Cost-Estimating

Course ID: 189925
Learn How To:

       Manage the cost estimating process throughout the project life cycle

       Incorporate risk and uncertainty into estimates





Cost estimating is a fundamental yet challenging task for contract and project managers. Participants will receive instruction on the cost estimating process, principles and procedures based on best-practices and the GAO Cost Estimating and Analysis Guidebook. In addition, they will learn step-by-step process for developing accurate and realistic project cost estimates that withstand the scrutiny of customers and management and form a baseline for tight financial control. They will also learn how to incorporate risk and uncertainty in their estimates, provide range estimates and manage the cost estimating process throughout the project life cycle.

The integrated case study will give participants an opportunity to apply the cost estimating process to a realistic IT scenario using both time-tested estimating techniques and recent innovative approaches.

Participants will benefit from seasoned advice on avoiding pitfalls, mistakes and inaccuracies that can spell the difference between failure and success in any project.
    * Overview of Cost Estimating
          o Significance of the cost estimating process
          o Cost estimates in project management vs. acquisition
          o Challenges faced by cost estimators
          o Characteristics of a credible cost estimate
          o Types of cost estimates
    * The Cost Estimating Process
          o Public vs. private sector cost estimating process
          o GAO's twelve step cost estimating process
          o Attributes of a successful cost estimating team
          o Cost estimating planning
          o Customer and provider proposal processes
    * Estimating Methodologies
          o Cost elements used in estimating techniques
          o Analogy
          o Regression analysis
          o Vendor quotes or catalog prices
          o Learning curves
          o PERT estimates and distributions
          o Top-down estimating technique
          o Cost factor estimating
          o Bottoms-up (detailed) estimating
          o Special estimating issues
    * Cost Risk and Uncertainty
          o Factors contributing to program risk and uncertainty
          o ESI's Risk Management Model
          o Sensitivity analysis
          o Changes in cost estimate uncertainty
          o S-Curve
    * Validating and Documenting the Estimate
          o Mapping GAO's twelve steps to characteristics of a high-quality estimate
          o Validating the cost estimate
          o Documenting the cost estimate
    * Linking the Credible Cost Estimate to the EVM system
          o Managing program/project costs
          o Using the cost estimate as the foundation of EVM analysis
          o Steps in the EVM process
          o Risk factors warranting EVM surveillance
          o Common indicators of poor program performance
          o Rebaselining

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