Construction Project Cost Estimation & Management - A To Z

Practical Guide on Cost Estimation and Bid Submission for Tenders in Construction Project Management

What you'll learn

Cost Estimation of Construction Projects From Start to End

Practical Exposure Through Examples, Scenarios, & Case Studies of Real Projects

Full Process of Tendering (Bidding) in Construction Project Management

Management of Construction Projects Using Earned Value Management (EVM)

Requirements

The course doesn't have any prerequisites. I shall take you through the very basic to advance information irrespective of your role/qualification/experience.

Description

This is a well structured course that practically covers the entire process of tendering(bidding), cost estimation, and management of the project upon successful award of the contract. Several excel workings for each cost component estimation is presented and real project case studies are presented to help you all get a practical exposure. Resources are attached with the videos & quizzes are linked section wise to encapsulate the learnings. General scenarios & examples are given wherever possible to help students connect to the content easily. The course shall give learners a holistic view of the entire process from the very beginning when contractors receive the notice inviting tender or prequalification proposal to final bid or price submission and subsequently managing the project operations/execution to get anticipated profit margins. Every topic is explained in the most simplified yet comprehensive way.Costing knowledge is so crucial in construction & no matter what stage of career you're in, this course has a potential to uplift you by certain level. Fresher or a Project Manager, doesn't matter. Go ahead !The course flows in a very sequential manner, each video linked to previous content, and is divided into 8 Sections consisting of a total of 71 lectures. Section 1 (Introduction & Course Outline) - Understand the meaning of cost estimation in construction & why it is an indispensable part of it. Covers an entire video explaining the course structure.Section 2 (Construction Estimating & Tendering Process) - Starts with a flow chart of the entire bidding process and subsequently elaborates each component of the same with practical overview. More of a qualitative section yet a significant one.Section 3 (Components of Bid Price) - Sets the base for all the next sections through a short & crisp video. Talks about what bid price is constituted of. Breakup of the same is defined in this section, the details of which are presented henceforth.Section 4 (Estimation of Direct Construction Cost) - Direct cost and all associated components like labor, material, equipment, subcontractor are explained in the most elaborative manner. Every cost component is practically explained through excel workings & case studies.Section 5 (Estimation of Indirect Construction Cost) - Indirect cost and all associated components like staff salaries, utlities, insurances, financing, conveyance & travel, temporary structures, common workmen, etc. are covered theoretically & practically.Section 6 (Estimation of Additional Components in Construction - Markup) - Profit margin, contingency & risk, general overheads, etc. are explained. Distribution of markup and final submission of bid price bring the costing component of the course to an end.Section 7 (Cost Management in Construction Projects) - After bid submission, if contractor wins the job, management & monitoring is significant to make profits. One such method to help control the schedule & cost is EVM. Using EVM in projects is explained through a case study. Furthermore, managing costs of labor, material, equipment, and subcontractor is explained.Section 8 (Practical Case Studies for Cost Estimation in Construction) - 5 case studies are presented to help learners understand the importance of cost estimation and how inefficient estimation led to blunders in real projects is shown.Congrats !! You can start with your project cost estimation now. All the best learners !!

Overview

Section 1: Introduction & Course Outline

Lecture 1 What is Cost Estimation & its Significance in Construction ?

Lecture 2 Course Outline - Key Takeaways of the Course

Section 2: Construction Estimation & Tendering Process

Lecture 3 Flow Chart for Bidding Process - Start to End

Lecture 4 Notice Inviting Tender (NIT) in Construction

Lecture 5 Sample Example of NIT for Excavation Works Tender

Lecture 6 Pre Qualification Process of Contractors with Examples

Lecture 7 Information Required to Submit for Pre Qualification by Contractors

Lecture 8 Study the Tender Document Thoroughly

Lecture 9 Let's Understand the Tender Summary for Management Review - Tender at a Glance

Lecture 10 Various Significant Decisions to Take for Bidding

Lecture 11 Let Us Go for a Site Visit & Investigation to Plan the Estimation

Lecture 12 Break the Project Scope into Deliverables - Work Breakdown Structure (WBS)

Lecture 13 WBS for IT Park Construction Project - Practical Example

Lecture 14 Understand the Bill of Quantities (BOQ) & Material or Quantity Take Off

Lecture 15 Practical BOQ Example for Earthwork in Ordinary & Hard Rock in Excel

Lecture 16 Create all Construction Schedules to Start with Quantitative Cost Estimation

