Description
Learn best practices in the development of a pre-construction cost estimate and budgeting of projected costs.
Date: July 27, 1:00 – 2:05 pm EST
Pre-construction cost estimating and budgeting is arguably one of the most important issues for successfully managing construction projects. The subject deals with cost issues at the planning stage, which is detrimental to the project’s success, as financial mismanagement is considered the top reason for the failure of construction companies. This course takes a quick look at cost and budgeting issues during the pre-construction phase for both the owner and the general contractor. As we all know, cost estimating is a predictive process, and there are steps to be taken to make it as accurate as possible. Aligning actual expenses with the project budget is a key to success, and this has two elements: Starting with a good estimate and accurate budget and controlling the cost while in the execution phase.
Learning Objectives
- You will be able to discuss financial management for construction projects and planning for it in the pre-construction phase.
- You will be able to explain construction planning, its definition, importance, and activities it includes.
- You will be able to identify actions that must be thought of and planned before project execution.
- You will be able to recognize how to better prepare for a construction project.
Overview of Pre-Construction Cost Estimating and Budgeting Basics
Identifying and Understanding the Importance of:
• Defining Owner Cost and Time Parameters
• Contract Delivery System to Be Employed
• Completeness of Design Documents Utilized to Prepare Cost Estimate
• Performance vs. Prescriptive Specifications
• Unit Price Guides vs. Historical Data
Establishing Within the Cost Estimate
• Contingencies • Design vs. Construction
• Pre-Construction Schedule
• Contract Milestones
• COVID-19 Costs
• Labor Inefficiencies
• Personnel Protective Equipment
• Supply Chain Limitations
• Site Congestion/Staggering of Trades
• Electronic Document Management System
• Indirect Costs
• Travel • out of State Contractors
• Insurance and Bonding
• Profit and Overhead
Incorporating Into the Budget
• Cash Flow Requirements
• Earned Value Measurements
• Advance Material and Equipment Procurement
• Escalation Factors
• Availability/Interaction During Construction Process
• Owner
• Designer
• Project Management
• Code/Regulatory Officials
• Resource Leveling
Analyzing Project Risks
• Site and Project-Specific Restrictions
• Potential Changes in Scope of Work
COVID-19 Delays/Suspensions
- AIA 1.0
- Lorman Education Services is a registered provider of AIA-approved continuing education under Provider Number J2016. This course is approved for 1.0 Learning Unit hour(s). Prerequisite: None, Program Level: Intermediate: Advanced Preparation: None All registered AIA CES Providers must comply with the AIA Standards for Continuing Education Programs. Any questions or concerns about this provider or this learning program may be sent to AIA CES (cessupport@aia.org or (800) AIA 3837, Option 3). This learning program is registered with AIA CES for continuing professional education. As such, it does not include content that may be deemed or construed to be an approval or endorsement by the AIA of any material of construction or any method or manner of handling, using, distributing, or dealing in any material or product. AIA continuing education credit has been reviewed and approved by AIA CES. Learners must complete the entire learning program to receive continuing education credit. AIA continuing education Learning Units earned upon completion of this course will be reported to AIA CES for AIA members. Certificates of Completion for both AIA members and non-AIA members are available upon request.
- AK ENG 1.0
- This program is applicable for professional development hours through the Alaska State Board of Registration for Architects, Engineers and Land Surveyors. Professional development hours: 1.0.
- AL ENG
- This program is applicable for professional development hours through the Alabama Board of Licensure for Professional Engineers and Professional Land Surveyors. Please note: The Alabama Board of Licensure for Professional Engineers and Professional Land Surveyors does not preapprove courses.
- FL ENG 1.3
- This course has been approved for 1.3 PDHs by the Florida Board of Professional Engineers in the Areas of Practice.
- GA ENG
- This program is applicable for professional development hours through the Georgia State Board of Registration for Professional Engineers.
- IA ENG
- This program is applicable for professional development hours for engineers. Please refer to Chapter 3, 193C IAC.
- ID ENG 1.0
- This program is applicable for 1.0 professional development hours through the Idaho Board of Professional Engineers and Professional Land Surveyors.
- IL ENG 1.0
- This program is applicable for 1.0 professional development hours through the Illinois Society for Professional Engineers.* *Please check the rules and regulations in your state for compliance.
- IN ENG 1.3
- This program is applicable for 1.3 professional development hours through the Indiana State Board for Professional Engineers.
- KS ENG 1.0
- This program is applicable for 1.0 professional development hours for engineers.* *Please check the rules and regulations in your state for compliance.
