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Factor Estimating Course: Course Summary What You Will Learn

This one-day course teaches factor estimating methods that can be used to generate cost estimates early in a project before all details are known. The course covers factor estimating techniques like the 0.6 exponent method, Lang and Hand methods, and improved factor method. It also covers quantitive estimating methods for disciplines like piping, structural steel, and equipment. Participants will learn how to choose the appropriate method, determine estimate accuracy, and complete practice cases applying the principles taught. After the course, attendees will be able to generate and validate factor-based cost estimates for their projects.

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Mohamed Abdeen
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58 views2 pages

Factor Estimating Course: Course Summary What You Will Learn

This one-day course teaches factor estimating methods that can be used to generate cost estimates early in a project before all details are known. The course covers factor estimating techniques like the 0.6 exponent method, Lang and Hand methods, and improved factor method. It also covers quantitive estimating methods for disciplines like piping, structural steel, and equipment. Participants will learn how to choose the appropriate method, determine estimate accuracy, and complete practice cases applying the principles taught. After the course, attendees will be able to generate and validate factor-based cost estimates for their projects.

Uploaded by

Mohamed Abdeen
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Factor Estimating Course

Course summary What you will learn


There are moments at which accurate cost Factor estimating methods
information is decisive for the future of your • Introduction to factor estimating
project. Factor estimating can be your key to • Advantages and disadvantages
succesful decisions at those moments. Because • Factor estimating method: 0.6 exponent or
factor estimating can give you a good estimate power factor
of your project costs before all the details of your • Factor estimating method: Lang and Hand
project are known. methods
Factor estimates can be made by using a number • Factor estimating method: improved factor
of methods. The Factor Estimating course shows method
you what methods are available and how to use Case 1: Making a factor estimate
them. It will also show you how to choose a • Using plot, process flow and equipment list
method based on your project phase. Regardless data only
of what method you are using, the accuracy of • Preparing an estimate using factor estimating
your estimate is the key to its usability. For that method
reason the Factor Estimating course spends
What determines accuracy?
a good amount of time on what determines
accuracy and how you determine the best Quantitive estimating method
accuracy for your situation. Attention will also • Principles
be given to quantitive estimating methods and • Advantages and disadvantages
time will be spent looking at the advantages and • Using the quantitive method to estimate
disadvantages of quantitive estimating. You will disciplines such as piping, structural steel,
also learn how to use quantitive methods for a painting, insulation and civil
number of disciplines. Estimating of equipment is Case 2: Estimating with quantitive method
the last subject that will be looked into during the • Using project parameters only
Factor Estimating course. • Preparing discipline estimates using quantitive
Before you can effectively apply factor estimating method
to your projects, it is important that you have Estimating of equipment
gained a feel for the actual use of the methods. • Project phases and accuracy
This is why the Cost Engineering Academy has • Price determining parameters of equipment
made practice an important part of its courses. • Sources of pricing
During the Factor Estimating course you will work
on two cases which will allow you to apply all the
principles you have learned.

After this course you will be able to make your


own factor estimates and validate factor estimates
prepared by others.
Factor Estimating Course

Who should attend


This course is suitable for everyone who is part of any team that
executes industrial projects. If possible, groups will be composed
of organizations that are supplementing each other to allow all
participants to learn as much as possible. This course is aimed at:

• Project manager / director


• Finance project executive / manager
• Project engineer
• Cost estimator
• Project cost engineer
• Discipline leads
• Members of the purchase department
• Members of a tendering team
• Work preparators
• All who are involved in technical projects, cost estimation, cost
control and planning and contract review in their organizations

Requirements
You will need to have a basic understanding of estimating. For this
reason it is mandatory to have attended the Introduction Course
Cost Engineering. It is recommended to have attended the
Estimating Course as given by the Cost Engineering Academy.

Course duration
The duration of this course is one day.

Course dates and locations


See www.costengineering.eu/academy for course dates.

Course price
Course price: Visit www.costengineering.eu/academy/registration
Course materials: Included
Drinks and lunch: Included

www.CostEngineering.eu
[email protected]

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