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.
Module Overview
- Module 1: Introduction to Construction Cost Estimating and Cost Control
Professor Odeh describes the course and provides an overview of what will be covered. Also covered is an introduction to Construction Cost Estimating and Cost Controls.
- Module 2: Construction Cost Control Methods
Professor Odeh introduces construction cost control and the work segments contained in a project.
- Module 3: Earned Value Method (EVM)
In this module, Professor Odeh goes deeper into the Earned Value Method of Cost Control.
- Module 4: Close Out Period
Ian Taylor, Project Manager at Turner and Townsend, Inc., introduces cost management close-out and punch-list review.
- Module 5: Cost Estimation in Practice
James Sneath, Associate Director of Cost Management at Turner and Townsend, Inc., discusses cost estimation in general practice. The module starts with tips in cost estimating and management and ends with a discussion of the international roles of cost managers.
- Module 6: Project Cash Flow
Ben Miller, Project Manager at Gilbane Building Company, discusses contracts and cash flows. Revenues, expenses and how they impact projects as a whole will be covered.
- Module 7: Technology Trends in Cost Estimating and Cost Control
Kevin Labrecque, Senior Vice President at Harper Limbach LLC discusses technology trends in cost estimating and cost control. Topics include 5D Estimating Systems (BIM), estimating software, technology workflows, and implementation.
- Module 8: Program Cost Estimating
Christopher Toomey, Senior Vice President at AECOM Global Programs, discusses cost control for large programs.
- Module 9: Lean in Cost Control
Sam Spata, Owner of Method Lean, presents this module on 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.