Length: 2 Days
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Project Cost Estimating and Simulation Workshop by Tonex

Developing System Acquisition Cost Estimate Workshop

The Project Cost Estimating and Simulation Workshop is a comprehensive training program designed to equip professionals with the essential knowledge and skills required to accurately estimate project costs and use simulation techniques to enhance project planning and decision-making. This intensive workshop, conducted by industry-leading experts from Tonex, combines theoretical foundations with practical application, enabling participants to make informed cost estimates and evaluate project risk.

Learning Objectives: Upon successful completion of the Project Cost Estimating and Simulation Workshop, participants will be able to:

  • Understand the fundamental principles of project cost estimating and budgeting.
  • Develop proficiency in utilizing industry-standard tools and software for cost estimation and simulation.
  • Identify key cost drivers and variables affecting project budgets.
  • Apply simulation techniques to analyze and mitigate project risks.
  • Create accurate project cost estimates and budgets to support decision-making.
  • Enhance project management skills by integrating cost estimating and simulation into the planning process.

Audience: This course is ideally suited for professionals and practitioners across various industries, including:

  • Project Managers and Team Leads
  • Engineers and Technical Experts
  • Financial Analysts and Budgeting Specialists
  • Risk Managers and Analysts
  • Construction and Operations Managers
  • Anyone involved in project planning, management, and cost control.

Course Outline:

Introduction to Project Cost Estimating

  • Principles of Project Cost Estimation
  • Types of Cost Estimates
  • Importance of Accurate Cost Estimation
  • Cost Estimation Techniques and Methods
  • Data Sources and Documentation
  • Practical Exercise: Initial Cost Estimate

Cost Estimation Tools and Software

  • Industry-standard Estimation Software
  • Utilizing Excel for Cost Estimation
  • Implementing Project Management Software
  • Cost Estimation Databases and Templates
  • Hands-on Workshop: Software Demonstration
  • Group Activity: Software Evaluation and Selection

Identifying Cost Drivers

  • Understanding Cost Drivers and Variables
  • Cost Estimation for Labor, Materials, and Equipment
  • Evaluating Environmental and Regulatory Factors
  • Industry-specific Cost Considerations
  • Case Study: Analyzing Cost Drivers

Introduction to Project Simulation

  • Simulation and Its Role in Project Management
  • Benefits and Limitations of Simulation
  • Monte Carlo Simulation Basics
  • Risk Analysis and Mitigation
  • Case Study: Simulation in Practice
  • Hands-on Exercise: Building a Simple Simulation Model

Advanced Simulation Techniques

  • Sensitivity Analysis and Scenario Planning
  • Integrating Simulation with Cost Estimation
  • Simulating Project Scheduling and Resource Allocation
  • Decision Trees and Real Options Analysis
  • Case Study: Comprehensive Project Simulation
  • Group Project: Advanced Simulation Scenario Development

Integrating Cost Estimating and Simulation

  • Using Cost Estimates in Simulation Models
  • Simulating Cost Overruns and Variability
  • Making Informed Decisions with Simulated Data
  • Risk Assessment and Risk Management
  • Real-world Applications and Case Studies
  • Final Project: Integrating Cost Estimating and Simulation in a Project

This course will empower participants with practical skills to enhance their ability to estimate project costs, manage budgets effectively, and make informed decisions through project simulation. Tonex’s industry expertise and interactive training approach will ensure that attendees gain valuable insights and hands-on experience to excel in their respective roles.

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