IPY 502 - Cost Management in Construction Project

Course Objectives

1. To understand the importance of the cost estimation during initiation-planning-design phases and learn the cost planning, estimation and control methods,
2. To learn the cost estimation models used in tendering and bidding phases,
3. To have knowledge about the cost estimation and control of the construction firms from the bidding phase to the end of the construction,
4. To learn the computer-aided cost estimation (CACE) models used in the different phases of the building production process.

Course Description

Decisions related to cost during different stages of the building production process and cost calculation, cost related concepts; cost estimation during ınitiation-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 ıtems 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, computer-aided cost estimation (CACE) models and classification of them, CACE models used in preliminary and detailed design, tendering-bidding, progress payment and control phases.