;
 Royalties and Rentals;
 Indirect Costs;
 Distribution Costs;
 Avoidance of Nuisances;
 Contingencies;
 Shortcut Method;
 Components of Total Product Cost.

DAY 5: Economic Equivalence and Profitability
 Introduction to Economic Equivalence and Profitability;
 Profitability Analysis;
 Depreciation;
 Economic Comparisons and Profitability: Examples;
 Lease vs. Purchase;
 Economics for Capital Projects or Replacements;
 Scheduling a Loan Payment.

DAY 6: Cost Control and Reporting
 Overview;
 Project Formats;
 Establishing Baselines for Control;
 Status Evaluation and Control;
 Reporting and Analysis;
 Frequency of Reports;
 Variance Analysis;
 Report Distribution.

DAY 7: Cost Indexes, Escalation and Location Factors (1)
 Cost Indexes;
 Using an Index;
 Compiling an Index;
 Building Cost Indexes Analysis;
 Limitations in Using Published Indexes;
 Estimating Escalation.

DAY 8: Cost Indexes, Escalation and Location Factors (2)
 Location Factors;
 Background Sources;
 International Location Factors;
 Country Cost Indexes;
 Cost Data Sources.

DAY 9: Operations Research Techniques
 Linear Programming;
 Two-Dimensional Graphical Solution;
 Simplex Method;
 Conversion to Simplex Form;
 Interpretation of Simplex Solutions.
 Dynamic Programming;
 Simulation;
 Coin Problem;
 Random Variables;
 Queuing Problem.

DAY 10: Risk Analysis
 Concept;
 The Fourth Variable;
 The Monte Carlo Approach;
 Contingency;
 Avoiding Risk Analyst Induced Risk;
 Conducting the Risk Analysis;
 Available Risk Analysis Software.

DAY 11: International Cost Engineering
 Overview;
 Project Elements:
 Project Design;
 Bulk Materials;
 Engineered Equipment;
 Construction Labour;
 Construction Equipment;
 Construction Management Staffing;
 Schedule;
 Local Infrastructure Requirements;
 Material And Equipment Delivery;
 Progress Payments;
 Local Taxes;
 Insurance;
 Project Finance;
 Legal Recourse;
 Social System.
 Initiation.

DAY 12: Computer Applications for Project Control (1)
 The Need for Computerization;
 Important Terms to Consider;
 Designing Project Management Systems;
 Steps in System Design and Implementation;
 Project Control Software;
 Planning and Scheduling Software;
 Cost Estimating Software;
 Economic Analysis Software;
 Management Reporting Software;
 Risk Analysis Software.

DAY 13: Computer Applications for Project Control (2)
 Computer-Aided Design (CAD) Applications for Project Management;
 Basic CAD Components and Capabilities;
 CAD Applications to Cost Control;
 CAD Applications to Weight Control;
 CAD Applications to Document Control;
 CAD Applications to Maintenance;
 CAD Applications to Construction Planning.

DAY 14: Project Management
 Defining a Project;
 Benefits of Project Management;
 What Project Management Helps You to Achieve?;
 Project Management, Organisation and Execution Conflict;
 Project Management and Control;
 Factors Determining Project Success;
 Project Constraints;
 Project Management Cost Estimating Tools;
 Project Cycle Management (PCM).

DAY 15: Project Life Cycle (1)
 Planning – Conceptualisation, Analysis, Proposal, Justification, Agreement;
 Doing – Start-Up, Execution, Completion, Hand Over;
 Checking – Review;
 Acting – Feedback;
 Development of a Project Life Cycle, Project Brief and Proposal;
 The Management of Change;
 The Systems Approach to Project Management;
 The Requirements of Successful Project Management;
 Balancing Costs and Benefits;
 Managing the Planning Process;

DAY 16: Project Life Cycle (2)
 Critical Incident Analysis;
 Project Control Mechanism;
 The Value Chain: Adding Value to Processes, Products and Processes;
 Project Decision-Making;
 Project Coordination: The 5 Bases of Co-Ordination;
 Developing A CATWOE Focus of Project Management;
 Why do Project Fails?;
 PERT, CPM, Arrow and Precedence Scheduling.

DAY 17: Salient Issues of Value Engineering
 What is Value Engineering?;
 Value Engineering History;
 5 Precepts of Value Engineering;
 Addressing the Problems through Value Engineering;
 Benefits of Value Engineering;
 The Reasons for Unnecessary Costs;
 When to Apply Value Engineering;
 How is Value Engineering Done?;
 Concept of Value;
 VE Methodology and Techniques;
 Variations in Cost;
 Interface with Other Programs;
 Demonstrated Impact of Value Engineering.

DAY 18: Value Engineering Practical Applications (1)
 Project Scope and Budget;
 Elements of the Project Budget;
 Prevalent Budgeting Techniques;
 Contingency Amount;
 Cost Control;
 Defining Project Scope;
 Parameters and Parameter Cost.

DAY 19: Value Engineering Practical Applications (2)
 The Capitalized Income Approach to Project Budgeting (CIAPB);
 CIAPB Objectives;
 Measuring Property Value;
 The Meaning of Capitalization;
 The Capitalization Process;
 The Need for Cost Control.

DAY 20: Advanced Value Analysis Phases
 Phase 1 – Information Phase;
 Phase 2 – Function Phase;
 Phase 3 – Creative Phase:
• Idea Stimulator Checklist.
 Phase 4 – Analysis/Judicial Phase:
• Analysis/Judicial Phase: Analysis/Development;
• Analysis/Judicial Phase: Analysis/Evaluation.
 Phase 5 – Recommendation;
 Phase 6 – Presentation and Implementation.

The course cost does not include living accommodation. However, delegates are treated with the following:
 Free Continuous snacks throughout the Event Days;
 Free Hot Lunch on Event Days;
 Free City Tour;
 Free Stationery;
 Free On-site Internet Access;
 HRODC Postgraduate Training Institute’s Diploma – Postgraduate – or
 Certificate of Attendance and Participation – if unsuccessful on resit.

We offer very attractive discount for groups of 3 and more people, from the same organisation, taking the same course. This discount is between ten percent (10%) and thirty three percent (33%), depending on the group size. Even with these discounts, we can also deliver courses for groups in the country of your choice.

Courses are delivered in over 30 Cities including Miami, London, Dubai, Kuala Lumpur, Paris, Milan, Caracas, Manila, Manama.

Please feel welcome to contact me, at any time. My e-mail addresses are: fria@hrodc.com; and fria.hrodc@outlook.com
My Direct telephone number is +442071935906

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