Construction Cost Estimating: Types and Purposes of Estimates

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Construction Cost Estimating: Types and Purposes of Estimates

1 hr. Online Course
Level: Intermediate
Average Rating: (2228)

Item #: RV-11533
SME: Michael Keating

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SME

Course Applies To

Overview

Course Description

Did you know "opinion of probable cost" does not mean the same thing as an estimation of cost? While this may be a term used by design consultants in the preliminary stages of a project’s estimate, this should not be mistaken for an estimation of cost. This is simply a professional opinion based on experience and available knowledge. The responsibility of a Contractor is to provide a detailed quantitative analysis of each material cost or step in the process for a given project. This interactive online course will educate you on the various types of estimates that can be provided as well as the methods to do so accurately.

Learning Objectives

By the end of this course, you will be able to:

State the purpose of an estimate and the primary objective of a contractor when preparing one
List the various types of estimates
Define the terms assembly and escalation as they are used in estimating
Identify the characteristics of the five class types of the Cost Estimate Classification Matrix
Recall the primary purpose of performing a Cost and Schedule Risk Analysis (CSRA)
List the items included in a GMP (Guaranteed Maximum Price) on a Design/Build project
Identify the items to be evaluated in a change order proposal
Describe how a Contractor’s monthly payment on a contract is determined

Course Applies To:

This course can be used for CE or applies to the State Licenses and Professional Organizations listed below.

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Subject Matter Expert: Michael Keating

Biography

Mike Keating has been in the construction industry for over 29 years in various capacities including Estimator/Cost Engineer, Project Manager, Construction Manager, Director of Construction, and A/E Construction Administrator to name a few.He has been involved in both commercial and residential construction projects both in the public and private sector with several individual projects exceeding $100 million in construction value.He currently works for the U.S. Army Corps of Engineers as a Cost Engineer and Value Engineering Officer on large Military, Civil Works, and Inter-Agency developments.In addition, he teaches a class in Construction Engineering as an Adjunct Instructor at the University of South Alabama, Dept. of Civil, Coastal, and Environmental Engineering.

Mr. Keating grew up in Omaha, Nebraska and holds a Bachelor of Science in Construction Management Degree from the University of Nebraska.In addition, he received his MBA from the University of West Florida in 2004.He is a Licensed Professional Engineer (PE) in the State of Virginia, a Certified General Contractor (CGC) in the State of Florida and holds several other industry certifications including Certified Cost Engineer (CCE), Value Management Associate (VMA), Certified Professional Estimator (CPE), and Certified Construction Contract Administrator (CCCA).

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Construction Cost Estimating: Resources and Processes - RV-11537

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Construction Cost Estimating: Types and Purposes of Estimates - RV-11533

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NOTE: State license renewal information is provided as a convenience only and is subject to change at any time. It is the ultimate responsibility of the individual to be sure that he or she is meeting continuing education requirements for each license and corresponding renewal period. Information above was pulled on Friday, April 26, 2024.