Training course
Overview
Practical Construction Cost
Management is a comprehensive hands-on professional training course
designed to develop the practical skills required to plan, monitor, control,
forecast, and optimize construction project costs throughout the project
lifecycle. The course focuses on applying construction cost management
principles directly to real project situations, enabling participants to
understand how budgets, quantities, labour, materials, equipment,
subcontractors, procurement, productivity, quality, schedule, and commercial
changes interact to determine project financial performance. Participants gain
practical experience using construction cost-control tools, records,
calculations, reports, and decision-making techniques.
The course progresses from
fundamental construction cost concepts and practical estimating through
budgeting, cost planning, resource control, procurement, commitments, actual
cost monitoring, cash-flow management, cost reporting, forecasting, variations,
risk, claims, and project recovery. Participants learn how to establish cost
breakdown structures, develop practical budgets, track quantities and
resources, reconcile material consumption, monitor labour and equipment
productivity, analyze cost variances, prepare cost-to-complete forecasts, and
support effective commercial management. Relevant standards and frameworks,
including ISO 31000 risk-management principles, ISO 9001 quality principles,
earned value management concepts, Lean Construction, PDCA, value engineering,
and lifecycle costing, are incorporated into practical construction scenarios.
The training places strong emphasis
on practical tools and workplace application. Participants work with estimating
worksheets, cost codes, budget templates, quantity take-off sheets,
rate-analysis models, procurement registers, commitment registers, material
reconciliation sheets, labour productivity trackers, equipment utilization logs,
cash-flow forecasts, cost-value reconciliation reports, variation registers,
risk registers, cost dashboards, and Excel-based analytical tools. Case studies
and simulations are used to address realistic situations such as material price
escalation, labour productivity losses, equipment downtime, subcontractor cost
overruns, design changes, delays, rework, variations, claims, supply-chain
disruption, and project cost recovery.
By the end of the training,
participants will have developed an integrated practical approach to
construction cost management that can be applied to building, infrastructure,
civil engineering, industrial, and other construction projects. The course is
suitable for construction professionals, project managers, quantity surveyors,
commercial personnel, cost controllers, site managers, engineers, supervisors,
contractors, consultants, procurement professionals, and other personnel
involved in project financial and commercial performance. The practical
orientation, supported by exercises, real-world scenarios, templates,
analytical techniques, and a comprehensive capstone project, enables
participants to translate cost-management theory into effective day-to-day
project control and strategic cost improvement.
Course
Duration
10 Days (80 Hours)
Target
Participants
·
Construction Professionals
·
Project Managers and Assistant Project Managers
·
Construction Managers and Site Managers
·
Quantity Surveyors and Cost Managers
·
Cost Controllers and Project Controls
Professionals
·
Commercial and Contract Management Professionals
·
Site Engineers and Construction Engineers
·
Construction Supervisors and Foremen
·
Procurement and Supply Chain Professionals
·
Contractors and Subcontractors
·
Consultants and Client Representatives
·
Project Finance and Construction Accounting
Personnel
·
Professionals responsible for project budgets,
cost reporting, and forecasting
·
Professionals seeking practical construction
cost management skills
Course
Objectives
By the end of the training,
participants will be able to:
·
Explain the principles, processes, and
objectives of practical construction cost management.
·
Understand construction cost structures, cost
drivers, and financial responsibilities throughout the project lifecycle.
·
Interpret construction drawings, specifications,
quantities, schedules, and project cost information.
·
Prepare preliminary estimates, detailed
estimates, unit rates, cost plans, and construction budgets.
·
Establish cost breakdown structures, cost codes,
control accounts, and practical cost-control systems.
·
Monitor labour, materials, equipment,
subcontractors, procurement, and project commitments.
·
Measure construction quantities and reconcile
planned, executed, and paid work.
·
Track material consumption, wastage, labour
productivity, equipment utilization, and unit costs.
·
Prepare and interpret construction cost reports,
cost-value reconciliations, and variance analyses.
·
Develop cash-flow forecasts, cost-to-complete
assessments, and estimate-at-completion forecasts.
·
Apply earned value management concepts to
practical construction project controls.
·
Identify and manage cost risks using ISO 31000
principles and practical risk registers.
·
Document and evaluate variations, change orders,
delays, disruption, acceleration, and potential claims.
·
Apply Lean Construction, PDCA, Five Whys, Pareto
analysis, and other improvement techniques to reduce avoidable costs.
·
Apply value engineering and lifecycle-costing
principles to practical construction decisions.
