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Sponsored by Lorman Education
Product ID: 409894EAU
 
Credit & Course Provided by:

Best Practices in Pre-Construction Budgeting and Estimating

OnDemand Webinar (63 minutes)

Learn best practices in the development of a pre-construction cost estimate and budgeting of projected costs.Pre-construction cost estimating and budgeting is arguably one of the most important issues for successfully managing construction projects. The subject deals with cost issues at the planning stage, which is detrimental to the project's success, as financial mismanagement is considered the top reason for the failure of construction companies. This course takes a quick look at cost and budgeting issues during the pre-construction phase for both the owner and the general contractor. As we all know, cost estimating is a predictive process, and there are steps to be taken to make it as accurate as possible. Aligning actual expenses with the project budget is a key to success, and this has two elements: Starting with a good estimate and accurate budget and controlling the cost while in the execution phase.

Authors

Saleh Mubarak, Saleh A. Mubarak, Ph. D.

Agenda

The Planning Stage: Defining Planning, Importance of Planning

Cost Estimates, Budget, and Cost Control

Types of Estimates, Uses, and Relationship With Type of Contract

Owners

• Pre-Construction Services and Costs

• Feasibility Studies

• Scope Definition and Management

• Defining Owner's Constraints and Priorities: Cost and Time Parameters

• Choice of Contract Type and Method of Delivery

• Contractor Evaluation and Acquisition

• Utilize BIM and Value Engineering Study

• Securing Funding

• Proactive Risk Management

• Consult With the Expert

Contractors

• Visiting and Inspecting the Site

• Make a Site and Logistics Plan

• Plan Resource Acquisition (Materials, Equipment, Labor, Subs)

• Risk Management Plan

• Estimating and Controlling Indirect Costs

• Preparing the Detailed Schedule

• Constructability Study

• Cash Flow Prediction

The Baseline Budget

• Change Order Process

• The Progress Payment Cycle

Other Issues:

• Claims and Other Disputes Management

• Electronic Document Management System