Project Cost Estimating, Budgeting & Value Engineering Skills

The DIXONTECH Project Cost Estimating, Budgeting & Value Engineering Skills course equips professionals with advanced competencies in cost management, estimation, and value optimization throughout the project lifecycle. Based on PMI® and AACE® standards, the programme emphasizes strategic planning, lifecycle costing, and value engineering principles to enhance financial control, cost predictability, and project performance.

TRAINING TOPICS

• Cost Estimation Fundamentals and Methodologies
• Project Budgeting and Cost Control Systems
• Value Engineering and Cost Optimization
• Lifecycle Cost Analysis and Forecasting
• Financial Performance and Variance Reporting

BY THE END OF THIS TRAINING COURSE, DELEGATES WILL BE ABLE TO:

Master professional cost estimating and value analysis techniques for effective financial decision-making.

• Apply structured cost estimation methods and models
• Develop and monitor detailed project budgets
• Implement value engineering and cost reduction strategies
• Forecast financial outcomes with accuracy
• Integrate earned value management in project control
• Perform cost-benefit and lifecycle analysis
• Report project performance with transparency

TRAINING IS TAILORED TO

Professionals responsible for financial planning, estimation, and cost control within projects and organizations.

• Project Managers and Cost Engineers
• Budget and Finance Controllers
• Estimating and Procurement Specialists
• Planning and Scheduling Engineers
• Construction and Infrastructure Professionals
• Value Engineering Consultants
• Professionals in Project Cost Management Functions

TRAINING METHODOLOGY

This DIXONTECH course applies a highly practical approach combining theory, workshops, and financial simulations. Participants engage in real project case studies, hands-on cost estimation exercises, and value engineering sessions aligned with PMI and AACE International best practices.

DAY 1

COST ESTIMATION FRAMEWORK AND PRINCIPLES

• Understanding cost estimation objectives and standards
• Types and classes of cost estimates (AACE/PMI)
• Factors influencing project cost accuracy
• Data collection, benchmarking, and historical analysis
• Estimation techniques: analogous, parametric, and bottom-up
• Cost modeling and cost breakdown structure (CBS)

DAY 2

PROJECT BUDGET DEVELOPMENT AND MANAGEMENT

• Translating estimates into detailed project budgets
• Defining cost baselines and control accounts
• Time-phasing and cash flow forecasting
• Cost aggregation and approval processes
• Managing contingency and reserves
• Linking cost budgets with schedules and resources

DAY 3

COST CONTROL, FORECASTING, AND VARIANCE ANALYSIS

• Monitoring actual vs. planned expenditures
• Earned Value Management (EVM) metrics and analysis
• Cost variance and schedule variance interpretation
• Forecasting at completion (EAC and ETC models)
• Corrective actions and performance adjustments
• Financial dashboards and progress reporting

DAY 4

VALUE ENGINEERING AND COST OPTIMIZATION

• Introduction to value engineering (VE) principles and methodology
• Phases of VE: information, function, creativity, evaluation, and implementation
• Functional analysis and cost-benefit relationships
• Identifying and eliminating non-value-added costs
• Innovation and design-to-cost concepts
• Integrating VE with project design and delivery
• Value-based decision-making for project optimization

DAY 5

LIFECYCLE COSTING, PERFORMANCE REVIEW, AND APPLICATIONS

• Lifecycle costing principles and total cost of ownership
• Applying financial modeling in project evaluation
• Case study: multi-phase project cost optimization
• Developing cost reports and performance dashboards
• Managing stakeholder expectations and trade-offs
• Continuous improvement in estimating and budgeting practices
• Final simulation: end-to-end cost estimation and value analysis