Cost Estimation for Facility Projects
About the Skill Module
This skill module introduces key aspects of cost estimating, including estimate preparation and uncertainty assessment. Types of cost estimates, along with their uses and requirements at each succeeding stage of project development are introduced. Selected topics in labor productivity, owner’s costs and contingency management are covered.
This module counts toward PMI Project Development Units (PDUs) through continuing education. Completion Certificates may be submitted to PMI as required to document third-party training.
Early career project managers, leads, engineers, and services personnel who are on field development project teams. This includes operations and facility reps, cost and schedule controllers, and buyers and logistics specialists. This course is also for the business, finance and land reps as well as other non‐engineers who would benefit from an overview of oil and gas project and programs.
You Will Learn
- Typical accuracy ranges for cost estimate Classes 1 through 5
- To describe how labor productivity is affected by the number of hours worked per day and the number of days worked per week
- Why contingency is needed in a cost estimate