About this course: This course introduces the types of cost estimation from the conceptual design phase through the more detailed design phase of a construction project. In addition, the course highlights the importance of controlling costs and how to monitor project cash flow. Students will work on a break-even analysis of construction tasks in a project.
Created by: Columbia University
Taught by: Ibrahim Odeh, Ph.D., MBA, Instructor, Department of Civil Engineering and Engineering Mechanics, Columbia University
Director of Research and Founder, Global Leaders in Construction Management
| Basic Info | Course 3 of 4 in the Construction Management Specialization |
| Level | Beginner |
| Language | English |
| How To Pass | Pass all graded assignments to complete the course. |
| User Ratings |
Syllabus
WEEK 1
Construction Cost Estimating and Cost Control Overview
Professor Odeh describes the course and provides an overview of what will be covered. Also covered is an introduction to Construction Cost Estimating and Cost Controls.
1 video, 1 reading
- Reading: Course Survey
- Video: Introduction to Cost Estimating and Cost Control
- Discussion Prompt: Introduction to Cost Estimating and Cost Control
Understanding Design in the Construction Industry
Ian Taylor, project manager for Turner and Townsend, introduces the stages of design in a construction project.
1 video
- Video: Design In The Construction Industry
- Discussion Prompt: Understanding Design
Graded: Understanding Design
Introduction to the Types of Cost Estimates
Professor Odeh describes the types of cost estimates in a construction project. Also covered in this module are the tools and methods used to create estimates.
3 videos
- Video: Overview of the Types of Cost Estimates
- Video: Cost Indices
- Video: Cost-Capacity Factor
- Discussion Prompt: Cost Indices
Graded: Cost Estimates Quiz
Graded: Cost Estimates
Quantity Take-Off and Measurement
James Sneath, Associate Director of Cost Management for Turner and Townsend, and Ian Taylor, Project Manager for Turner and Townsend, discuss Quantity Take Off and Measurement. Estimating cut and fill costs is taught along with a detailed example of using cut and fill software. Also covered in this module is the topic of deep foundations, concrete foundations and structural steel, measurement, masonry, glass curtain wall, facade and wall finishes.
14 videos
- Video: Measurement, Masonry, Glass Curtain Wall
- Video: Facade / Wall Finishes / Measurement Overview
- Video: Cut and Fill Process and Equipment
- Video: Cut and Fill Takeoff
- Video: Cut and Fill Software
- Video: Introduction to Deep Foundations
- Video: Concrete Foundation and Concrete Properties
- Video: Concrete Formwork
- Video: Concrete Takeoff: Parking Lot Example
- Video: Concrete Takeoff: Skyscraper Example
- Video: Quantifying rebar Walkthrough
- Video: History of Structural Steel
- Video: Steel Sections in Design
- Video: Structural Steel Takeoff Example
- Discussion Prompt: Quantity Take-off and Measurement
Graded: Quantity Take-Off and Measurement
WEEK 2
Pricing
James Sneath, Associate Director of Cost Management for Turner and Townsend, discusses pricing, labor costs and equipment costs. Topics include, cost materials, formwork, reinforcing steel and concrete. Money component and productivity component is discussed in labor costs, as well as estimating equipment costs.
5 videos
- Video: Cost of Materials and Formwork
- Video: Concrete Material: Reinforcing Steel and Concrete
- Video: Money Component
- Video: Productivity Component and Examples
- Video: Estimating Equipment Costs
Graded: Pricing
Building the Estimate
James Sneath, Associate Director of Cost Management at Turner and Townsend, Inc., illustrates how to build an estimate. Sneath does a deep dive into a schematic design project.
6 videos
- Video: Estimate Classification, Methods and Formats
- Video: Design Estimate project
- Video: Schematic Design Estimate Demo
- Video: Schematic Design: A Deeper Dive
- Video: Building and Finalizing the Estimate
- Video: Checks and Due Diligence
Graded: Building the Estimate
Procurement
James Sneath, Associate Director of Cost Management for Turner and Townsend, discussed the procurement stage of a construction projects and they typical involvement of a cost manager or cost estimator.
2 videos
- Video: General Procurement: Pre-Bid Estimate and Bid Documentation
- Video: Bid Stage, Bid Returns and Levelling
Graded: Procurement
Post Contract and Cost Estimation within a Project
James Sneath, Associate Director of Cost Management for Turner and Townsend Construction, discusses post contract and cost estimation with a construction project. Also covered in this module are cost reporting, change orders and communication and meetings.
