Principles & Practices of Cost Estimating for Project Leaders
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In both government and industry we regularly have to evaluate cost-benefit analyses before implementing program and procurement projects that are large and small in scale. This two-day workshop will help participants become knowledgeable consumers of cost estimates and cost-benefit analyses, with a focus on the C in cost-benefit analysis. In addition the course will address what it means to be informed, including knowing the strengths and weaknesses of the cost-benefit analysis approach, the role of risk and uncertainty, sensitivity analysis, and knowing the right questions to ask when you are the recipient of a cost-benefit analysis.
What You Will Learn
- The reliability and credibility of your decisions as underpinned by data and analysis
- How cost estimating underpins the decision process in both public and private arenas
- The strengths and weaknesses of a cost-benefit analysis and the associated metrics that are used in these analyses
- An introduction to the discipline of cost estimating
- How to answer the ever present questions of "what does it cost?" and "is it worth the cost?”
- The ability to understand and to probe cost-benefit analyses that are brought to you
- The ability to read models produced by Monte Carlo simulations
Who should attend
Those who review cost benefit analysis, those who are responsible for making decisions that involve resource allocations, and those who are responsible for making decisions that involve policy choices.