Construction Project Management: Project Cost System

Duration: 2hrs

Did you know that managing cost for a construction project is equally important as managing time? It allows you to make decisions that will enable you to maximize resources.

This interactive online course covers the various elements of the project cost cycle, starting with the estimate and moving through the project to collection of actual unit costs to be incorporated into the company cost database for use in starting the cycle again for a future project. We will also review the relationship between time and money. Although the details of a specific cost-control system vary substantially from one construction firm to another, the ensuing treatment can be regarded as being reasonably typical of current practice within the construction industry.

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

• Describe the project cost cycle, from estimation to the collection of actual unit costs.
• Identify how project cost accounting provides essential data for both cost control and estimating.
• Explain the critical importance of accurately capturing field data for cost control and estimating.
• Explain how cost reports can be used to prevent cost overruns and identify work classifications with excessive expenses.
• Describe the value of time-cost envelopes and earned value analysis in evaluating the effects of time and money on a construction project.