·
Use Excel-based tools, digital cost systems,
BIM-related quantity information, and cost dashboards.
·
Improve procurement and subcontractor cost
control through structured monitoring and commercial documentation.
·
Identify early warning indicators of cost
overruns and develop appropriate corrective actions.
·
Support final measurement, final accounts,
project closeout, and lessons-learned processes.
·
Integrate construction estimating, budgeting,
cost control, forecasting, risk, commercial management, and recovery through
practical project exercises.
Course
Content
Day
1: Construction Cost Management Foundations, Project Economics, and Practical
Cost Control
Module 1: Construction Cost Management
Foundations, Project Economics, and Practical Cost Control
1. Fundamentals
of Construction Cost Management
o
Definition, objectives, scope, and importance of
construction cost management.
o
Relationship between cost, scope, schedule,
quality, risk, and productivity.
o
Cost management throughout the project
lifecycle.
o
Roles of project managers, quantity surveyors,
commercial managers, engineers, supervisors, and finance personnel.
o
Practical scenario: identifying cost-control
responsibilities on a live construction project.
2. Construction
Project Lifecycle and Cost Processes
o
Feasibility and concept development.
o
Design and cost planning.
o
Procurement and tendering.
o
Construction execution and cost control.
o
Commissioning, final accounts, and closeout.
3. Construction
Economics and Cost Drivers
o
Labour, materials, equipment, subcontractors,
logistics, preliminaries, overheads, and financing.
o
Inflation and market price changes.
o
Productivity and resource availability.
o
Supply-chain constraints.
o
Practical exercise: identify and assess project
cost drivers.
4. Construction
Cost Classification
o
Direct and indirect costs.
o
Fixed and variable costs.
o
Time-related and production-related costs.
o
Preliminaries, overheads, profit, contingency,
and allowances.
o
Developing practical cost categories.
5. Cost
Breakdown Structures and Cost Codes
o
Work breakdown structure and cost breakdown
structure.
o
Cost codes and work packages.
o
Control accounts and cost ownership.
o
Linking site activities to project financial
information.
o
Exercise: create a practical cost coding
structure.
6. Construction
Budgets and Cost Baselines
o
Approved project budgets.
o
Cost baselines.
o
Budget allocation.
o
Contingency and allowances.
o
Budget change and control procedures.
7. Construction
Cost-Control Frameworks
o
Practical project-control principles.
o
ISO 31000 risk-management concepts.
o
ISO 9001 quality principles and cost
implications.
o
PDCA continuous-improvement cycle.
o
Earned value management concepts.
8. Practical
Cost Records and Documentation
o
Daily reports.
o
Timesheets.
o
Material records.
o
Equipment logs.
o
Site instructions, photographs, and supporting
evidence.
9. Cost
Awareness and Early Warning Indicators
o
Recognizing emerging cost problems.
o
Productivity deterioration.
o
Abnormal material consumption.
o
Equipment downtime.
o
Uncontrolled changes and scope growth.
10. Practical
Workshop: Building a Site Cost-Control System
·
Review a simulated construction project.
·
Identify cost drivers and cost responsibilities.
·
Develop cost codes and basic cost-control
procedures.
·
Establish site records and reporting
requirements.
·
Present the proposed cost-control system for
management review.
Day
2: Practical Estimating, Measurement, Cost Planning, and Budget Development
Module 2: Practical Estimating,
Measurement, Cost Planning, and Budget Development
1. Construction
Drawings and Cost Information
o
Reading architectural, structural, civil, and MEP
drawings.
o
Identifying dimensions, specifications,
quantities, and construction details.
o
Drawing revisions and approved information.
o
Linking drawings to estimating and cost control.
2. Practical
Quantity Take-Off
o
Measurement principles and units.
o
Earthworks, foundations, concrete,
reinforcement, masonry, finishes, and services.
o
Quantity extraction.
o
Measurement checking.
o
Practical quantity take-off exercise.
3. Preliminary
Construction Estimating
o
Conceptual estimates.
o
Order-of-cost estimating.
o
Cost per square metre and functional-unit
approaches.
o
Historical cost information.
o
Estimate assumptions and accuracy.
4. Detailed
Construction Estimating
o
Labour costs.
o
Material costs.
o
Plant and equipment costs.
o
Subcontractor costs.
o
Indirect and preliminary costs.
5. Unit
Rate Analysis
o
Resource-based rate build-ups.
o
Labour productivity.
o
Material quantities and wastage.
o
Equipment utilization.
o
Overheads and other cost components.
