This course introduces the types of cost estimation from the conceptual design phase through the more detailed design phase of a construction project. In addition, the course highlights the importance of controlling costs and how to monitor project cash flow. Students will work on a break-even analysis of construction tasks in a project.
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Course 3 of 4 in the Construction Management Specialization.
Syllabus
WEEK 1
Construction Cost Estimating and Cost Control Overview
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.
Understanding Design in the Construction Industry
Ian Taylor, project manager for Turner and Townsend, introduces the stages of design in a construction project.
Introduction to the Types of Cost Estimates
Professor Odeh describes the types of cost estimates in a construction project. Also covered in this module are the tools and methods used to create estimates.
Quantity Take-Off and Measurement
James Sneath, Associate Director of Cost Management for Turner and Townsend, and Ian Taylor, Project Manager for Turner and Townsend, discuss Quantity Take Off and Measurement. Estimating cut and fill costs is taught along with a detailed example of using cut and fill software. Also covered in this module is the topic of deep foundations, concrete foundations and structural steel, measurement, masonry, glass curtain wall, facade and wall finishes.
WEEK 2
Pricing
James Sneath, Associate Director of Cost Management for Turner and Townsend, discusses pricing, labor costs and equipment costs. Topics include, cost materials, formwork, reinforcing steel and concrete. Money component and productivity component is discussed in labor costs, as well as estimating equipment costs.
Building the Estimate
ames Sneath, Associate Director of Cost Management at Turner and Townsend, Inc., illustrates how to build an estimate. Sneath does a deep dive into a schematic design project.
Procurement
James Sneath, Associate Director of Cost Management for Turner and Townsend, discussed the procurement stage of a construction projects and they typical involvement of a cost manager or cost estimator.
Post Contract and Cost Estimation within a Project
James Sneath, Associate Director of Cost Management for Turner and Townsend Construction, discusses post contract and cost estimation with a construction project. Also covered in this module are cost reporting, change orders and communication and meetings.
WEEK 3
Construction Cost Control Methods
Professor Odeh introduces construction cost control and the work segments contained in a project.
Earned Value Method (EVM)
In this module, Professor Odeh goes deeper into the Earned Value Method of Cost Control.
Close Out Period
Ian Taylor, Project Manager at Turner and Townsend, Inc., introduces cost management close out and punch-list review.
Cost Estimation in Practice
James Sneath, Associate Director of Cost Management at Turner and Townsend, Inc., talks about cost estimation in general practice. The unit starts with tips in cost estimating and cost management and ends with a discussion of the international roles of cost managers.
WEEK 4
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.
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.
WEEK 5
Program Cost Estimating
Christopher Toomey, Senior Vice President at AECOM Global Programs, discusses cost control for large programs.
Lean in Cost Control
Sam Spata, Owner of Method Lean, presents this module on Lean In Cost Control.
