PYY 520 - Cost Management in Construction

Course Objectives

Provide students to gain all knowledge and skills in cost estimation, cost planning and cost control during initiation-planning-design phases of construction projects and also cost estimation and cost control of constructed projects by contractors beginning from the tendering phase to the end of the construction.

Course Description

Decisions Made during Different Stages of the Building Production Process and Cost Calculation, Cost Related Concepts; Cost Estimation during Initiation-Planning-Design Stages and Fundamental Cost Planning Concepts; Factors Affecting Cost; Cost Estimation (Calculation) Methods in Design Stages (Parametric Methods, Cost Estimation Based on Functional Building Elements and Work Items and Resources); Value Engineering; Constructability Concepts, Cost Calculation and Control in the Execution Process of the Project, Works before Cost Estimation during Tendering Phase, Cost Estimation of Direct Material, Labor and Equipment, Calculation of Subcontractor Costs, Calculation of Site Overhead Cost and Risk Costs, General Operating Costs, General Costs of the Site, Determination of Bid Price and Unit Prices, Cost Control and Methods