Construction Cost Estimating and Cost Control I
Build expertise in cost estimation techniques within the construction industry, including design stages, cost types, control methods, and post-contract cost estimation.
Modules/Weeks
Weekly Effort
Discipline
School
Format
Cost
Course Description
- Master the foundational principles of cost estimation within the construction industry, from stages of design to post-contract considerations.
- Dive deep into specific techniques such as quantity take-off, measurement, and pricing to build precise estimates.
- Apply cost control strategies to monitor and manage project cash flow effectively.
- Utilize advanced methods, including the earned value method, to ensure accurate and strategic cost estimates in construction projects.
Course Prerequisites
- Understanding of basic concepts of materials and labor productivity
- Familiarity with bid estimation, documentation, and design principles
- Fundamental understanding of economics related to project cash flows
- Proficiency in using Excel for data analysis and computation
- Foundational knowledge of Building Information Modeling (BIM)
What You Will Learn
By the end of this course, learners will be able to:
Execute cost estimation effectively during the design phase of projects.
Implement various cost control methods, emphasizing the Earned Value Method (EVM).
Navigate the closeout period of projects, encompassing punch lists, final approvals, and client turnovers.
Evaluate their grasp on the course material through graded quizzes and actively participate in ungraded discussions to deepen their understanding.
Course Outline
Module 1: Introduction to Construction Cost Estimating and Cost Control
Module 2: Understanding design in the construction Industry
Module 3: Introduction to the types of cost estimates
Module 4: Quantity take-off and measurement
Module 5: Pricing
Module 6: Building the estimate
Module 7: Procurement
Module 8: Post contract and cost estimation within a project
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.