Construction Cost Estimating and Cost Control

About this course: This course introduces the types of cost estimation from the conceptual design phase through the more detailed design phase of a construction project. In addition, the course highlights the importance of controlling costs and how to monitor project cash flow. Students will work on a break-even analysis of construction tasks in a project.

Created by:  Columbia University

• Taught by:  Ibrahim Odeh, Ph.D., MBA, Instructor, Department of Civil Engineering and Engineering Mechanics, Columbia University

  Director of Research and Founder, Global Leaders in Construction Management

Basic Info Course 3 of 4 in the Construction Management Specialization Level Beginner Language English How To Pass Pass all graded assignments to complete the course. User Ratings 4.6 stars Average User Rating 4.6See what learners said Задания курса

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Syllabus


WEEK 1


Construction Cost Estimating and Cost Control Overview
Professor Odeh describes the course and provides an overview of what will be covered. Also covered is an introduction to Construction Cost Estimating and Cost Controls.


1 video expand

1. Video: Introduction to Cost Estimating and Cost Control
2. Вопрос для обсуждения: Introduction to Cost Estimating and Cost Control

Understanding Design in the Construction Industry
Ian Taylor, project manager for Turner and Townsend, introduces the stages of design in a construction project.


1 video expand

1. Video: Design In The Construction Industry
2. Вопрос для обсуждения: Understanding Design

Graded: Understanding Design

Introduction to the Types of Cost Estimates
Professor Odeh describes the types of cost estimates in a construction project. Also covered in this module are the tools and methods used to create estimates.


3 videos expand

1. Video: Overview of the Types of Cost Estimates
2. Video: Cost Indices
3. Video: Cost-Capacity Factor
4. Вопрос для обсуждения: Cost Indices

Graded: Cost Estimates Quiz
Graded: Cost Estimates

Quantity Take-Off and Measurement



James Sneath, Associate Director of Cost Management for Turner and Townsend, and Ian Taylor, Project Manager for Turner and Townsend, discuss Quantity Take Off and Measurement. Estimating cut and fill costs is taught along with a detailed example of using cut and fill software. Also covered in this module is the topic of deep foundations, concrete foundations and structural steel, measurement, masonry, glass curtain wall, facade and wall finishes.


14 videos expand

1. Video: Measurement, Masonry, Glass Curtain Wall
2. Video: Facade / Wall Finishes / Measurement Overview
3. Video: Cut and Fill Process and Equipment
4. Video: Cut and Fill Takeoff
5. Video: Cut and Fill Software
6. Video: Introduction to Deep Foundations
7. Video: Concrete Foundation and Concrete Properties
8. Video: Concrete Formwork
9. Video: Concrete Takeoff: Parking Lot Example
10. Video: Concrete Takeoff: Skyscraper Example
11. Video: Quantifying rebar Walkthrough
12. Video: History of Structural Steel
13. Video: Steel Sections in Design
14. Video: Structural Steel Takeoff Example
15. Вопрос для обсуждения: Quantity Take-off and Measurement

Graded: Quantity Take-Off and Measurement

WEEK 2


Pricing



James Sneath, Associate Director of Cost Management for Turner and Townsend, discusses pricing, labor costs and equipment costs. Topics include, cost materials, formwork, reinforcing steel and concrete. Money component and productivity component is discussed in labor costs, as well as estimating equipment costs.


5 videos expand

1. Video: Cost of Materials and Formwork
2. Video: Concrete Material: Reinforcing Steel and Concrete
3. Video: Money Component
4. Video: Productivity Component and Examples
5. Video: Estimating Equipment Costs

Graded: Pricing

Building the Estimate
James Sneath, Associate Director of Cost Management at Turner and Townsend, Inc., illustrates how to build an estimate. Sneath does a deep dive into a schematic design project.


6 videos expand

1. Video: Estimate Classification, Methods and Formats
2. Video: Design Estimate project
3. Video: Schematic Design Estimate Demo
4. Video: Schematic Design: A Deeper Dive
5. Video: Building and Finalizing the Estimate
6. Video: Checks and Due Diligence

Graded: Building the Estimate

Procurement
James Sneath, Associate Director of Cost Management for Turner and Townsend, discussed the procurement stage of a construction projects and they typical involvement of a cost manager or cost estimator.


