{"id":1603,"date":"2024-09-30T20:39:51","date_gmt":"2024-09-30T20:39:51","guid":{"rendered":"https:\/\/eiecentre.com\/Excellence\/?post_type=courses&#038;p=1603"},"modified":"2024-10-04T16:14:07","modified_gmt":"2024-10-04T16:14:07","slug":"project-cost-estimating-budgeting-and-value-engineering-skills","status":"publish","type":"courses","link":"https:\/\/eiecentre.com\/Excellence\/courses\/project-cost-estimating-budgeting-and-value-engineering-skills\/","title":{"rendered":"Project Cost Estimating, Budgeting, and Value Engineering Skills"},"content":{"rendered":"<div class=\"course-details\">\n<div class=\"course-intro pt-5\">\n<p><span data-preserver-spaces=\"true\">The decision to proceed with a project is often based almost exclusively on early conceptual cost estimates, and these estimates provide the basis for the cash flow projections and budget forecasts used during the project feasibility study.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Unreliable cost estimates can result in significant cost overruns later in the project life when it is too late to contain them. As potential projects are considered, management not only requires cost estimates of high accuracy but also seeks opportunities to reduce lifecycle costs, improve budget accuracy, and optimize whole-life project value.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Determining which estimation method to use at each stage of project development depends on the information available during preparation and its desired accuracy. Besides, decisions regarding optimizing project costs without sacrificing quality or functionality depend on using systematic and logical procedures and techniques to enhance the whole-life project value.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">This project cost estimation course will provide the delegates with the necessary skills for accurately estimating the total cost of their proposed projects, eliminating unnecessary expenses, linking cost estimates to selected procurement methods, and enhancing the overall value of project delivery.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The project cost estimation course offers a series of estimating techniques and processes to forecast accurately the anticipated costs of projects with a focus on budget estimates, estimates for pre-construction services, estimating contractor and subcontractor work, estimating general conditions, pricing self-performed work, estimating negotiated contracts and performing lump-sum and unit-price estimates.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The project cost estimation course also presents the value engineering methodology, emphasizing the return-on-investment aspect of decision-making regarding lifecycle costs during project planning, procurement, and execution. This methodology can identify alternative ideas\/solutions to produce the client&#8217;s best value requirements at any project phase.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">This project cost estimation course significantly enhances cost estimating, budgeting, creative thinking, problem-solving, and informed decision-making skills within the project management context.<\/span><\/p>\n<h2><\/h2>\n<h2><span data-preserver-spaces=\"true\">Course Objectives:<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">At the end of this project cost estimation course, the participants will be able to:<\/span><\/p>\n<ul>\n<li><span data-preserver-spaces=\"true\">Gain knowledge of techniques used in project estimating, from the conceptual stage to the final detailed estimate.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Understand the different types of estimates used to accurately and progressively estimate project costs.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Understand the different types of contracts based on the distribution of risk between contracting parties.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Apply incentive arrangements to get the best results from the agreement.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Understand the fundamental concepts of Value Engineering and Analysis.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Understand how value engineering supports effective project management by providing a continuous thread of good practice throughout the project development.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Appreciate the level and nature of the information needed to develop a project scope.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Gather and organize information and costs relevant to critical elements of the project.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Learn how to capture and incorporate stakeholders&#8217; input in developing the project charter.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Report effectively to top management and project stakeholders in the context of proposing alternatives that improve the overall project value.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Demonstrate proficiency in applying life cycle costing principles.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Present a convincing case in support of specific project alternatives.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Integrate all relevant project elements into a cohesive and comprehensive cost estimate.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Prepare budget estimates that will enable the owner-organization to make informed decisions as to the feasibility of a potential project.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Compare the costs of alternative strategies or technical approaches to ensure the most economical project at the desired level of quality.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Structure the contract compensation arrangement to provide the highest incentives to complete the project on schedule and within the determined budget.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Keep accurate control of the progressive budgeting process based on the various design stages.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Prepare accurate budget estimates through the programming phase, the schematic design phase, and finally, the design development phase<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Compare the costs of alternatives to ensure the most economical project at the desired level of quality.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Understanding the most appropriate contracting structure to ensure the desired project results<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Apply proper risk analysis to mitigate risks at minimal costs effectively and to determine appropriate contingencies for residual risks.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Obtain the skills required to prepare and manage the bidding process.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Prepare lump-sum, unit-price, cost plus, and time-and-materials estimates and contracts.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Keep accurate control of the progressive budgeting process based on the various design stages.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Manage the interface between many value-adding project phases and management expectations.