Course Info
Code IND04-112
Duration 5 Days
Format Classroom
Course Summary
For any project, regardless of industry, finances are always a vital factor to consider. Especially within construction, there are a vast amount of aspects that will have a strong influence on the cost, and while some of these variables can be out of the contractor's control, many of them can be managed with effective cost management.
Cost management is the process of managing project finances, with multiple different stages. Planning, estimation, budgeting, and cost control. While these stages all hold their own level of importance, cost control is the main variable when it comes to construction. Cost control is when costs are being managed as a project is in motion and the process of dealing with issues as they occur. Cost control relies on the constant monitoring of costs and taking the steps needed to reduce potential waste or expenses.
There should also be an understanding of how cost management will work in relation to EPCIC contracts. EPCIC has a main focus on the health and safety of the employee and makes the contractor liable for issues that all need to be considered when creating cost management plans.
To be effective at cost control measures, one must be competent in creating resource management plans, cost estimation, monitoring costs accurately, and be highly knowledgeable on the terms of EPCIC contracts.
- To develop an understanding of construction management.
- To evaluate what EPCIC is and its advantages.
- To comprehend the process of cost estimation.
- To explore different methods of cost estimation.
- To identify the elements that influence cost.
- To explore techniques for cost control.
- To recognise the vitality of cost management in construction.
This course is designed for professionals who aspire to develop their knowledge of project cost control measures, and those with EPCIC contracts. It would be most beneficial for:
- Construction Managers
- Cost and Planning Managers
- Project Managers
- Sub-Contractors
- Property Developers
- Architects
- Engineers
- Site Supervisors
- Finance Managers
- Quality Surveyors
This course uses a variety of adult learning styles to aid full understanding and comprehension. Participants will review genuine examples of resource management plans, cash flow statements, and risk assessments to highlight what key information needs to be included and to recognise any areas that may cause potential issues.
They will be provided with the necessary tools required to carry out learning exercises related to cost control, which will help them develop a full and well-rounded understanding of the content. They will analyse the given examples to identify what cost control measures have taken place and what steps were taken when expenses did not follow estimations. Participants will also partake in group activities to make their own cost estimation and resource management plans, aligned with the terms of their EPCIC contracts.
Course Content & Outline
- Defining cost management.
- The importance of cost management.
- Why cost estimating is beneficial in construction.
- Understanding design in the construction industry.
- Quantity take-off and measurement.
- Defining EPCIC and its role.
- Reviewing the stages of cost management – planning, cost estimation, budgeting, and cost control.
- Creating and monitoring a resource management plan.
- Utilising change control systems.
- Effective time management.
- Carefully hiring only trusted and reliable sub-contractors.
- Procurement of materials.
- Focusing on utilising recyclable materials to prevent waste.
- Building an estimate.
- Planning the budget.
- Using quality control methods to reduce waste.
- Evaluating cost control methods.
- Understand how wasted materials results in wasted budget.
- Closely monitoring quality to prevent waste.
- Communicating effectively with employees and sub-contractors to ensure productivity.
- Ensuring those involved are working in line with their EPCIC contracts.
- Recording project cash flow.
- Technology trends in cost estimation and control.
- Setting project milestones and constant monitoring of them.
- Expense reports.
- Identifying expenditures as they occur and taking corrective action.
- Tracking earned value.
- Break-even analysis.
- Assessing health and safety risks.
- Creating risk assessments and audits in relation to cost.
- Analysing risks and weighing possible detriment.
- Constructing solutions to risks minimising a negative impact on productivity.
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