6. Construction
Cost Planning
o
Elemental cost planning.
o
Cost targets.
o
Cost checks.
o
Design development and cost impact.
o
Benchmarking.
7. Budget
Development
o
Converting estimates into project budgets.
o
Work-package budgets.
o
Time-phased budgets.
o
Contingency.
o
Budget approval.
8. Estimate
Review and Validation
o
Reviewing quantities.
o
Checking rates.
o
Reviewing assumptions and exclusions.
o
Identifying omissions.
o
Sensitivity analysis.
9. Excel-Based
Estimating and Cost Planning
o
Estimating worksheets.
o
Formulas and data validation.
o
Rate libraries.
o
Cost summaries.
o
Version control.
10. Practical
Exercise: Develop a Construction Estimate and Budget
·
Analyze a simulated project scope and drawings.
·
Complete quantity take-off.
·
Develop unit rates and direct costs.
·
Add preliminaries, risk allowances, and other
costs.
·
Prepare and present a project budget.
Day
3: Procurement, Materials, Subcontractors, and Resource Cost Management
Module 3: Procurement, Materials,
Subcontractors, and Resource Cost Management
1. Construction
Procurement and Cost Management
o
Procurement lifecycle.
o
Procurement planning.
o
Procurement methods.
o
Cost implications of procurement strategy.
o
Procurement timing and financial exposure.
2. Tender
and Supplier Cost Analysis
o
Tender pricing.
o
Supplier quotations.
o
Scope comparison.
o
Qualifications and exclusions.
o
Commercial comparison.
3. Material
Procurement and Cost Control
o
Material requisitions.
o
Purchase orders.
o
Approved suppliers.
o
Delivery scheduling.
o
Material cost tracking.
4. Material
Delivery and Inventory Control
o
Delivery documentation.
o
Quantity verification.
o
Quality checks.
o
Storage.
o
Stock and issue records.
5. Material
Reconciliation and Wastage Control
o
Theoretical consumption.
o
Actual consumption.
o
Material yield.
o
Wastage calculations.
o
Investigating abnormal consumption.
6. Labour
Cost Management
o
Workforce planning.
o
Labour rates.
o
Timesheets.
o
Overtime.
o
Labour productivity.
7. Equipment
Cost Management
o
Ownership and hire costs.
o
Operating costs.
o
Fuel.
o
Utilization.
o
Downtime and maintenance.
8. Subcontractor
Cost Management
o
Subcontract scope.
o
Subcontractor pricing.
o
Quantity and progress measurement.
o
Subcontractor commitments.
o
Commercial documentation.
9. Supply-Chain
Cost Risk
o
Price escalation.
o
Long-lead materials.
o
Supplier failure.
o
Logistics disruption.
o
Alternative sourcing.
10. Case Study:
Procurement and Resource Cost Control
·
Review supplier quotations and subcontractor
pricing.
·
Analyze labour, material, and equipment
requirements.
·
Identify procurement and resource risks.
·
Prepare a resource and procurement cost-control
plan.
·
Present recommendations to a simulated project
team.
Day
4: Practical Cost Control, Commitments, Actual Costs, and Reporting
Module 4: Practical Cost Control,
Commitments, Actual Costs, and Reporting
1. Construction
Cost-Control Process
o
Cost-control cycles.
o
Planned versus actual expenditure.
o
Commitment monitoring.
o
Forecasting.
o
Corrective-action processes.
2. Actual
Cost Recording
o
Labour costs.
o
Material costs.
o
Plant and equipment.
o
Subcontract costs.
o
Site overheads.
3. Commitment
Management
o
Purchase orders.
o
Subcontracts.
o
Supplier commitments.
o
Remaining commitments.
o
Uncommitted budget analysis.
4. Accruals
and Uninvoiced Costs
o
Purpose of accruals.
o
Identifying completed but uninvoiced work.
o
Accrual estimation.
o
Reconciliation.
o
Month-end cost-control procedures.
5. Cost-Value
Reconciliation
o
Physical progress.
o
Cost incurred.
o
Value of work performed.
o
Cost-value trends.
o
Identifying cost deterioration.
6. Construction
Cost Reports
o
Budget.
o
Actual.
o
Commitment.
o
Forecast.
o
Variance.
7. Cost
Variance Analysis
o
Price variance.
o
Quantity variance.
o
Productivity variance.
o
Scope variance.
o
Timing variance.