3 videos
- Video: Cost Reporting Overview
- Video: Cost Reporting Examples
- Video: Change Orders and Communication
Graded: Post-Contract Quiz
WEEK 3
Construction Cost Control Methods
Professor Odeh introduces construction cost control and the work segments contained in a project.
2 videos
- Video: What is Cost Control
- Video: Defining Methods of Cost Control
Graded: Cost Control
Earned Value Method (EVM)
In this module, Professor Odeh goes deeper into the Earned Value Method of Cost Control.
5 videos
- Video: Defining EVM
- Video: EVM Parameters
- Video: Performance Examples
- Video: EVM Favorable Performance
- Video: Calculating EVM
Graded: Earned Value Method
Graded: EVM
Close Out Period
Ian Taylor, Project Manager at Turner and Townsend, Inc., introduces cost management close out and punch-list review.
2 videos
- Video: Close Out Punch List Review
- Video: Close Out Activities
Graded: Close Out Period
Cost Estimation in Practice
James Sneath, Associate Director of Cost Management at Turner and Townsend, Inc., talks about cost estimation in general practice. The unit starts with tips in cost estimating and cost management and ends with a discussion of the international roles of cost managers.
3 videos
- Video: Cost Estimating in General Practice
- Video: Tips in Cost Estimating and Cost Management
- Video: Roles and Responsibilities of Cost Managers
Graded: Cost Estimation
WEEK 4
Project Cash Flow
Ben Miller, Project Manager at Gilbane Building Company, discusses contracts and cash flows. Revenues, expenses and how they impact projects as a whole will be covered.
12 videos
- Video: Cash Flow Method
- Video: Accrual Method
- Video: Contractor Cash Flow
- Video: Charting Cash Flow
- Video: Calculating Billing
- Video: Payment Cycle
- Video: Payment Cycle Drivers
- Video: Payment Cycle Delays
- Video: Schedule of Value
- Video: Accelerating Revenue
- Video: Front Loading
- Video: Delaying Expenses
Graded: Project Cash Flow
Technology Trends in Cost Estimating and Cost Control
Kevin Labrecque, Senior Vice President at Harper Limbach LLC discusses technology trends in cost estimating and cost control. Topics include 5D Estimating Systems (BIM), estimating software, technology workflows, and implementation.
5 videos
- Video: 5D Estimating Systems (BIM)
- Video: Estimating Software in Action
- Video: Workflows
- Video: Implementation Perspective
- Video: Next Steps
- Discussion Prompt: Technology Trends in Cost Estimating and Cost Control
WEEK 5
Program Cost Estimating
Christopher Toomey, Senior Vice President at AECOM Global Programs, discusses cost control for large programs.
3 videos
- Video: Program Cost Control
- Video: Defining the Cost of a Capital Program
- Video: Useful Tools for Cost Control
Graded: Cost Control for Large Programs
Lean in Cost Control
Sam Spata, Owner of Method Lean, presents this module on Lean In Cost Control.
5 videos
- Video: Money and Estimate in Capital Project Delivery
- Video: Benchmarking and Normalization Process
- Video: Lean Design: Value
- Video: Lean in Cost Control
- Video: Lean Set Based Design
- Discussion Prompt: Lean in Cost Control
Graded: Lean in Cost Control
FAQs
How It Works
Coursework
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Pricing
| Purchase Course | Audit | |
|---|---|---|
| Access to course materials | Available | Available |
| Access to graded materials | Available | Not available |
| Receive a final grade | Available | Not available |
| Earn a shareable Course Certificate | Available | Not available |
Ratings and Reviews
Muy buen curso. Muy interesante, ordenado y metódico. Es mucho más aprovechable si ya tienes experiencia en el tema.
Alguna pequeña definición queda en el aire, pero nada que Google no resuelva
Lo recomiendo
great
This is well designed course. I have learned a lot from this.
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As a Cost Control Engineer I have learned new things and enforced my knowledge, thanks to this class I will have a more systematic approach to cost controlling. The speakers were very good and informative. as a constructive critique the the BIM or 5D class was a little vague for people not acquainted with the software. and although I have learned very useful things in the lean class, it would have been really good if there was an example on operational cost control during the project construction. I would like to thank all of the speakers.