Project Cost Management - Estimating, Budgeting and Value

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Click on one of the training format options below to book your training. Select 'classroom' to view and book a place on a scheduled ICE Training course date and location, select 'online' for eLearning, or select 'in-house' to enquire about training tailored for your organisation.

Choose Date and Location

Location Date & Duration Price (per delegate) No.Delegates Action
   Virtual 18/11/2021  1 Day £305.00 +VAT
Please Call:
+44(0)20 7665 2306
for an in-house solution
   Virtual 02/03/2022  1 Day £305.00 +VAT
Please Call:
+44(0)20 7665 2306
for an in-house solution
   London 29/06/2022  1 Day £305.00 +VAT
Please Call:
+44(0)20 7665 2306
for an in-house solution
   Virtual 19/10/2022  1 Day £305.00 +VAT
Please Call:
+44(0)20 7665 2306
for an in-house solution

You can book up to 5 delegates online. If you wish to add more delegates please call +44 (0)20 7665 2457 or consider an in-house solution and fill in our online form.

If your organisation has specific time, location, and learning and development objectives, we can tailor this programme to suit your needs.

To discuss the tailored training options available to you with one of our In-house training account managers, fill out the enquiry form below or call +44 (0)20 7665 2498

Your Details


This one day training course equips you with the ability to prepare and control budgets, and confidently manage costs within your project's commercial framework.

During the training course you will address three broad themes that underpin project cost:

  • The project budget - What is the project budget and how does it compare to the final cost
  • Cost estimating - How do we develop an estimate of the cost - and does this differ between client, designer and contractor
  • Risk and value - How are risk and value incorporated into the budget

Set against a background of estimating in the construction industry you will explore the elements of project cost and how budgets are established. Working from first principles, cost build up and bills of quantities will be developed and tested using case studies. Contractor tender pricing processes and the effects of risk, value and decision making on project costs will be explored.

This training course has been mapped to:

  • UK-SPEC Competence C1: Plan for effective project implementation and C2: Plan, budget, organise, direct and control tasks, people and resources.
  • ICE Key Attribute 5A: Ability to prepare and control budgets
  • ICE Key Attribute 5C: A high level of commercial and contractual understanding and an ability to use it within own area of responsibility


Training courses on set dates, in ICE Training venues across the country. Suitable for those looking to attend a training course and share knowledge and practical experiences with like-minded others in an interactive learning environment.


Bespoke training programmes. These are delivered by our tutors at a time, in a location and based on a curriculum completely tailored to your needs. Ideal for organisations that have several employees wishing to take training in the same subject area, and/or have organisation-specific ideas for learning and development.

Programme Overview

Sessions begin at 9:00 and finish at 17:00. Morning and afternoon coffee breaks and lunch are included in the programme.

Session 1 - Estimating in the construction industry
Session 2 - Estimating through the product stages
Session 3 - Introduction to case study
Session 4 - Case study - elements of cost
Session 5 - The contractors tender pre-estimate
Session 6 - Risk, cost and value
Session 7 - Variation and delays
Session 8 - Cost control
Session 9 - Continuous improvement - minimising waste
Session 10 - Consequences of decisions


Michael Graham

Michael has used value management for over twenty years to enable organisations to deliver affordable outcomes.  Commissions include strategic reviews and data assessment, options appraisal, culture change programmes, support for management teams to develop commercial practice, and specific consultancy interventions: value management to kick start innovation, resolve problems and improve effectiveness; risk audit and management to improve business controls; and independent Client Advisor support for stakeholder and public consultation, supply chain development, and business performance improvement. Michael has also developed a bespoke risk model (TEAM™) which aims to motivate people to take action to manage risk.

Learning Objectives
By the end of this course delegates should understand:
  • How to prepare a project budget and relate the budget to a Bill of Quantities
  • How to prepare a feasibility cost estimate
  • How to control costs
  • How to accommodate risk in cost estimating
  • Broad principles and processes of construction cost estimating
  • Elements of price and build up of cost from first principles
  • The difference between cost, value and waste
  • The financial consequences of construction cost decision making
  • The interaction between project, client and project governance
Who Should Attend?

This training course is ideal for:

  • Graduate civil engineers from designer, contractor and client organisations
  • Construction graduates and assistant project managers
  • Junior site engineers and site managers

Copyright © 2014 Thomas Telford Ltd. All rights reserved. Registered company in England and Wales No. 2556636

Institution of Civil Engineers Thomas Telford

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