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Apply systematic and innovative methodology with a multi-disciplinary approach to achieve better value and project cost optimization.<\/span><\/li>\n<\/ul>\n<h2><span data-preserver-spaces=\"true\">Targeted Competencies:<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">At the end of this project cost estimation course, the target competencies will be able to:<\/span><\/p>\n<ul>\n<li><span data-preserver-spaces=\"true\">Skill and confidence to estimate project costs accurately and sidestep the most common cost-estimating pitfalls and problems.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Developing an initial project budget for the owner.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Determining project feasibility.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Preparing bids and cost proposals.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Determining the cost impacts of change orders.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Preparing a schedule of values.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Creating historical cost databases to improve future estimating accuracy.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Bringing value engineering into the organization&#8217;s project initiation and planning processes.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Evaluating alternatives based on their cost and actual value throughout the project lifecycle.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Identifying major roadblocks to thinking creatively about project challenges and ways to mitigate them.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Assess the results of a brainstorming session to develop the best value-adding scenario for the project.<\/span><\/li>\n<\/ul>\n<h2><span data-preserver-spaces=\"true\">Course Content:<\/span><\/h2>\n<h3><strong><span data-preserver-spaces=\"true\">Unit 1: Cost Estimating Basics<\/span><\/strong><\/h3>\n<ul>\n<li><span data-preserver-spaces=\"true\">The estimated life cycle.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Phases of the design process:<\/span>\n<ul>\n<li class=\"ql-indent-1\"><span data-preserver-spaces=\"true\">Programming phase.<\/span><\/li>\n<li class=\"ql-indent-1\"><span data-preserver-spaces=\"true\">Schematic design.<\/span><\/li>\n<li class=\"ql-indent-1\"><span data-preserver-spaces=\"true\">Design development.<\/span><\/li>\n<li class=\"ql-indent-1\"><span data-preserver-spaces=\"true\">Construction documents.<\/span><\/li>\n<\/ul>\n<\/li>\n<li><span data-preserver-spaces=\"true\">Estimating accuracy by phase.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Conceptual cost estimates.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Rough order of magnitude estimates (broad scope estimates).<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Assemblies cost estimates.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Cost indices.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Semi-detailed estimates (narrow scope estimates).<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Definitive estimates (detailed scope estimates).<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Basic procedures.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Lump-sum contracts.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Unit-price contracts.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Cost-plus contracts.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Cost-plus contract with the Guaranteed Maximum Price (GMP).<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Time-and-materials contracts.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Bid method.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Negotiated method.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Quantity take-off.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Types of construction contracts.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Procurement methods.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Pre-construction services.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Risk analysis and contingencies.<\/span><\/li>\n<\/ul>\n<h3><strong><span data-preserver-spaces=\"true\">Unit 2: Broad Scope Cost Estimating Techniques:<\/span><\/strong><\/h3>\n<ul>\n<li><span data-preserver-spaces=\"true\">Adjustments to project cost for broad scope estimates.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">PERT project cost analysis.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">PERT unit cost estimates.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Formulae for cost estimating.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">The standard distribution curve.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Z-value table.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">The probability of project completion within budget.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Estimating project unit cost by using the standard deviation.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Evaluating the project unit cost at a required probability.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">The likelihood of completing the project at a required cost.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">PERT vs. standard deviation and Z-values.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Adjustments to estimates based on previous projects.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Adjustments for time.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Review: Future value of money.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Review: Present value of money.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Equivalent annual interest rate.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Index to adjust for time.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Equivalent compound interest.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Location index for construction.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Adjustments for location.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Adjustments for size.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Combined adjustments.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Economic price adjustment.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Estimating durations based on the learning curve effect.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Estimating costs based on the learning curve effect.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Unit-cost adjustments.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Learning curves.<\/span><\/li>\n<\/ul>\n<h3><strong><span data-preserver-spaces=\"true\">Unit 3: Budget Estimating Process:<\/span><\/strong><\/h3>\n<ul>\n<li><span data-preserver-spaces=\"true\">Estimating by design phase.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Programming budget estimates.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Schematic design budget estimates.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Design development budget estimates.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Estimating pre-construction services.