Section 3: Components of Bid Price - Direct Cost, Indirect Cost, Markup

Lecture 17 Detailed Breakup of Bid Price in Cost Estimation

Section 4: Estimation of Direct Construction Cost

Lecture 18 Learn the Labor Cost Computation Theoretically

Lecture 19 Meaning & Expression of Labor Productivity in Construction

Lecture 20 Standard Productivity Norms for Various Construction Activities for Costing

Lecture 21 Practical Example of Labor Cost Estimation Using Excel

Lecture 22 Understand the Material Cost Computation Theoretically

Lecture 23 Concrete Production Cost Example to Understand Material Costing - Excel

Lecture 24 Cost Estimation of Equipment (Plant & Machinery) in Construction - Theory

Lecture 25 Excel for Equipment Cost Calculation for Construction Project - Practically

Lecture 26 How do You Estimate Subcontractor Cost during Tendering ?

Lecture 27 Should You Self-Perform or Subcontract the Work - Decision to Make Now !!

Lecture 28 Types of Subcontractor in Construction for Cost Estimation

Lecture 29 Tiling Works Subcontracting - Excel Example for Cost Estimation

Lecture 30 Case Study for Subcontracting Works - How to Adjust Quotes for Cost Estimating ?

Lecture 31 Case Study for Direct Cost Computation - Labor, Material, Equipment, Subcontract

Section 5: Estimation of Indirect Cost in Construction

Lecture 32 Meaning of Indirect Cost & Difference Between Direct & Indirect Cost

Lecture 33 Staff Salaries & Benefits Cost Computation - Theory

Lecture 34 Staff Salaries & Benefits Cost Computation - Excel

Lecture 35 Insurances Cost - Theory

Lecture 36 Insurances Cost - Excel

Lecture 37 Financing Cost - Theory

Lecture 38 Financing Cost - Excel

Lecture 39 Progress Photos & Videos Cost Estimation - Theory

Lecture 40 Progress Photos & Videos Cost Estimation - Excel

Lecture 41 Conveyance Cost - Theory

Lecture 42 Conveyance Cost - Excel

Lecture 43 Travel & Transfer Cost - Theory

Lecture 44 Travel & Transfer Cost - Excel

Lecture 45 Temporary Structures & Infra Cost - Theory

Lecture 46 Temporary Structures & Infra Cost - Excel

Lecture 47 Utilities (Water & Power) Cost - Theory

Lecture 48 Utilities (Water & Power) Cost - Excel

Lecture 49 Welfare Expenses Costing - Theory

Lecture 50 Welfare Expenses Costing - Excel

Lecture 51 Miscellaneous Costs

Lecture 52 Common Workmen Cost - Theory

Lecture 53 Common Workmen Cost - Excel

Section 6: Estimation of Additional Components in Construction - Markup

Lecture 54 What is Markup, Its Components, & Formula for Estimation ? Explained !

Lecture 55 General Markup Percentages for Various Types of Projects in Construction

Lecture 56 Contingency & Risk Allowance

Lecture 57 General Overheads - Expenses at Head Offices

Lecture 58 Profit Margin

Lecture 59 How to Distribute Markup in Various Work Packages - Front, Uniform, Back Loading

Lecture 60 Let Us Review the Bid Through Management & Submit the Final Estimated Price

Section 7: Cost Management in Construction Projects

Lecture 61 Earned Value Management (EVM) for Cost & Schedule Monitoring & Management

Lecture 62 Understanding EVM Using Case Study - All Terminologies Explained !

Lecture 63 Labor Cost Management

Lecture 64 Material Cost Management

Lecture 65 Equipment Cost Management

Lecture 66 Subcontractor Cost Management

Section 8: Practical Case Studies for Cost Estimation in Construction

Lecture 67 Case Study 1 - Residential Project Delay

Lecture 68 Case Study 2 - Inefficient Cost Estimation

Lecture 69 Case Study 3 - Hard Soil Strata

Lecture 70 Case Study 4 - Workmen Wages in Hospital Construction Project

Lecture 71 Case Study 5 - Underestimation of Quantity Take Off for EPC Project

Anyone at any stage of career or education who wants to gain insights into cost estimation for construction projects can take the course. One can use this certification for getting a job as a cost estimator/construction planner/project manager