Construction Budget Estimating Processes
Gold Seal: 3 Credits * BC Housing: CPD Points TBD
Description
The key to a successful financial outcome with respect to a construction project often
lies in the accuracy of budget forecasting which took place during the planning stages.
Only accurate budgets can establish clear feasibility. Budget estimates allow the
comparative allocation of funds and inform intelligent design decisions. But why do so
many projects exceed their initial budget forecasts? What techniques are used when
project parameter and design information is sparce? How do budgets develop to
become more accurate reflections of real time expenditures?
Course Description:
This course will provide the participant with a comprehensive overview of various
processes and procedures used to establish budget estimates for construction projects.
This course will cover:
Defining and categorizing construction budgets
Reasons for accurate construction budgets
Establishing feasibility
Hard vs soft costs
Various budgeting techniques
Cost planning, cost analysis and lifecycle cost comparisons
Value engineering
Analogous, Parametric and Elemental Processes
Uniformat & CIQS elemental formats
Class of budget estimates as established by Canadian contract documents
Learning Outcomes:
Upon successful completion of this course, participant will be able to:
1. Clearly define construction budgeting.
2. Identify and categorize several types of construction budgets.
3. List several budget estimating processes and procedures.
4. Differentiate between several common processes.
5. Understand timelines with respect to budget development.
6. Implement the use of budget estimating tools.
Evaluation:
Registrants to this course seeking Gold Seal credits will be required to complete a final evaluation to have the Gold Seal credit endorsement appear on their certificate of completion.
Delivery Method: Virtual Session – Zoom Meeting
Course Fee Includes: Access to the course, course materials, and a digital certificate upon completion.
How will you learn it?
Online discussions using a slide presentation will provide the basis of the course.
Participants will be provided with various spreadsheet-based tools to use in the
development of elemental budget estimates. The course will culminate in a short
practical application of the tools provided.
Day one – Introductions, definitions, reasons and types of budget estimates
Day two – Exploring techniques, cost planning and analysis tools, lifecycle costing
Day three – Applied knowledge using tools provided
This course is delivered in partnership with local and provincial construction associations across Canada. You will be participating with a group of industry peers from multiple regions.
Sharing a single registration between two or more individuals is not permitted. Please register each person that will be in attendance.
Who Should Attend
Construction industry professionals, project managers, estimators, owners and
consultants should understand how a budget develops and where the pitfalls and risks lie with respect to construction budget estimating.
Technical Requirements
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Computer or laptop
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This course will involve on-screen interaction with your instructor and classmates, reading/viewing on-screen content (slides or videos), and interacting via typing with questions or responses. For this reason, cellphones may not be adequate.
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Windows 10 or Mac iOS.
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Webcam (Mandatory)– in order to engage and collaborate, participants will be expected to have their webcams on for the duration of the class
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Microphone (Mandatory)
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Internet connection- For best results, you will want to ensure you have an internet connection with an upload/download speed of 3-5 Mbps. You can test your internet speed here. The minimum recommended speed is 1.5 Mbps, but anything below 3 Mbps may result in loss of quality or buffering. Ideally hardwired connection versus wireless for stability - connect your computer directly to your router using an ethernet cable, rather than using your home wi-fi.
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A quiet space with minimal distractions –The microphone will be engaged for interactive sessions. Please plan to be fully engaged in the class and clear your work schedule just as you would for the in-class program.
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Comfortable chair