Accounting Foundations: Cost Estimating

1h 15mIntermediate2021-03-17

Authors

Ajay Pangarkar

Workplace Performance Strategist, Speaker, Author, Thought Leader

Course details

It may seem counterintuitive to think that costs actually add value to a project. However, accurately projecting your costs and the resources they’re actually costing can determine the overall success of your project or investment. In this course, CPA Ajay Pangarkar shows you how to develop a cost estimate for all types of organizations. When major decisions need to be made, stakeholders want as much information as possible, and Ajay covers topics like looking at the various data types associated with cost estimating, how to report cost estimates, and tips for keeping the cost estimate accurate by validating data. After completing this course, you’ll be able use cost estimates to deliver more value in your projects, and do so within the cost limitations imposed by company leadership.

Skills covered

Project Management SkillsProject ManagementDeep Dive (X:Y)

Concepts

0. Introduction

01 - Purpose for cost estimates

1. Fundamentals for Cost Estimating

02 - Cost vs. cost estimates
03 - Types of data - Technical and programmatic
04 - Types of data - Quantitative and qualitative
05 - Properly contextualizing data

2. Setting the Cost-Estimating Stage

06 - Establishing credible cost estimates
07 - Obtaining realistic budget estimates
08 - The work breakdown structure

3. Cost-Estimate Approaches

09 - Cost-estimate approaches - An overview
10 - Top-down approach
11 - Analogous approach
12 - Parametric approach
13 - Three-point estimating
14 - Engineering build-up approach

4. Data Collection for Estimates

15 - The data collection process
16 - Data credibility and normalization
17 - Elements of persuasive estimates

5. Data Quality Considerations

18 - Managing costs
19 - Relationships among cost, value, and performance

Conclusion

20 - Where to go from here