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Engineering Cost Estimate
BACKGROUND:
Cost engineering, as defined by the American Association of Cost Engineers (AACE), is “the application of scientific principles and techniques, combined with engineering experience and judgment, to estimate costs, control expenses, and analyze economic feasibility.” Before the advancement of cost engineering, construction cost calculations often deviated significantly from initial estimates. In response, the AACE was established in 1956 to address the need for accurate project cost assessments and better project planning.
One of the keys to successful project execution—both in terms of budget and schedule—is pre-project planning. This process, conducted by project owners from pre-feasibility studies (pre-FS) to engineering design (FEED) and execution phases (EPC), ensures that project costs stay within budget. Statistics from the Construction Industry Institute (CII) show that effective pre-project planning can reduce costs by up to 4% and shorten project timelines by 13%. This course is essential for professionals aiming to prevent budget overruns by mastering engineering cost estimation.
Course Objectives:
- Understand project estimation concepts and techniques from conceptual to detailed estimates
- Develop company policies related to cost management and project workflows
- Recognize different types of estimates and their accuracy levels throughout the project lifecycle
- Apply value engineering and analysis techniques
- Gather and organize project cost information efficiently
- Implement lifecycle cost principles in project development
Who Should Attend:
- Engineers (Engineering, Reliability, Maintenance)
- Purchasing Engineers/Managers
- Project Engineers
- Maintenance Managers/Supervisors
- Process and Manufacturing Engineers
Course Content:
- Technical Bid Evaluation & Project Cost Planning:
- Scope of Work Reviews and Technical Bid Evaluations
- Budget Determination and Cost Spending Plans
- Cost Estimation Techniques and Funding Requirements
- Project Cost Tools: Cost Baseline, Funding, and Management Reserves
- Work Package Costing and Contingency Reserves
- Project Cost Updates and Change Management
- Cost Performance Analysis: Variance and Indexes
- Quality Assurance (QA) for Project Proposals and Forecasting
- Risk Analysis and Mitigation Strategies:
- Risk Identification and Logic Review
- Quantification and Risk Modeling
- Mapping Risks to Project Activities
- Developing Response Plans and Mitigation Strategies
- Preliminary and Impacted Risk Analysis
- QA for Risk Mitigation Plans
About the Trainer:
Ir. R. Iim Takwim, ST., MM., IPM., ASEAN.Eng., ACPE
Mr. Iim Takwim is a highly accomplished professional with a solid academic foundation in Industrial Engineering. He has further honed his expertise by earning both a Master’s and Doctorate degree in Human Resources, complementing his technical and managerial skills. His extensive professional experience includes roles such as HRD Manager in the textile industry, Production Manager in the garments industry at PT. Fit-U, and Head of the Laboratory for Industry, Automotive, and Machinery at STT-JB.
In addition to his managerial roles, Mr. Takwim is an active contributor to knowledge sharing and skill development. He has delivered training and consultancy to leading national and international organizations across various industries. His clients include PT. Timah Tbk., PT. Arun LNG, PT. Batu Bara Bukit Kendi, PT. Petrosea Tbk., PT. Chevron Pacific Indonesia, PT. Freeport Indonesia, PT. Banpu, PT. Medco E&P, PT. Semen Gresik, PetroChina International, PT. Vico Indonesia, Pertamina, CNOOC, PT. British Petroleum, BP Migas, PT. Pupuk Kaltim, PT. Badak NGL, PT. Kaltim Prima Coal, and many others.
Mr. Takwim has also collaborated with companies in diverse sectors, including energy, mining, petrochemical, and financial services, such as PT. Adaro Indonesia, PT. Krakatau Wajatama, PT. Citic Seram Energy, PT. Total E&P Indonesie, PT. Energi Sengkang, PT. Hexindo, and BRI. His vast experience, combined with his technical expertise and human resource management skills, makes him a sought-after trainer and consultant, contributing significantly to organizational development and operational excellence