Learn best practices in the development of a pre-construction cost estimate and budgeting of projected costs.
Pre-construction cost estimating and budgeting is arguably one of the most important issues for successfully managing construction projects. The subject deals with cost issues at the planning stage, which is detrimental to the project's success, as financial mismanagement is considered the top reason for the failure of construction companies. This course takes a quick look at cost and budgeting issues during the pre-construction phase for both the owner and the general contractor. As we all know, cost estimating is a predictive process, and there are steps to be taken to make it as accurate as possible. Aligning actual expenses with the project budget is a key to success, and this has two elements: Starting with a good estimate and accurate budget and controlling the cost while in the execution phase.
Learning Objectives
- You will be able to discuss financial management for construction projects and planning for it in the pre-construction phase.
- You will be able to explain construction planning, its definition, importance, and activities it includes.
- You will be able to identify actions that must be thought of and planned before project execution.
- You will be able to recognize how to better prepare for a construction project.
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Why Lorman?
Over 38 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Agenda
The Planning Stage: Defining Planning, Importance of Planning
Cost Estimates, Budget, and Cost Control
Types of Estimates, Uses, and Relationship With Type of Contract
Owners
- Pre-Construction Services and Costs
- Feasibility Studies
- Scope Definition and Management
- Defining Owner's Constraints and Priorities: Cost and Time Parameters
- Choice of Contract Type and Method of Delivery
- Contractor Evaluation and Acquisition
- Utilize BIM and Value Engineering Study
- Securing Funding
- Proactive Risk Management
- Consult With the Expert
Contractors
- Visiting and Inspecting the Site
- Make a Site and Logistics Plan
- Plan Resource Acquisition (Materials, Equipment, Labor, Subs)
- Risk Management Plan
- Estimating and Controlling Indirect Costs
- Preparing the Detailed Schedule
- Constructability Study
- Cash Flow Prediction
The Baseline Budget
- Change Order Process
- The Progress Payment Cycle
Other Issues:
- Claims and Other Disputes Management
- Electronic Document Management System
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More Program Information
Why Lorman?
Over 38 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Credits
OnDemand Course
This course was last revised on July 27, 2022.
Call 1-866-352-9540 for further credit information.
No Credit AvailableThis program does NOT qualify, nor meet the National Standard for NASBA accreditation.
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Why Lorman?
Over 38 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Faculty
Saleh Mubarak
Saleh A. Mubarak, Ph. D.
- Construction project management professor, consultant, author, public speaker, and trainer
- An authority on project planning, scheduling, and project control
- Over 30 years of diversified, industrial, and academic experience, all in the general field of construction project management
- Extensive experience in continuing education and professional training around the world, mainly in technical subjects but also in soft skills
- Author of two books, Construction Project Scheduling and Control, 4th edition, and How to Estimate with Means Data: Basic Skills for Building Construction, 5th edition, both published by Wiley; also wrote many articles, technical and other
- Public speaker at many local, regional, and international events
- Presented at many professional conferences, such as PMI and AACE International
- B.S., M.Sc., and Ph.D. degrees in civil engineering, specializing in construction project management
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More Program Information
Why Lorman?
Over 38 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
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