INSTRUCTOR

E-Mail is my preferred mode of communication. For all matters pertaining to this course, ALWAYS use Course Mail on the Course Website. This is the only way you can be assured of my quick attention to your concerns.

COURSE DESCRIPTION

Understanding the scope of work and related cost is perhaps the most fundamental knowledge required to start any activity. This course provides a theoretical framework to define the scope of work, schedule and cost, the student is exposed to the different methods used to identify and measure the cost elements as the first step to build a cost estimate. After the basics of cost estimation are understood, the student learns how to control costs of ongoing projects. Finally, this knowledge is applied in a course project in which the student has the opportunity to prepare a cost estimate, and identify control mechanisms using the concepts learned in class and critique the estimates prepared by other students.

PREREQUISITES

None

COURSE OBJECTIVES

At the end of the course, the student will understand:

• basic concepts of cost estimation,
• different types of costs and their differences,
• methods used to estimate costs,
• how to gather information, compile and use a cost estimate,
• the importance of having a credible, supportable, usable, accurate, achievable, competitive, complete and realistic cost estimate,
• how to work with others, critique an estimate and provide insight on how to prepare one,
• how to control cost during the different project life cycle phases,
• basic project management techniques and their relationship to cost estimation, and
• principles and techniques of budgeting and cost control.

LEARNING RESOURCES

This is a recommended book, not mandatory! Project Management for Engineering and Construction, Garold D. Oberlender, McGrawHill, 2nd Edition, 2000 Paperback ISBN: 978-0-0-7116355-2

Helpful Books

R.S Means Building Construction Cost Data, 2000 or later
R.S. Means Assemblies Cost Data, 2000 or later

Recommended Software

COCOMO - Estimation and planning of software activities
Expert Choice - Expert Choice Inc. Decision making software
Microsoft Project, Microsoft Office (Excel and PowerPoint) – Microsoft Corp. Scheduling software
OpenWorkbench - Free scheduling software by Computer Associates’ Clarity Division, BSO.
WBS Pro - Critical Tools. WBS Construction software.

Other references used

Albright, Christian. Learning Statistics with StatTools. Palisade Corporation 2003.

Amos, Scott J., Editor. Skills and Knowledge of Cost Engineering. 5th Edition. AACE International, , 2004

Blanchard, Benjamin S. and Wolter J. Fabrycky, Systems Engineering and Analysis. Third Edition Prentice-Hall, Inc. 1981.

Clark, F.D., and Lorenzoni, A.B. Applied Cost Engineering. Third Edition. Marcel Dekker New York, NY, 1997. ISBN 0-8247-9800-7

Dagostino, F.R and Feigenbaum L., Estimating in Building Construction. Sixth Edition w CD ROM, Prentice Hall NJ 2003.

DoD. Parametric Estimating Handbook. Second Edition. 1999

DoD. Work Breakdown Structure. MIL-HDBK-881A. 2005

Fuller, S. K. and S. R. Petersen. Life-Cycle Costing Manual for the Federal Energy Management Program, NIST HB 135. 1995

Garvey, Paul R. Probability Methods for Cost Uncertainty Analysis: A Systems Engineering Perspective. Marcel Dekker, Inc. 2000

Gibaldi, Joseph. MLA Handbook for Writers of Research Papers. Sixth Edition. The Modern Language Association of America, 2003.

Laufer, Alexander. Simultaneous Management; Managing Projects in a Dynamic Environment. AMACON, 1997.

Mantel, Samuel J. et al. Project Management in Practice. John Wiley & Sons. Inc. 2001

NASA, Cost Estimating Handbook. 2002

Ostwald, Phillip F, McLaren, Timothy S. Cost Analysis and Estimating for Engineering and Management. Pearson Education, Inc Prentice Hall 2004

Peterson, Steven J. Construction Estimating Using Excel. Pearson Education. 2007

PMI A Guide to the Project Management Body of Knowledge PMBOK Guide. Third Edition PMI 2004

PMI. Practice Standard for Work Breakdown Structures. ISBN 1-880410-81-8. PMI 2001.

Samid, Gideon. Computer – Organized Cost Engineering. Marcel Dekker. 1990

Savage, Sam L. Decision Making with Insight. Brooks / Cole. 2003

Steward, Rodney D. Cost Estimating. Second Edition John Wiley and Sons 1991.

Stewart, Rodney L., Richard M. Wyskida, and  James D. Johannes. Cost Estimator’s Reference Manual. Second Edition. John Wiley & Sons, Inc. 1995

Winston, Wayne L. Decision Making Under Uncertainty with RISKOptimizer. A Step-by-Step Guide Using Palisade’s RISKOptimizer for Excel. Palisade Corporation. 2000.

Winston, Wayne L. Introduction to Probability Models. Operations Research: Volume Two. Fourth Edition. Brooks/Cole. 2004

Winston, Wayne L. Operations Research: Applications and Algorithms. Third Edition.Wadsworth, Inc. 1994.

EVALUATION AND GRADING

Evaluation Criteria

• Homework, attendance and participation 20% - Homework will be assigned according to the calendar and it is due at the beginning of the lecture.
• Midterm # 1 30% - In class examination open book, open notes covers cost estimation.
• Midterm # 2 30% - In class examination open book, open notes covers all course material.
• Project 20% - Written report with intermediate deliverables.

Grading Scale

Bring a calculator to the exams! No laptop computers or wireless devices are allowed during the exams. No communications are allowed between students during the exams. No exchanging of tools, papers, books pencils, pens or any other material is allowed during the exams. The exam dates, homework assignments, presentations and reports are due on the date specified in the course calendar, these dates are fixed and non-negotiable. Makeup exams will be given during the final exam week only with valid medical excuse, please check your calendar and report to the instructor any conflicts as soon as you become aware of them. Late assignments will be graded based on 90% of the lowest score of the assignments received on time. Exceptional circumstances including severe weather alert when recognized by the University, will be considered on a case by case basis. Business or leisure travel does not constitute exceptional circumstances. In the event of travel the student should take any necessary measures to submit deliverables electronically. Students with special needs should contact the instructor to discuss specific cases.

Students with disabilities who may need special accommodations should register with the Office of Disabilities Services, telephone (305) 348-3852.  In addition they are encouraged to contact the instructor so that arrangements can be made to accommodate their needs.  The Department of Construction Management adheres to the University’s policy concerning religious holidays.  Any student will be excused from attendance in order to observe a religious holiday for their faith.  If an examination or presentation is scheduled on that date, an alternate date will be provided.  Students are expected to inform the faculty, ahead of time, of such holidays. Attendance will be taken at the beginning of each class, and will be considered for the final grade.

COURSE CALENDAR

WEEK / DATE

TOPICS

ACTIVITIES

ASSIGNMENTS