Value Engineering and Project Cost Estimation Training |Smart

Overview

Why Attend

The Value Engineering and Cost Estimating training course by This course provides practical knowledge for professionals responsible for project cost planning, financial control, technical evaluation, and value improvement. The programme integrates Value Engineering, estimating, value analysis, budgeting, and engineering economics to support informed project decisions from early planning through implementation.

Participants learn how to prepare reliable cost estimates, evaluate project functions, identify cost drivers, compare alternatives, and establish effective cost control mechanisms. The course connects technical requirements with financial objectives, enabling participants to improve cost predictability, optimise project resources, and maintain the required quality and functionality. It is part of Project Management Courses Training Courses under the Management category.

Course Objectives

By the end of the course, participants will be able to:

Understand the principles of Value Engineering and Cost Estimating.
Develop practical skills in project estimating and cost forecasting.
Apply value analysis to evaluate project functions and cost relationships.
Develop accurate project budgets based on scope, resources, quantities, and assumptions.
Apply cost control techniques throughout the project lifecycle.
Use engineering economics to compare technical and financial alternatives.
Identify cost drivers and opportunities for cost optimisation.
Evaluate design and procurement alternatives based on cost, quality, functionality, and performance.
Understand direct, indirect, fixed, variable, and lifecycle project costs.
Improve estimate accuracy through structured estimating methods and assumptions.
Support project decision-making through integrated value and cost analysis.

Target Audience

Project Managers
Cost Engineers and Estimators
Quantity Surveyors
Project Controls Professionals
Civil, Mechanical, Electrical, and Project Engineers
Construction Managers
Cost Controllers
Procurement and Contract Professionals
Financial and Budgeting Professionals
Design and Technical Managers
Professionals responsible for project cost estimation, budgeting, value engineering, and cost control

Course Outline

Module 1: Fundamentals of Value Engineering and Cost Estimating

Principles of Value Engineering and Cost Estimating
Relationship between value, function, cost, and performance
Project cost structure
Purpose of cost estimating
Value-driven project decision-making
Role of estimators and value engineering teams

Module 2: Project Cost Estimating Principles

Project cost estimating
Types and purposes of estimates
Preliminary, conceptual, budgetary, and detailed estimates
Cost estimating processes
Estimating assumptions and constraints
Sources of cost data
Estimate documentation and validation

Module 3: Estimating Methods and Techniques

Estimating techniques
Analogous estimating
Parametric estimating
Bottom-up estimating
Unit-rate estimating
Quantity-based estimating
Comparative estimating
Selecting appropriate estimating methods

Module 4: Quantity Take-Off and Cost Breakdown

Cost breakdown structures
Quantity identification and measurement
Labour, material, equipment, and subcontractor costs
Direct and indirect costs
Developing cost breakdowns
Unit costs and productivity rates
Supporting estimate accuracy through detailed cost analysis

Module 5: Budgeting and Cost Baselines

Project budgeting
Developing project budgets
Cost allocation and resource planning
Establishing cost baselines
Budget assumptions and contingencies
Budget approval and control
Managing budget changes

Module 6: Value Analysis and Functional Evaluation

Value analysis
Functional analysis
Identifying essential and non-essential functions
Function-cost relationships
Analysing cost drivers
Generating value improvement alternatives
Evaluating functionality against cost

Module 7: Engineering Economics for Cost Decisions

Engineering economics
Economic evaluation principles
Cost-benefit analysis
Comparing project alternatives
Present and future value concepts
Investment decision-making
Economic assessment of technical solutions

Module 8: Cost Control and Variance Management

Cost control
Monitoring actual versus planned costs
Cost variance analysis
Forecasting final project costs
Earned Value Management principles
Corrective and preventive cost actions
Managing cost overruns

Module 9: Value Engineering for Cost Optimisation

Value Engineering
Value improvement study process
Identifying cost reduction opportunities
Alternative materials and technical solutions
Design optimisation
Balancing cost, quality, performance, and risk
Evaluating value engineering proposals

Module 10: Risk, Contingency, and Estimate Accuracy

Cost estimating risk
Identifying cost uncertainties
Contingency and allowances
Escalation and inflation considerations
Risk-based estimating
Sensitivity analysis
Improving cost estimate reliability

Module 11: Cost Estimation for Procurement and Contracts

Procurement cost estimating
Preparing cost estimates for tendering
Supplier and contractor cost evaluation
Bid comparison and analysis
Cost implications of contract terms
Change orders and variations
Supporting procurement decisions through cost analysis

Module 12: Integrated Value Engineering and Cost Management

Integrated cost and value management
Linking estimates, budgets, and value objectives
Establishing cost and value performance indicators
Monitoring cost and project value
Communicating cost recommendations
Implementing value improvement decisions
Continuous cost control and value optimisation

Schedule & Fees

2026 Schedule & Fees

11 - 15 Oct, 2026

English

Per participant USD 2,900

11 - 15 Oct, 2026

Arabic

Per participant USD 2,900

6 - 10 Dec, 2026

English

Per participant USD 2,900

6 - 10 Dec, 2026

Arabic

Per participant USD 2,900

2027 Schedule & Fees

10 - 14 Jan, 2027

English

Per participant USD 2,900

10 - 14 Jan, 2027

Arabic

Per participant USD 2,900

7 - 11 Mar, 2027

English

Per participant USD 2,900

7 - 11 Mar, 2027

Arabic

Per participant USD 2,900

11 - 15 Apr, 2027

English

Per participant USD 2,900

11 - 15 Apr, 2027

Arabic

Per participant USD 2,900

6 - 10 Jun, 2027

English

Per participant USD 2,900

6 - 10 Jun, 2027

Arabic

Per participant USD 2,900

11 - 15 Jul, 2027

English

Per participant USD 2,900

11 - 15 Jul, 2027

Arabic

Per participant USD 2,900

5 - 9 Sep, 2027

English

Per participant USD 2,900

5 - 9 Sep, 2027

Arabic

Per participant USD 2,900

10 - 14 Oct, 2027

English

Per participant USD 2,900

10 - 14 Oct, 2027

Arabic

Per participant USD 2,900

5 - 9 Dec, 2027

English

Per participant USD 2,900

5 - 9 Dec, 2027

Arabic

Per participant USD 2,900

Value Engineering and Project Cost Estimation Training Course

Overview

Why Attend

Course Objectives

Course Outline

Schedule & Fees

2026 Schedule & Fees

2027 Schedule & Fees