Cost Engineering - Effective Estimating and Cost Control of Engineering and Construction Projects

By the end of this course, you will be able to:

• Apply core project execution and control principles to support effective project delivery
• Develop defensible cost estimates and structured control budgets
• Monitor performance using cost control systems and stakeholder-focused reporting
• Integrate scheduling techniques with cost, forecasting, and cash flow analysis
• Evaluate life cycle costs to support sustainable and value-based project decisions

Description

Delivering projects successfully requires more than technical expertise. You are often expected to make cost-related decisions early, with incomplete information, while balancing scope, schedule, risk, and financial constraints. Inaccurate or poorly structured cost assessments can lead to decision-making challenges, budget overruns, and reduced confidence from stakeholders.

This course focuses on the practical application of cost engineering principles used to plan, monitor, and control project performance. You will explore how estimating, cost control, scheduling, forecasting, and change management work together to support objective decision-making throughout the project life cycle. Emphasis is placed on structured approaches that improve reliability, transparency, and communication.

Through applied examples and guided exercises, the course equips you with practical tools you can apply immediately in your own projects. You will strengthen your ability to develop credible cost information, interpret performance data, and support informed decisions that improve project outcomes and long-term value.

Who Should Attend

This course is designed for:

• Engineers and engineering technologists
• Project managers and construction managers
• Cost estimators and project controls professionals
• Technical staff involved in planning, budgeting, or monitoring project performance
• Early career to experienced professionals seeking stronger applied cost engineering skills

Welcome, Introduction, Course Preview, Learning Outcomes and the Assessment Method

Professional Associations and Their Role

• AACEI and CIQS
• Professional qualifications

Project Execution Basics

• Definition and examples of projects
• Phases of a project

Cost Estimating Basics

• Definition
• Basis of estimate
• Types of estimates
• Estimating accuracy
• Estimating methodologies
• Construction labour productivity
• Indirect costs
• Allowances and contingency

Cost Control

• Elements of a good cost control system
• Definitions
• Work breakdown structure
• Responsibilities and key elements
• Forecasting
• Reporting
• Follow up and closeout
• Tools and techniques

Project Schedule

Scheduling Basics

Relationship with Cost

Cash Flow Forecasting

Life Cycle Costing and Value Engineering

• Life cycle costing
• Value engineering
• Exercise

Final Review

• Lessons learned
• Certificates
• Next steps

Questions and Answers and Feedback to Participants on Achievement of Learning Outcomes