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Cost Estimating: How to use Composites

Different methodologies could be applied to perform a cost estimate. When detailed information on a project is available, it is possible to develop a detailed unit cost estimate, which is a bottom-up estimate at work-package or task level and it includes quantities, unit costs, labor rates, etc.  However, in most of the cases, especially in early stages of a project, there is a lack of detailed information. This article will discuss how composites can help you create reliable and accurate cost estimates in these situations.

 The key role of cost estimating in project management

Any project, big or small, or regardless of the industry, needs to be performed and delivered under certain constraints. Cost is one of those constraints that project management needs to effectively control. Cost can be the driving force or an impeding factor in determining the future of a project. Therefore, one can easily spot the need for applying thorough cost estimating processes and techniques to ensure that a project can be viable.

What are the focus and the output of cost estimating that make it so essential in the project management process? And at which part of project management is it performed? 

Cost Engineering New Office

Cost Engineering has extended and renovated its office instead of moving to a new place.

Cost Engineering around the world in September

We are excited to visit Canada, Indonesia, and Scandinavia in September for new implementations of our software, Cleopatra Enterprise and for a well-rounded Roadshow.

Cost Estimation:  Creating Proper Cost Models

Cost models, based on historical data, are great tools to aid high-level factor estimates. Cost models are computer models which take as input the relevant cost drivers of an object (such as a piece of equipment or an entire project), perform a calculation and return a cost estimation for that equipment or project.

How do you estimate costs for project resources?

Each project that you carry out requires one or more of your resources to complete. For large projects, this can mean a considerable amount of your resources. Especially in that case, it makes sense to spend time determining the correct amount to help forecast when exactly those resources are needed. This will provide you with a cash flow to manage your expenditures and revenues accordingly. Here we pose the question: how do you make a cost estimation for using resources?

Back to the basics: what is project cost estimation?

In the field of cost engineering and cost management, project cost estimation plays a central role. What is project cost estimation and why is it so important?

The Seminar ‘The Future of Project Controls’

Especially for large projects, it is common to have at least one risk analysis session. In such a session, different stakeholders and experts try and identify events that might impact the performance of the project. It is also determined how to mitigate or even prevent these potential problems from occurring.

The Seminar ‘The Future of Project Controls’

Cost Engineering and Witteveen+Bos hosted the seminar ‘The Future of Project Controls’ which focused on the infrastructure projects. The aim was to increase the awareness of the changing landscape of project controls and the need for total cost management in the industry.

How to make a cost management plan? 3 tips

Setting up a cost management plan is an extensive process. It provides the basis for scope management, schedule planning, cost estimating and budgeting, resource planning, value analysis and engineering, risk management and procurement planning. Here are 3 tips to help guide your way:

3 types of construction cost estimating

Let’s look at one of the challenges of the cost engineer: estimating construction costs. Generally, direct project costs include construction work, material supply and equipment. Often, construction costs prove to be the most difficult part of the estimate.

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