RedVector RV-11533

Construction Cost Estimating: Types and Purposes of Estimates

Construction Cost Estimating: Types and Purposes of Estimates

1 hr. Online Course

Level: Intermediate

Item#: RV-11533

SME: Michael Keating

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.
Course 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
SUBJECT MATTER EXPERT: Michael Keating
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).
State Licenses
AK - Engineer (Health, Safety & Welfare)
AL - Engineer (General)
AR - Engineer (General)
DC - Engineer (General)
DE - Engineer (Business Practice (maximum of 9 hours))
FL - Contractor, Alarm System I & II (Business Practice - 0802287)
Accreditation: FL DBPR Approved Provider 0001771
FL - Contractor, Certified (Business Practice - 0613459)
Accreditation: FL DBPR Approved Provider 0001774
FL - Contractor, Electrical (Business Practice - 0802287)
Accreditation: FL DBPR Approved Provider 0001771
FL - Contractor, Electrical Specialty (Business Practice - 0802287)
Accreditation: FL DBPR Approved Provider 0001771
FL - Contractor, Miami-Dade Registered (General - D088-073)
FL - Contractor, Palm Beach County (Business Practice - 0613459)
Accreditation: FL DBPR Approved Provider 0001774
FL - Contractor, Pinellas County (Business Practice - 0613459)
Accreditation: FL DBPR Approved Provider 0001774
FL - Contractor, Registered (Business Practice - 0613459)
Accreditation: FL DBPR Approved Provider 0001774
FL - Engineer (General - 0000271)
Accreditation: FBPE Approved Provider 33
FL - Fire Protection System Contractor (Class I, II & III) (Business Practice - FP17404)
FL - Fire Protection System Contractor (Class IV) (Business Practice - FP17404)
FL - Fire Protection System Contractor (Class V) (Business Practice - FP17404)
GA - Contractor, Residential and General (General)
GA - Engineer (General)
IA - Engineer (General)
ID - Engineer (General)
IL - Engineer, Professional (General)
IL - Engineer, Structural (General)
IN - Engineer (General - Board Approved - CE21800018)
KS - Engineer (General, Health, Safety & Welfare)
KY - Engineer (General)
LA - Engineer (General)
MD - Engineer (General)
ME - Engineer (General)
MI - Contractor, Residential Builder and M & A (General)
MI - Engineer (General)
MN - Engineer (General)
MO - Engineer (General)
MS - Engineer (General)
MT - Engineer (General)
NC - Engineer (General)
ND - Engineer (General)
NE - Engineer (General)
Accreditation: Vector Solutions is authorized by IACET to offer 0.1 CEUs for this program.
NH - Engineer (General)
NJ - Engineer (General - 24GP000006300)
NM - Engineer (General)
NV - Engineer (General)
NY - Engineer (General)
Accreditation: Vector Solutions is authorized by IACET to offer 0.1 CEU for this program.
OH - Engineer (General)
OK - Engineer (General)
OR - Contractor, Commercial (General)
OR - Contractor, Residential (General - SRA2592)
Accreditation: Provider ID: 2014RCE0077; Vector Solutions is responsible for the content of this course.
OR - Engineer (General)
PA - Code Official,Certified (UCC) (General)
PA - Engineer (General)
PR - Engineer (General)
SC - Engineer (General)
SD - Engineer (General)
TN - Engineer (General)
TX - Engineer (General)
UT - Engineer (General)
VA - Engineer (General)
VT - Engineer (General)
WI - Engineer (General)
WV - Engineer (General)
WY - Engineer (General)
Professional Organizations
American Academy of Environmental Engineers - AAEES - Member (General)
American Institute of Constructors - AIC - Professional Constructor (General)
Canada - Alberta Engineer (General)
Canada - British Columbia - Residential Builder (General)
Canada - British Columbia Engineer (General)
Canada - Manitoba Engineer (General)
Canada - New Brunswick Engineer (General)
Canada - Newfoundland and Labrador Engineer (General)
Canada - Northwest Territories and Nunavut Engineer (General)
Canada - Nova Scotia Engineer (General)
Canada - Ontario Engineer (General)
Canada - Prince Edward Island Engineer (General)
Canada - Quebec Engineer (General)
Canada - Saskatchewan Engineer (General)
Canada - Yukon Engineer (General)
Construction Management Association of America - CMAA - (CCM, CACM) (General)
National Institute for Certification in Engineering Technologies - NICET (General)