Cost Estimation and Budget Planning
Course ID: 260427 0101 946Proj
Course Dates : 27/04/2026 Course Duration : 5 Studying Day/s Course Location: London, United Kingdom
Language: Bilingual
Course Category: Professional and CPD Training Programs
Course Subcategories:
Business Decision Making Corporate Strategy Financial Planning & Control Performance Management Strategic Management
Course Certified By: Projacs Academy & LondonUni - Executive Management Training
* Professional Training and CPD Programs
Leading to:
Executive Diploma Certificate
Leading to:
Executive Mini Masters Certificate
Leading to
Executive Masters Certificate
Certification Will Be Issued:
From London, United Kingdom
Course Fees:
VAT varies by course location and participant nationality.
Date has passed please contact us Sales@e-s-hub.com
Introduction
This course teaches practical methods for producing accurate cost estimates and realistic budgets. It covers bottom-up, parametric and analogous estimating, plus risk adjustment and contingency setting. You will work with standard templates and real data to build, defend and update estimates. The focus is on reducing overruns, improving forecast accuracy and supporting clear funding decisions.
Objectives
1. Create detailed, traceable cost estimates using a work breakdown structure and resource-based pricing.
2. Build risk-adjusted budgets with documented contingency and confidence levels.
3. Select and apply parametric, analogous and bottom-up estimating methods based on project characteristics.
4. Use cost-tracking and variance analysis to update forecasts and control spend during execution.
5. Produce clear cost summaries and supporting documentation for internal reviews, bids and client meetings.
2. Build risk-adjusted budgets with documented contingency and confidence levels.
3. Select and apply parametric, analogous and bottom-up estimating methods based on project characteristics.
4. Use cost-tracking and variance analysis to update forecasts and control spend during execution.
5. Produce clear cost summaries and supporting documentation for internal reviews, bids and client meetings.
Who Should Attend
1. Project managers responsible for project budgets and delivery.
2. Cost estimators or cost engineers who prepare or validate estimates.
3. Program managers overseeing portfolios of related projects.
4. Procurement or sourcing managers who negotiate supplier prices and contracts.
5. Proposal and bid managers preparing commercial offers and pricing models.
Training Method
• Pre-assessment
• Live group instruction
• Use of real-world examples, case studies and exercises
• Interactive participation and discussion
• Power point presentation, LCD and flip chart
• Group activities and tests
• Post-assessment
If Applicable:
• Each participant receives a 7” Tablet containing a copy of the presentation, slides and handouts
Program Support
This program is supported by:
* Interactive discussions
* Role-play
* Case studies and highlight the techniques available to the participants.
Course Agenda
Daily Schedule (Monday to Friday)
- 09:00 AM – 10:30 AM Technical Session 1
- 10:30 AM – 12:00 PM Technical Session 2
- 12:00 PM – 01:00 PM Technical Session 3
- 01:00 PM – 02:00 PM Lunch Break (If Applicable)
- Participants are expected to engage in guided self-study, reading, or personal reflection on the day’s content. This contributes toward the CPD accreditation and deepens conceptual understanding.
- 02:00 PM – 04:00 PM Self-Study & Reflection
Please Note:
- All training sessions are conducted from Monday to Friday, following the standard working week observed in the United Kingdom and European Union. Saturday and Sunday are official weekends and are not counted as part of the course duration.
- Coffee and refreshments are available on a floating basis throughout the morning. Participants may help themselves at their convenience to ensure an uninterrupted learning experience Provided if applicable and subject to course delivery arrangements.
- Lunch Provided if applicable and subject to course delivery arrangements.
Week 1
Day 1 – Foundations of Cost Estimation and Budget Planning
1. Principles of Cost Estimation
- Purpose of cost estimating
- Estimation life cycle
- Roles and responsibilities
2. Work Breakdown Structure (WBS)
- Defining project scope
- Breaking down work packages
- Linking resources to activities
3. Cost Estimating Methods
- Bottom-up estimating
- Parametric estimating
- Analogous estimating
Day 2 – Building Project Cost Estimates
1. Resource-Based Estimating
- Labour cost estimation
- Material and equipment pricing
- Subcontractor cost evaluation
2. Developing Detailed Estimates
- Quantity take-offs
- Unit rates and productivity factors
- Preparing estimate documentation
3. Cost Review and Validation
- Checking estimate accuracy
- Reviewing estimating assumptions
- Managing estimating uncertainties
Day 3 – Budget Planning and Risk Adjustment
1. Developing Project Budgets
- Establishing cost baselines
- Allocating budgets by work package
- Preparing funding requirements
2. Contingency Planning
- Identifying cost risks
- Calculating contingency allowances
- Establishing confidence levels
3. Cost Risk Analysis
- Assessing estimating uncertainty
- Evaluating financial exposure
- Updating risk-adjusted budgets
Day 4 – Cost Control and Forecasting
1. Cost Tracking
- Monitoring actual expenditure
- Recording committed costs
- Maintaining cost records
2. Variance Analysis
- Comparing budget versus actual costs
- Identifying cost deviations
- Planning corrective actions
3. Forecasting Project Costs
- Estimating costs at completion
- Updating financial forecasts
- Supporting management decisions
Day 5 – Practical Cost Estimation Workshop
1. Developing a Complete Cost Estimate
- Preparing a resource-based estimate
- Applying estimating techniques
- Validating estimate assumptions
2. Budget Planning Exercise
- Building a project budget
- Applying contingency allowances
- Preparing cost summaries
3. Estimate Review and Presentation
- Presenting estimates to stakeholders
- Defending estimating assumptions
- Course review, feedback and implementation planning
