Construction Cost Estimating and Cost Control II
Develop an understanding of cost estimation methods and cost control in construction projects, including monitoring project cash flow, break-even analyses, and contract management.
Modules/Weeks
Weekly Effort
Discipline
School
Format
Cost
Course Description
- Master various cost estimation methods applicable from conceptual design through detailed project phases.
- Emphasize the critical nature of cost control and effectively monitor project cash flow.
- Execute break-even analyses for specific construction tasks within projects.
- Explore the latest technology trends in cost estimation and lean principles in cost control.
Course Prerequisites
- Foundational knowledge of scheduling software like Primavera P6 and Microsoft MS
- Basic understanding of bar analysis and viewing working calendars
- Fundamental knowledge of mathematical calculations
What You Will Learn
By the end of this course, learners will be able to:
Perform cost estimation effectively during the design phase of construction projects.
Utilize various cost control methods, specifically emphasizing the Earned Value Method (EVM).
Manage the closeout process of a project, ensuring attention to punch lists, final approval, and client turnover.
Build accurate and comprehensive cost estimates through a deep understanding of design, pricing, and procurement practices.
Course Outline
Module 1: Introduction to Construction Cost Estimating and Cost Control
Module 2: Construction cost control methods
Module 3: Earned Value Method (EVM)
Module 4: Close out period
Module 5: Cost estimation in practice
Module 6: Project cash flow
Module 7: Technology trends in cost estimating and cost control
Module 8: Program cost estimating
Module 9: Lean in cost control
Instructors
Ibrahim S. Odeh is a Senior Lecturer in Construction Management, Strategy, and Business Development at the Department of Civil Engineering and Engineering Mechanics. His research focuses on strategic management for construction firms, including market analysis, entry strategy, and future trends. Odeh has advised companies on expanding into new markets and differentiating themselves in the pre-bidding process for mega projects. As an industry expert in Engineering and Construction at the World Economic Forum, he has worked on research and consulting projects with firms such as Boston Consulting Group, Skanska, and AECOM. Odeh has also led a specialization in Construction Management on Coursera, educating thousands of people globally. He holds a Ph.D. in Civil Engineering from the University of Illinois at Urbana-Champaign and an MBA in Finance from Minnesota, USA. Odeh serves on several advisory boards, including the World Economic Forum and Columbia University Middle East Research Center.
Please note that there are no instructors or course assistants actively monitoring this course.