2 videos expand

1. Video: General Procurement: Pre-Bid Estimate and Bid Documentation
2. Video: Bid Stage, Bid Returns and Levelling

Graded: Procurement

Post Contract and Cost Estimation within a Project
James Sneath, Associate Director of Cost Management for Turner and Townsend Construction, discusses post contract and cost estimation with a construction project. Also covered in this module are cost reporting, change orders and communication and meetings.


3 videos expand

1. Video: Cost Reporting Overview
2. Video: Cost Reporting Examples
3. Video: Change Orders and Communication

Graded: Post-Contract Quiz

WEEK 3


Construction Cost Control Methods
Professor Odeh introduces construction cost control and the work segments contained in a project.


2 videos expand

1. Video: What is Cost Control
2. Video: Defining Methods of Cost Control

Graded: Cost Control

Earned Value Method (EVM)
In this module, Professor Odeh goes deeper into the Earned Value Method of Cost Control.


5 videos expand

1. Video: Defining EVM
2. Video: EVM Parameters
3. Video: Performance Examples
4. Video: EVM Favorable Performance
5. Video: Calculating EVM

Graded: Earned Value Method
Graded: EVM

Close Out Period
Ian Taylor, Project Manager at Turner and Townsend, Inc., introduces cost management close out and punch-list review.


2 videos expand

1. Video: Close Out Punch List Review
2. Video: Close Out Activities

Graded: Close Out Period

Cost Estimation in Practice



James Sneath, Associate Director of Cost Management at Turner and Townsend, Inc., talks about cost estimation in general practice. The unit starts with tips in cost estimating and cost management and ends with a discussion of the international roles of cost managers.


3 videos expand

1. Video: Cost Estimating in General Practice
2. Video: Tips in Cost Estimating and Cost Management
3. Video: Roles and Responsibilities of Cost Managers

Graded: Cost Estimation

WEEK 4


Project Cash Flow
Ben Miller, Project Manager at Gilbane Building Company, discusses contracts and cash flows. Revenues, expenses and how they impact projects as a whole will be covered.


12 videos expand

1. Video: Cash Flow Method
2. Video: Accrual Method
3. Video: Contractor Cash Flow
4. Video: Charting Cash Flow
5. Video: Calculating Billing
6. Video: Payment Cycle
7. Video: Payment Cycle Drivers
8. Video: Payment Cycle Delays
9. Video: Schedule of Value
10. Video: Accelerating Revenue
11. Video: Front Loading
12. Video: Delaying Expenses

Graded: Project Cash Flow

Technology Trends in Cost Estimating and Cost Control
Kevin Labrecque, Senior Vice President at Harper Limbach LLC discusses technology trends in cost estimating and cost control. Topics include 5D Estimating Systems (BIM), estimating software, technology workflows, and implementation.


5 videos expand

1. Video: 5D Estimating Systems (BIM)
2. Video: Estimating Software in Action
3. Video: Workflows
4. Video: Implementation Perspective
5. Video: Next Steps
6. Вопрос для обсуждения: Technology Trends in Cost Estimating and Cost Control

WEEK 5


Program Cost Estimating
Christopher Toomey, Senior Vice President at AECOM Global Programs, discusses cost control for large programs.


3 videos expand

1. Video: Program Cost Control
2. Video: Defining the Cost of a Capital Program
3. Video: Useful Tools for Cost Control

Graded: Cost Control for Large Programs

Lean in Cost Control
Sam Spata, Owner of Method Lean, presents this module on Lean In Cost Control.


5 videos expand

1. Video: Money and Estimate in Capital Project Delivery
2. Video: Benchmarking and Normalization Process
3. Video: Lean Design: Value
4. Video: Lean in Cost Control
5. Video: Lean Set Based Design
6. Вопрос для обсуждения: Lean in Cost Control

Graded: Lean in Cost Control