8. Root-Cause
Analysis for Cost Problems
o
Five Whys.
o
Fishbone diagrams.
o
Pareto analysis.
o
Cause-and-effect relationships.
o
Corrective actions.
9. Cost-Control
Dashboards
o
Cost KPIs.
o
Budget utilization.
o
Commitment exposure.
o
Productivity indicators.
o
Trend reporting.
10. Practical
Exercise: Monthly Construction Cost Report
·
Review simulated project cost data.
·
Reconcile actuals and commitments.
·
Calculate variances.
·
Identify root causes.
·
Prepare a monthly cost report and management
action plan.
Day
5: Cash Flow, Forecasting, Earned Value, and Cost Performance
Module 5: Construction Cash Flow,
Forecasting, Earned Value, and Cost Performance
1. Construction
Cash-Flow Fundamentals
o
Project cash inflows and outflows.
o
Payment cycles.
o
Planned expenditure.
o
Actual expenditure.
o
Cash-flow timing.
2. Cash-Flow
Forecasting
o
Monthly cash-flow forecasts.
o
Cumulative cash-flow curves.
o
S-curves.
o
Payment assumptions.
o
Forecast updates.
3. Cost-to-Complete
Analysis
o
Remaining work.
o
Committed costs.
o
Forecast remaining expenditure.
o
Resource assumptions.
o
Cost-to-complete calculations.
4. Estimate
at Completion
o
Current actual costs.
o
Remaining forecast costs.
o
Expected final cost.
o
Scenario-based EAC.
o
Forecast confidence.
5. Construction
Cost Forecasting
o
Trend-based forecasting.
o
Productivity-based forecasting.
o
Procurement-based forecasting.
o
Risk-adjusted forecasting.
o
Forecast review.
6. Earned
Value Management
o
Planned value.
o
Earned value.
o
Actual cost.
o
Cost variance.
o
Schedule variance.
7. Cost
and Schedule Performance Indicators
o
Cost performance index.
o
Schedule performance index.
o
Interpreting performance trends.
o
Limitations of performance indicators.
o
Practical construction application.
8. Forecasting
Under Uncertainty
o
Scenario analysis.
o
Sensitivity testing.
o
Optimistic, likely, and conservative forecasts.
o
Risk allowances.
o
Management contingency.
9. Cost
Performance Improvement
o
Early warning indicators.
o
Corrective actions.
o
Productivity improvement.
o
Procurement intervention.
o
Resource optimization.
10. Simulation
Exercise: Forecasting a Project Cost Overrun
·
Review project cost and progress information.
·
Calculate cost and schedule performance
indicators.
·
Prepare cost-to-complete and EAC forecasts.
·
Develop recovery scenarios.
·
Present the revised forecast and
corrective-action plan.
Day
6: Variations, Change Control, Risk, Delays, and Claims
Module 6: Practical Variations, Change
Control, Cost Risk, Delays, and Claims
1. Construction
Change Management
o
Scope changes.
o
Design changes.
o
Client instructions.
o
Regulatory changes.
o
Change documentation.
2. Variation
Identification and Control
o
Types of variations.
o
Variation registers.
o
Quantity changes.
o
New work.
o
Omitted work.
3. Variation
Pricing and Cost Assessment
o
Existing contract rates.
o
New rates.
o
Dayworks.
o
Provisional sums.
o
Supporting cost evidence.
4. Construction
Cost Risk Management
o
Risk identification.
o
Probability and impact.
o
Risk ownership.
o
Risk registers.
o
ISO 31000 principles.
5. Contingency
and Risk Allowances
o
Purpose of contingency.
o
Linking contingency to identified risks.
o
Contingency usage.
o
Monitoring remaining exposure.
o
Avoiding uncontrolled allowances.
6. Construction
Delays and Cost Impacts
o
Delay causes.
o
Prolongation.
o
Standby costs.
o
Extended preliminaries.
o
Productivity impacts.
7. Disruption
and Acceleration
o
Disruption and loss of productivity.
o
Acceleration requirements.
o
Overtime.
o
Additional resources.
o
Cost assessment.
8. Construction
Claims and Supporting Evidence
o
Claim identification.
o
Notification.
o
Contemporary records.
o
Labour, plant, material, and subcontract
evidence.
o
Quantum support.
9. Commercial
Negotiation and Cost Recovery
o
Cost mitigation.
o
Commercial discussions.
o
Negotiation principles.
o
Settlement considerations.
o
Escalation.
10. Case Study:
Variation, Delay, and Cost Exposure
·
Analyze a simulated design change with associated
delay.
