YIP 516E - Cost Management

Course Objectives

To introduce main cost items in construction
To describe how main cost items contributes to total project cost
To teach project life cycle cost items
To teach cost estimation methods and when they need to be used
To provide information on cost control methods used during construction

Course Description

The significance of cost management for construction industry, investigation of cost failures in large-scale projects, main cost items for construction industry, cost estimation method used during project, whole-life costing, design factors that affect the cost of the project, cash flow analysis, S-curve, comparison of different payment schemas of the owner by examining cash flow, overview of cost control methods (e.g., earned value), integrating cost of equipment and labor with total project cost.