- LA ENG
- The Louisiana Professional Engineering and Land Surveying Board (LAPELS) no longer approves providers or courses. Lorman Business Center, LLC. feels that this course is worth 1.0 PDH(s). According to LAPELS’ rules, It will be the responsibility of the licensee to determine if a Course/Activity offered by an unapproved sponsor/provider is an Acceptable Activity.
- MD ENG 1.0
- Lorman Business Center, LLC. is a board approved sponsor with the Maryland Board of Professional Engineers. This course qualifies for 1.0 professional development hours.
- ME ENG 1.0
- This program is applicable for a maximum of 1.0 hours toward the annual PDH requirement. Please note: The State of Maine Professional Engineers Registration Board does not pre-approve courses for professional development credit.
- MI ENG 1.0
- This course is applicable for 1.0 professional development hours for engineers in Michigan through the Michigan Department of Licensing and Regulatory Affairs Corporations, Securities & Commercial Licensing Bureau.* *Please check the department rules and requirements for compliance.
- MN ENG 1.0
- This course is applicable for a maximum of 1.0 hours toward the PDH requirement for engineers. Please note: The Minnesota State Board of Registration for Engineers has final authority on the acceptance of individual courses.
- MO ENG 1.0
- This course is applicable for 1.0 PDH’s through the Missouri Board for Professional Engineers.
- MS ENG
- This course is applicable for professional development hours through the Mississippi State Board of Registration for Professional Engineers.
- ND ENG 1.0
- Lorman Education Services is an approved provider through the North Dakota State Board of Registration for Engineers and Land Surveyors. This seminar qualifies for 1.0 of continuing professional competence for engineers.
- NE ENG
- This course is applicable for professional development hours for engineers if the course is continuing engineering education for you.* *Please check the rules and requirements in your state for compliance.
- NH ENG 1.0
- This course is applicable for 1.0 professional development hours for engineers.* *Please check the rules and requirements in your state for compliance. The New Hampshire Board of Engineers has final authority on granting approval.
- NJ ENG 1.0
- Lorman Business Center, LLC. is authorized as a provider to offer courses through the New Jersey Board of Professional Engineers. This course is applicable for 1.0 CPC credits for engineers. * *Please check the NJ State rules and requirements for compliance.
- NM ENG 1.0
- This course is applicable for 1.0 professional development hours for engineers.* *Please check the rules and requirements in your state for compliance.
- NV ENG 1.0
- This course is applicable for 1.0 professional development hours through the Nevada State Board of Engineering and Land Surveyors.* *Please check the rules and requirements in your state for compliance.
- OH ENG
- This course is applicable for ethics continuing education credit for engineers through the Ohio State Board of Licensure for Professional Engineers provided it is a relevant managerial, ethical or technical topic relevant to the practice of engineering or surveying
- OK ENG
- This course is applicable for professional development hours for engineers.* *Please check the rules and requirements in your state for compliance.
- OR ENG
- This course is applicable toward engineering continuing education hours in Oregon, please refer to your rules and laws.
- PA ENG 1.3
- This program is applicable for 1.3 PDHs for engineers through the Pennsylvania State Board of Professional Engineers, Land Surveyors and Geologists.* *Please check the rules and requirements in your state for compliance.
- SC ENG 1.0
- This course is applicable for 1.0 hours toward the PDH requirement for engineers through the South Carolina Board of Registration for Professional Engineers.* *Please check the rules and requirements in your state for compliance.
- SD ENG
- This course is applicable for professional development hours for engineers in South Dakota.* *Please check the rules and requirements in your state for compliance.
- TN ENG
- This course is applicable for professional development hours for engineers.* *Please check the rules and requirements in your state for compliance.
- TX ENG
- This course is applicable for professional development hours for engineers.* *Please check the rules and requirements in your state for compliance.
- UT ENG
- This course is applicable for professional development hours for engineers.* *Please check the rules and requirements in your state for compliance.
- VA ENG 1.0
- This program is applicable for 1.0 hours of continuing education through the Board for Architects, Professional Engineers, Land Surveyors, Certified Interior Designers and Landscape Architects (APELSCIDLA BOARD).* *Please check the rules and requirements in your state for compliance.
- VT ENG
- This course is applicable for professional development hours for engineers.* *Please check the rules and requirements in your state for compliance.
- WI ENG 1.0
- This course is applicable for a maximum of 1.0 hours toward the PDH requirement for engineers.* *The Wisconsin Engineer Section has final authority on the acceptance of individual courses and providers.
- WV ENG 1.0
- This course is applicable for 1.0 professional development hours for engineers.* *Please check the rules and requirements in your state for compliance.
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