·
Identify cost and schedule impacts.
·
Prepare a variation assessment.
·
Develop risk and recovery actions.
·
Present the case to a simulated commercial
review team.
Day
7: Value Engineering, Cost Optimization, Lifecycle Costing, and Sustainability
Module 7: Practical Value Engineering,
Cost Optimization, Lifecycle Costing, and Sustainability
1. Principles
of Construction Value Management
o
Cost, function, quality, performance, and value.
o
Value management versus simple cost reduction.
o
Stakeholder requirements.
o
Value objectives.
o
Practical value-management workshops.
2. Value
Engineering Process
o
Information phase.
o
Function analysis.
o
Creative alternatives.
o
Evaluation.
o
Development and implementation.
3. Design-to-Cost
o
Cost targets.
o
Design alternatives.
o
Material selection.
o
Construction methods.
o
Cost-performance balance.
4. Constructability
and Cost Optimization
o
Construction sequencing.
o
Accessibility.
o
Temporary works.
o
Prefabrication.
o
Modular construction.
5. Material
and Specification Optimization
o
Alternative materials.
o
Material performance.
o
Availability and supply risk.
o
Maintenance implications.
o
Cost and quality considerations.
6. Whole-Life
Costing
o
Initial capital cost.
o
Operating cost.
o
Maintenance cost.
o
Replacement cost.
o
Disposal cost.
7. Total
Cost of Ownership
o
Acquisition.
o
Construction.
o
Operations.
o
Maintenance.
o
Asset renewal.
8. Sustainable
Construction Cost Management
o
Energy efficiency.
o
Renewable energy.
o
Water efficiency.
o
Waste reduction.
o
Circular construction.
9. Cost-Benefit
and Lifecycle Decision-Making
o
Comparing alternatives.
o
Payback concepts.
o
Net present value concepts.
o
Sensitivity analysis.
o
Lifecycle decision criteria.
10. Practical
Workshop: Value Engineering and Cost Optimization
·
Review a construction design with cost
pressures.
·
Identify high-cost functions.
·
Generate alternative solutions.
·
Compare capital and lifecycle costs.
·
Prepare and present a value-engineering
proposal.
Day
8: Digital Cost Management, BIM, Excel, and Construction Data Analytics
Module 8: Practical Digital Cost
Management, BIM, Excel, and Construction Data Analytics
1. Digital
Construction Cost Management
o
Digital transformation.
o
Integrated cost systems.
o
Mobile site reporting.
o
Digital workflows.
o
Data-driven cost control.
2. Excel
for Construction Cost Management
o
Structured cost-control workbooks.
o
Formulas.
o
Data validation.
o
Lookup and aggregation.
o
Pivot tables.
3. Digital
Estimating and Cost Planning
o
Digital rate libraries.
o
Cost databases.
o
Historical cost data.
o
Estimate comparison.
o
Automated summaries.
4. BIM
and 5D Cost Management
o
BIM fundamentals.
o
Model-based quantities.
o
Cost-linked information.
o
5D BIM concepts.
o
Model-based change analysis.
5. Digital
Quantity Take-Off
o
Automated quantities.
o
Model validation.
o
Measurement reconciliation.
o
Quantity changes.
o
Data reliability.
6. Cost
Dashboards and Data Visualization
o
Budget dashboards.
o
Actual and commitment dashboards.
o
Forecast dashboards.
o
Productivity indicators.
o
Exception reporting.
7. Construction
Cost Data Quality
o
Accuracy.
o
Completeness.
o
Consistency.
o
Timeliness.
o
Version control.
8. Construction
Data Analytics
o
Trend analysis.
o
Benchmarking.
o
Variance analysis.
o
Productivity analysis.
o
Forecasting.
9. Automation
and AI-Assisted Cost Analysis
o
Automated reporting.
o
Pattern recognition.
o
Forecast-support tools.
o
Anomaly detection.
o
Human review and governance.
10. Practical
Exercise: Build a Digital Construction Cost Dashboard
·
Develop a project cost dataset.
·
Integrate budget, actual, commitment, progress,
and forecast information.
·
Calculate cost and productivity indicators.
·
Create an Excel-based dashboard.
·
Present findings and recommended corrective
actions.
Day
9: Advanced Cost Analysis, Project Recovery, Productivity, and Operational
Excellence
Module 9: Advanced Cost Analysis, Project
Recovery, Productivity, and Operational Excellence
1. Advanced
Construction Cost Benchmarking
o
Internal project benchmarking.
o
External market benchmarking.
o
Cost-per-unit analysis.
o
Productivity benchmarking.
o
Normalizing cost data.
