Cost Estimating

Fundamentals of Project Cost Estimating:

•Definition and characteristics
•Elements and factors of risk
•Types of risk
•Components of risk management

The Estimating Process:

•Common categories of cost
•Roles of project cost estimates
•Areas of uncertainty affecting cost estimates
•Types of cost throughout the lifecycle
• Rules and assumptions, data collection, select methodology, estimating, check, review, and report, accuracy and contingency

Estimation Techniques:

•Analogy estimating
•Parametric estimating
•Detailed estimating
•Range estimating

Time Phasing the Estimate:

•Bottom-up: earned value/level of effort
•Top-down: probability distributions

Incorporating the Estimate Into the Project Plan:

•Management reviews
•Establishing baselines
• Tracking and controlling the budget

Life - Cycle Cost :

•Process
•Value engineering
•Time value of money

Cost Estimating Software Tools :

Workshop Length: 1 day

Course Description:

In this Hands-On course, attendees will learn how to plan, allocate and manage costs, resources and performance throughout the life of any project. This course covers techniques especially applicable to small and mid-sized projects. As with other tasks, Cost Estimating requires Project Team Performance and the knowledge and skills necessary to
be successful throughout the entire Cost Estimating
process. Our courses can be geared toward IT Project Management as well as other fields. Depending on the need t s of of your company we can apply our knowledge and skills to your special area of concentration.

Milli Micro Systems Inc. is a Project Management Company dedicated to providing Management, Training, and Information Technology solutions for government and private sector entities that require specialized needs and intricate Program Management. Since 1993 Milli Micro Systems Inc. has provided excellence in Specialized Training by minimizing the learning curve and maximizing the impact of our teaching on our students. Whether your organization needs one course or a specialized certificate program, you will enjoy our ability to customize delivery.

MMS is 8(a) and Hub zone Certified by the SBA