ESTM 201 – Construction budget estimating processes

The key to a successful financial outcome with respect to a construction project often lies in the accuracy of budget forecasting which took place during the planning stages. Only accurate budgets can establish clear feasibility. Budget estimates allow the comparative allocation of funds and inform intelligent design decisions. But why do so many projects exceed their initial budget forecasts? What techniques are used when project parameter and design information is sparse? How do budgets develop to become more accurate reflections of real time expenditures?

What is a budget estimate?

Whenever we make a purchase decision our primary concern soon falls to cost. In the same way, once a construction need, desire or investment opportunity is established, the next question is often “what will that cost, can we afford it, and does this make economic sense?” Budget estimates answer all those questions, but only if proper techniques and procedures combined with intelligence and expertise are employed, and only if the budget continues to develop in harmony with available design information.

Who should attend?

Construction industry professionals, project managers, estimators, owners and consultants should understand how a budget develops and where the pitfalls and risks lie with respect to construction budget estimating.

WHAT THE COURSE COVERS: 

• Definition of construction budget estimating.
• Categories and types of budget estimates.
• Processes used to create budget estimates.
• Analogous, parametric and elemental processes.
• Three-point budget estimating.
• Program Evaluation and Review Techniques. [PERT]
• Risks related to various budget estimating processes.
• Elemental cost planning and cost analysis
• Uniformat and CIQS methodologies
• Implementation of budgeting tools

Learning Outcomes:

Upon successful completion of this course, participant will be able to:

1. Clearly define construction budgeting.
2. Identify and categorize several types of construction budgets.
3. List several budget estimating processes and procedures.
4. Differentiate between several common processes.
5. Understand timelines with respect to budget development.
6. Implement the use of budget estimating tools

Course agenda

Online discussions using a slide presentation will provide the basis of the course. Participants will be provided with various spreadsheet-based tools to use in the development of elemental budget estimates. The course will culminate in a short practical application of the tools provided.

Day one – Introductions, definitions, reasons and types of budget estimates

Day two – Exploring techniques, cost planning and analysis tools, lifecycle costing

Day three – Applied knowledge using tools provided.

This course is accredited for three (3) Gold Seal credits 

• Registrants seeking the Gold Seal credits must:
  Link up to this courses with their own screen/account. (No screen sharing).
  Be prepared to leave their cameras on so that I can again, confirm their participation... and
  Be prepared to complete the quiz/test at the end of the course individually.                           

Cancellation Policy