Cost Estimation & Value Management

Course details

Course Objectives:

Both Costs Estimation and Value Management are advanced techniques in engineering projects evaluation and costing. Owners, Engineers, Quantity Surveyors and designers must be cognizant of the principles of cost estimation, including bill of quantities and quantity surveying principles, and Value Management and its applications

BOQ is one of the main construction contract documents used extensively in the construction industry. It is one the most popular tools used in the project's estimation, budgeting, tendering and bidding, assessment of payments and evaluation of work variations. It is therefore a key to costing and vale assessment. 

Value Management (VM) is a creative, organized approach with the objective of optimizing life cycle costs and of the performance of a system, facility, or building. 
This course focuses on the understating of the cost estimation based on a BOQ structure.  It also gives attendees the fundamentals necessary to apply the Value Management process in their work and demonstrates some of the benefits of applying it to make their decisions
 
Course Content

Section 1:              Definitions
Section 2:              General Principles
Section 3:              Work Classification
Section 4:              Coding and Numbering Items
Section 5:              Preparation of the Bill of Quantities
Section 6:              Value Management Development
Section 7:              Functional Analysis
Section 8:              FAST Diagram
Section 9:              Organization and Phasing
Section 10:            VM Team
Section 11:            Time Scales