Engineers, architects and contractors are often asked to prepare cost estimates when working on a new project. This 1-hour interactive online course takes you through the process discussing where, in the various stages in project development, cost estimates are made. Through illustrations, you will consider different methods of cost estimating, the level of project detail required for each, and when the use of each method is indicated. You will understand the uncertainties associated with a bid due to level of detail available and the economics of inflation. You will learn to recognize these uncertainties and include contingencies and adjustments for inflation.
At the conclusion of this course you will be able to:
- Understand where in a project cost estimates are used
- Recognize the different types of cost estimates
- Identify when it is best to use each type of cost estimate
- Discuss the common pitfalls involved in cost estimating
- Recognize the need for contingency
- Explain how to adjust for inflation