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Request for proposal.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Development of pre-construction services estimate.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Pre-construction services contract.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Budget control log.<\/span><\/li>\n<\/ul>\n<h3><strong><span data-preserver-spaces=\"true\">Unit 4: Bid Contract Estimating Process:<\/span><\/strong><\/h3>\n<ul>\n<li><span data-preserver-spaces=\"true\">Pre-estimate activities:<\/span>\n<ul>\n<li class=\"ql-indent-1\"><span data-preserver-spaces=\"true\">Estimating process.<\/span><\/li>\n<li class=\"ql-indent-1\"><span data-preserver-spaces=\"true\">Solicitation of lump-sum bids.<\/span><\/li>\n<li class=\"ql-indent-1\"><span data-preserver-spaces=\"true\">Order-of-magnitude estimates.<\/span><\/li>\n<li class=\"ql-indent-1\"><span data-preserver-spaces=\"true\">Work breakdown structure.<\/span><\/li>\n<li class=\"ql-indent-1\"><span data-preserver-spaces=\"true\">Estimating team.<\/span><\/li>\n<li class=\"ql-indent-1\"><span data-preserver-spaces=\"true\">Scheduling the estimating work.<\/span><\/li>\n<li class=\"ql-indent-1\"><span data-preserver-spaces=\"true\">Subcontractors and major suppliers.<\/span><\/li>\n<li class=\"ql-indent-1\"><span data-preserver-spaces=\"true\">Estimating forms.<\/span><\/li>\n<li class=\"ql-indent-1\"><span data-preserver-spaces=\"true\">Accuracy and error prevention.<\/span><\/li>\n<\/ul>\n<\/li>\n<li><span data-preserver-spaces=\"true\">Pricing self-performed work.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Recap sheet.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Materials.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Labor.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Applying pricing factors.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Summary recap.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Subcontractor work.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Project summary schedule.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Alternative techniques.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Elements of the estimate of the general condition.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Final document review.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Completing the bid summary.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Final mark-ups.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Sales tax.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Validating the estimate.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Estimating subcontractor work.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Estimating general conditions.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Completing the estimate.<\/span><\/li>\n<\/ul>\n<h3><strong><span data-preserver-spaces=\"true\">Unit 5: Unit Price Estimates:<\/span><\/strong><\/h3>\n<ul>\n<li><span data-preserver-spaces=\"true\">Unit price bid forms.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Direct cost estimation:<\/span>\n<ul>\n<li class=\"ql-indent-1\"><span data-preserver-spaces=\"true\">Materials.<\/span><\/li>\n<li class=\"ql-indent-1\"><span data-preserver-spaces=\"true\">Labor.<\/span><\/li>\n<li class=\"ql-indent-1\"><span data-preserver-spaces=\"true\">Indirect labor.<\/span><\/li>\n<li class=\"ql-indent-1\"><span data-preserver-spaces=\"true\">Subcontractors.<\/span><\/li>\n<li class=\"ql-indent-1\"><span data-preserver-spaces=\"true\">Recap summary sheet.<\/span><\/li>\n<li class=\"ql-indent-1\"><span data-preserver-spaces=\"true\">Direct-to-indirect cost factor.<\/span><\/li>\n<\/ul>\n<\/li>\n<li><span data-preserver-spaces=\"true\">Mark-up determination.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Variation-in-quantity contract provision.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Risk analysis.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Bid finalization.<\/span><\/li>\n<\/ul>\n<h3><strong><span data-preserver-spaces=\"true\">Unit 6: Negotiated Contract Estimating:<\/span><\/strong><\/h3>\n<ul>\n<li><span data-preserver-spaces=\"true\">Guaranteed maximum price estimates:<\/span>\n<ul>\n<li class=\"ql-indent-1\"><span data-preserver-spaces=\"true\">Contract procurement process.<\/span><\/li>\n<li class=\"ql-indent-1\"><span data-preserver-spaces=\"true\">Documents.<\/span><\/li>\n<li class=\"ql-indent-1\"><span data-preserver-spaces=\"true\">Strategies.<\/span><\/li>\n<li class=\"ql-indent-1\"><span data-preserver-spaces=\"true\">Estimating process.<\/span><\/li>\n<li class=\"ql-indent-1\"><span data-preserver-spaces=\"true\">Contingencies.<\/span><\/li>\n<\/ul>\n<\/li>\n<li><span data-preserver-spaces=\"true\">Fee determination for negotiated contracts.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Reimbursable versus non-reimbursable costs.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Home office overhead.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Risk evaluation.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Fee structure.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Cost savings split.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Strategies for responding to the request for proposal.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Documents are to be included with the request for proposal.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">General contractor interview and selection process.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Negotiated subcontracts.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Cost proposals for negotiated contracts.<\/span><\/li>\n<\/ul>\n<h3><strong><span data-preserver-spaces=\"true\">Unit 7: Contract Types and Compensation Arrangements:<\/span><\/strong><\/h3>\n<ul>\n<li><span data-preserver-spaces=\"true\">Risk distribution in contracting.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Project risk profiles.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Contract types according to risk distribution.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Fixed price contracts:<\/span>\n<ul>\n<li class=\"ql-indent-1\"><span data-preserver-spaces=\"true\">Firm fixed price.<\/span><\/li>\n<li class=\"ql-indent-1\"><span data-preserver-spaces=\"true\">Fixed price with economic adjustment.<\/span><\/li>\n<\/ul>\n<\/li>\n<li><span data-preserver-spaces=\"true\">Incentive contracts.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Fixed price incentive.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Cost plus incentive.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Cost reimbursement.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">The cost plus the award fee.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Cost plus a fixed fee.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Cost-plus contracts.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Time-and-materials.<\/span><\/li>\n<\/ul>\n<h3><strong><span data-preserver-spaces=\"true\">Unit 8: Narrow Scope Cost Estimating Techniques:<\/span><\/strong><\/h3>\n<ul>\n<li><span data-preserver-spaces=\"true\">Power-sizing techniques (capacity ratios).<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Factor estimates.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Cost Estimating Relationships (CER).