2. Construction
Cost Intelligence
o
Market price intelligence.
o
Historical cost data.
o
Supplier and subcontractor pricing.
o
Labour-market information.
o
Inflation and escalation.
3. Advanced
Cost Trend Analysis
o
Multi-period analysis.
o
Trend curves.
o
Forecast deterioration.
o
Variance decomposition.
o
Early-warning indicators.
4. Quantitative
Cost Risk Analysis
o
Probability and impact.
o
Scenario modelling.
o
Sensitivity analysis.
o
Quantitative risk concepts.
o
Risk-adjusted forecasts.
5. Project
Cost Recovery
o
Diagnosing cost overruns.
o
Recovery planning.
o
Productivity improvement.
o
Procurement intervention.
o
Scope and design optimization.
6. Lean
Construction and Operational Excellence
o
Lean principles.
o
Waste identification.
o
Pull planning.
o
Last Planner concepts.
o
Continuous improvement.
7. Advanced
Productivity Improvement
o
Labour productivity.
o
Equipment productivity.
o
Material efficiency.
o
Workfront planning.
o
Resource optimization.
8. Construction
Cost Scenario Planning
o
Base case.
o
Downside scenario.
o
Recovery scenario.
o
Market disruption scenario.
o
Schedule acceleration scenario.
9. Strategic
Cost Reporting
o
Executive dashboards.
o
Cost-risk narratives.
o
Exception reporting.
o
Forecast confidence.
o
Management recommendations.
10. Advanced
Simulation: Construction Project Recovery
·
Analyze a project with cost overruns, delayed
work, supply-chain pressures, and productivity deterioration.
·
Perform cost, risk, and trend analysis.
·
Develop recovery alternatives.
·
Prepare a revised cost forecast.
·
Present a comprehensive project recovery
strategy.
Day
10: Final Accounts, Cost Governance, Closeout, and Integrated Practical
Capstone
Module 10: Final Accounts, Cost
Governance, Closeout, and Integrated Practical Capstone
1. Final
Measurement and Quantity Reconciliation
o
Final quantities.
o
As-built information.
o
Approved quantities.
o
Variations.
o
Quantity reconciliation.
2. Final
Cost Reconciliation
o
Original estimate.
o
Approved budget.
o
Actual expenditure.
o
Commitments.
o
Final forecast.
3. Final
Accounts and Commercial Closeout
o
Final account preparation.
o
Variation reconciliation.
o
Claims and settlements.
o
Retention.
o
Outstanding commercial matters.
4. Defects,
Warranties, and Post-Completion Costs
o
Defects liability.
o
Warranty obligations.
o
Defect-related expenditure.
o
Outstanding work.
o
Post-completion financial monitoring.
5. Construction
Cost Governance
o
Cost-control procedures.
o
Approval and authorization.
o
Documentation.
o
Audit trails.
o
Financial accountability.
6. Lessons
Learned and Cost Performance Review
o
Comparing estimated and actual costs.
o
Identifying major cost drivers.
o
Forecast accuracy.
o
Productivity lessons.
o
Procurement lessons.
7. Continuous
Improvement in Construction Cost Management
o
PDCA.
o
Kaizen.
o
Standardization.
o
Corrective and preventive actions.
o
Building organizational cost-management
capability.
8. Strategic
Cost Management and Future Practice
o
Digital cost management.
o
BIM and 5D cost control.
o
Data analytics.
o
AI-assisted forecasting.
o
Sustainable and lifecycle cost management.
9. Integrated
Construction Cost Management Simulation
o
Review a complete project from estimating
through closeout.
o
Analyze quantities, budgets, procurement, actual
costs, commitments, progress, variations, risks, and forecasts.
o
Identify cost problems and their root causes.
o
Develop corrective, preventive, and recovery
actions.
o
Prepare an integrated project cost-management
report.
10. Capstone
Project: Practical Construction Cost Management Plan
·
Develop a complete practical cost-management
system for a realistic construction project.
·
Prepare the estimate, budget, cost breakdown
structure, cost codes, procurement controls, resource trackers, cash-flow
forecast, cost report, and risk register.
·
Analyze project performance and prepare
cost-to-complete and estimate-at-completion forecasts.
·
Develop strategies for variations, cost risks,
productivity improvement, value engineering, and project recovery.
·
Present the completed construction
cost-management plan to a simulated project management and commercial review
panel.