Cost Estimation for Entry-Level Professionals
Learn the principles of cost estimation and financial decision-making in this crash course. Perfect for beginners and professionals alike.
What you’ll learn
- Understand the rationale behind financial decisions
- Define cost estimation
- Understand the success criteria for good cost estimates
- List the different classes of cost estimations and understand how to use them
- Point the different steps involved in developing a cost estimate
- Define the ground rules and best practices for cost estimation
- Understand the steps that occur after developing a cost estimate
- Differentiate the different estimating methods
- Explain the need and components of risk adjustments
- Try the exercise and review the solution guide
- Explain the first principle of cost estimation
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Any endeavor we undertake may have financial implications. In organizations, all corporate decisions are financial decisions, no matter the project or operation to be achieved. Before authorizing any project, there is always a need to plan beforehand and have a clear idea about the cost or the budget.
Failure to plan is planning to fail. Managers and professionals need to be exposed to cost estimation in a crash course such as this. The general objective of this crash course is to provide professionals with concepts, knowledge and information that would help them to confidently participate cost estimating discussions.
At the end of the crash course, the viewer and learner could be able to do the followings:
Understand the basis of all corporate decisions
Define the expression “cost estimation” and underline its main concepts
Point out how the basis to assess the consistency of any cost estimates
Define the success criteria for cost estimates
Explain the classification of cost estimate, including the various inputs, processes and output, and how they operate together
List the ground rules and the best practices in cost estimation
Identify the steps required to develop a cost estimate
Explain the usefulness of developing a work breakdown structure
Explain the steps that usually happen after developing a cost estimate
Explain the main estimating methods
Understand the process of risk adjustment in cost estimation
Try the exercises provided and review the solution guide
Identify the first cost estimating principle when facing any project
Who this course is for:
- Beginners in cost estimation
- Junior cost estimators and students in managements and engineering
- Managers and professionals looking to be exposed to cost estimation
- Professionals involved in corporate decision making
- Professionals making financial decisions in corporations
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