<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Design-to-cost-estimates.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Target cost estimates.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Adjusting for project type and quality level.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Features determining the quality level (Grade) of a structure.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Adjusting for quality level by using a costing publication.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Economic constraints.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Parametric cost estimating.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Analysis of estimating accuracy.<\/span><\/li>\n<\/ul>\n<h3><strong><span data-preserver-spaces=\"true\">Unit 9: Framework for Applying Value Engineering in Projects:<\/span><\/strong><\/h3>\n<ul>\n<li><span data-preserver-spaces=\"true\">What is value engineering? Why is it important?<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Defining value engineering concepts and principles.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Purpose of value engineering and value analysis.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Strengths and weaknesses of value engineering.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">How and when is value engineering applied?<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Project definition and initiation.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Project scope and charter development.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Lifecycle costing techniques.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Project stakeholders analysis and management.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Identifying relationships between value, cost, and worth.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Initiating Value engineering process.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Overview of different value engineering phases.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">The information phase &#8211; steps and procedures.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Developing a value engineering job plan.<\/span><\/li>\n<\/ul>\n<h3><strong><span data-preserver-spaces=\"true\">Unit 10: The Function Analysis Phase &#8211; Expressing Project Functional Needs and Constraints:<\/span><\/strong><\/h3>\n<ul>\n<li><span data-preserver-spaces=\"true\">The need for function analysis in projects.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Defining project constraints &#8211; relationships and tradeoffs.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Conceptual project cost estimating techniques.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Function-cost-worth analysis.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Developing FAST diagrams to identify critical project components.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">The technical FAST model to perform project value analysis<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Case study.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Cross-functional project team approach.<\/span><\/li>\n<\/ul>\n<h3><strong><span data-preserver-spaces=\"true\">Unit 11: The Creative Phase &#8211; Inspiring Creativity in Your Project Team:<\/span><\/strong><\/h3>\n<ul>\n<li><span data-preserver-spaces=\"true\">Creativity and Creative thinking within the project environment.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Individual vs. group thinking to improve the quality of project decisions.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Creativity techniques are applied to optimize project value.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Blocks to creativity within the project team.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Brainstorm project solutions.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Reaching consensus and leveraging the power of project team collaboration.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Project risk perception and identification.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Project prioritization process using the &#8220;Delphi&#8221; technique.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">The use of force-field analysis in project problem-solving.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Output of the creative phase.<\/span><\/li>\n<\/ul>\n<h3><strong><span data-preserver-spaces=\"true\">Unit 12: The Evaluation Phase -Making Informed Project Decisions:<\/span><\/strong><\/h3>\n<ul>\n<li><span data-preserver-spaces=\"true\">Project ideas screening.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Project evaluation methods.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Quantitative evaluation using objective data.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Subjective evaluation \u2013 project-related criteria weighting.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Revisiting project lifecycle costing analysis.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Incorporating inflation in project economic analysis.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Performing project risk and scenario analyses.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Risk lifecycle simulation modeling &#8211; best and worst project cost scenarios.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Pitfalls associated with the use of existing financial models.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Incremental benefit-cost analysis for project evaluation.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Effective decision-making in a project environment.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Output of the evaluation phase.<\/span><\/li>\n<\/ul>\n<h3><strong><span data-preserver-spaces=\"true\">Unit 13: The Planning and Reporting Phases -Getting Results through Effective Communication:<\/span><\/strong><\/h3>\n<ul>\n<li><span data-preserver-spaces=\"true\">Develop and assess VE proposals to optimize project value.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Develop action plans and assign project roles and responsibilities.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Report VE of findings to senior management and project stakeholders.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Mastering oral presentation techniques and interpersonal skills.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Strategies for project plan execution.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Incorporating VE into the early project phases.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Integrating VE with continuous improvement techniques.<\/span><\/li>\n<\/ul>\n<\/div>\n<\/div>\n<p><a class=\"course-btn\" href=\"https:\/\/eiecentre.com\/Excellence\/en\/fill-form\/\"> Enroll Now <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The decision to proceed with a project is often based almost exclusively on early conceptual cost estimates, and these estimates [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1605,"template":"","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center 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