Construction Cost Estimating and Bidding

About the Course

Accurate cost estimation and effective bidding strategies are critical pillars determining the success and profitability of ventures in construction projects. This five-day interactive Construction Cost Estimation and Bidding training course equip delegates with essential skills and knowledge to navigate these fundamental aspects of construction management. It imparts robust methodologies and practical insights into cost estimation techniques, ensuring delegates grasp the intricacies of quantity takeoffs, material pricing, labor costs, and contingency planning.

Delegates will understand advanced techniques, including parametric estimating and value engineering, to optimise cost projections and enhance project feasibility assessments. Moreover, it explores the intricacies of construction bidding strategies, guiding delegates through the complexities of bid preparation, submission, and evaluation processes. Emphasis is placed on legal considerations, ethical practices, and compliance requirements to foster fair competition and mitigate risks associated with bidding processes.

Throughout the training program, delegates will explore practical challenges and scenarios encountered in real-world construction environments, equipping them with the skills to manage cost uncertainties effectively and make informed bidding decisions. They will be adept at developing accurate cost estimates, strategically positioning bids, and adhering to ethical standards for fostering trust and credibility within the construction industry.

Core Objectives

The delegates will achieve the following objectives:

• Understand construction cost estimation principles and methodologies
• Apply advanced estimating techniques such as parametric estimating and value engineering to optimise cost projections and improve project feasibility assessments
• Develop effective bidding strategies by understanding bid preparation, submission, and evaluation processes in construction projects
• Evaluate legal and ethical considerations in construction bidding practices
• Implement cost control techniques to manage project budgets effectively
• Enhance skills in contract negotiation and dispute resolution related to construction bidding and contracting processes
• Promote transparency and accountability in bidding practices

Training Approach

This training course integrates interactive lectures, practical workshops, and simulated bidding exercises with engaging hands-on activities to apply theoretical knowledge, including case studies that mirror real-world construction scenarios. This approach ensures that delegates not only grasp foundational concepts but also develop practical skills essential for accurate cost estimation, effective bidding strategies, and compliance with legal and ethical standards in the construction industry.

The Attendees

This training course represents a diverse group of professionals crucial to the construction industry's cost management and bidding processes, bringing expertise in estimating, project management, and procurement, essential for optimising project costs, ensuring competitive bidding, and adhering to industry standards and regulations in construction projects of varying scales and complexities.

Likewise, it will be valuable to the professionals but not limited to the following:

• Construction Estimators
• Project Managers in Construction
• Quantity Surveyors
• Contractors and Subcontractors
• Construction Managers
• Procurement Officers
• Engineers involved in Construction Projects

Daily Discussion

DAY ONE: INTRODUCTION TO CONSTRUCTION COST ESTIMATING

• Overview
• Estimating Methods and Techniques
• Quantity Takeoff Processes
• Factors Affecting Construction Costs
• Cost Estimating Software Tools
• Material and Labor Cost Analysis
• Accuracy and Precision in Estimating
• Contingency Planning in Estimates

DAY TWO: METHODS FOR ESTIMATING CONSTRUCTION COSTS

• Parametric and Unit Price Estimating
• Historical Data and Benchmarking
• Estimating for Specialised Projects (Green Buildings, High-Rise)
• Value Engineering Principles
• Risk Assessment in Cost Estimating
• Estimating for Change Orders
• Quality Control in Estimating Processes

DAY THREE: BIDDING STRATEGIES AND PROCEDURES

• Understanding Bidding Documents
• Bid Preparation and Submission
• Bid Opening and Evaluation
• Negotiation Techniques in Bidding
• Bid Bond and Surety Requirements
• Legal Aspects of Bidding
• Post-Bid Follow-Up and Analysis

DAY FOUR: COST MANAGEMENT AND CONTROL

• Budget Development and Monitoring
• Cost Control Techniques
• Earned Value Analysis (EVA)
• Change Order Management
• Cost Reporting and Documentation
• Financial Management in Construction Projects
• Variance Analysis and Corrective Actions

DAY FIVE: ETHICS AND COMPLIANCE IN BIDDING PRACTICES

• Code of Ethics for Contractors
• Fair Competition and Antitrust Laws
• Conflict of Interest Issues
• Transparency and Accountability
• Compliance with Bid Requirements
• Handling Bid Protests and Disputes
• Best Practices in Bidding Ethics