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Certified Cost Professional

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Course Overview

This course is beneficial to any cost engineer or individual who is working in a cost control/project management environment wanting to grow and advance their knowledge of cost engineering, and fast track their career. The aim of each session is to equip delegates with practical skills and knowledge to become better cost engineers. It is more than just a course to make delegates pass a certification exam.
A CCP is an experienced practitioner with advanced knowledge and technical expertise to apply the broad principles and best practices of the TCM framework. Specifically covering aspects of Cost Engineering this certification also includes the wider integration of Project Controls incorporating Cost Estimating, Planning & Scheduling, Cost Control and Risk Management. CCP’s also demonstrate the ability to research and communicate aspects of the TCM principles and practices to all levels of a project or program, both internally and externally. The course teaches all the material that is required for delegates to sit the Certified Cost Professional challenging exam.

Key Takeaways

Understand what makes up cost i.e., the basic resources (material, labor, etc.) that are needed to perform an activity or create an asset.
Learn to set goals and objectives that planned endeavors must meet.
Understand the basic steps of a risk management process and risk mitigation.
Learn to calculate simple and compound interest rates, as well as solve interest problems using basic single payments, uniform series, and gradient formulas.
Become skilled in using earned value to report on past performance and predict future performance.

Association for the Advancement of Cost Engineering
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Established in 1956, AACE International is the Association for the Advancement of Cost Engineering. Together with the AACE International Certification Institute, it serves over 10,000 members and certificants in 100 countries. Cost Engineering is a field of study using integrated means and methods to enable sound decision making in enterprise asset management. AACE’s Body of Knowledge is developed, refined, and deployed by industry professionals worldwide.

Course Outline

Module 1
Cost Due to the importance of the term “cost”, the basic anatomy of costing is discussed in this module.
→ What makes up cost i.e., the basic resources (material, labor, etc.) that are needed to perform an activity or create an asset.
→ The distinction between cost elements that are directly and indirectly applied to an asset.
→ Cost elements to the life cycle of the asset i.e., acquisition, use, and disposal.
→ Cost elements to further understand how cost is measured, applied and recorded to arrive at the total activity and/or asset cost.
Module 2
Cost Estimating Project success cannot be supported without accurate knowledge of the cost limits to which the project must be controlled.
→ Common industry classifications of cost estimates.
→ Common methodologies applied to prepare cost estimates of the various classifications.
→ Risk analysis techniques to determine appropriate contingency for an estimate.
Module 3
Project Planning Good planning is the foundation of successful project implementation. The project planning team is tasked to use their knowledge, experience, resources, and supporting tools to plan the effective implementation of each major element of the project.
→ Set goals and objectives that planned endeavors must meet.
→ Collect stakeholder input and information.
→ Determine feasible alternative plans and choose the best alternative.
→ Communicate the project plan to all the stakeholders.
→ Implement the project according to the plan.
→ Plan to meet new conditions as they arise through the implementation of the project.
→ Review of effectiveness of the plan against attainment of objectives.
Module 4
Scheduling is the process that converts a project work plan into a roadmap which, if followed, will assure timely project completion.
→ Convert the project plan into a schedule.
→ Utilize schedules to monitor, control, and report work progress.
→ Update for progress and incorporate changes.
→ Analyze the schedule to identify critical activities and work paths and forecast future trends.
Module 5
Progress and Cost Control Upon completion of this module delegates will be able to define and explain the process, purpose, and advantages and disadvantages of project progress and cost control.
→ Measuring work progress.
→ Using earned value to report on past performance and predict future performance.
→ Cost and schedule performance.
→ Fixed budget earned value.
→ Variable budget earned value.
→ Budget and schedule baselines.
→ Control account baselines.
→ Performance analysis, trending and forecasting.
Module 6
Project Management In today’s difficult global business environment it is vital that project management identifies and controls risks, maximizes cost savings, minimizes schedule delays, and improves economic return
→ Delineate the role of the project manager in project planning.
→ State common planning strategies.
→ List and explain the major components of project planning.
→ Explain the importance of project planning.
→ Calculate installed quantities (progress) for construction activities.
→ Define how actual labor work hours are collected using time cards.
→ Analyze labor cost performance using earned value, unit rates, and variance analysis.
→ Components of labor costs i.e., quantities, installed production rates, and wage rates.
→ List and explain the basic requirements of a contract.
→ Understand how contracts may become defective and possibly unenforceable.
→ State the types of contracts typically employed in capital projects, their requirements, and the potential advantages and disadvantages of each.
→ Clarify what types of claims may arise on contracts for capital projects.
→ State how disputes arising under contracts may be resolved.
Module 7
Economic Analysis Engineering economic analysis is a technique that assists in the solution of substantial engineering problems where economic aspects dominate over a considerable period of time.
→ Calculate simple and compound interest rates, as well as solve interest problems using basic single payments, uniform series, and gradient formulas.
→ Calculate present value, future value, and equivalent uniform annual value of cash flow series.
→ Determine the discounted rate of return of a cash flow series.
→ Evaluate and select the best alternative using present value, future value, equivalent uniform annual value, and discounted rate of return.
→ Compare alternatives using the benefitcost ratio.
Module 8
Statistics, Probability, & Risk Management A successful company collects information so that when analyzed, good decisions can be made.
→ Basic definitions and terminologies in probability and statistics.
→ Frequency distribution, the cumulative probability curve, and the normal curve.
→ Statistical techniques in decision making such as market and/or risk analyses.
→ Explain basic steps of a risk management process.
→ Describe risk mitigation options.
→ Decision tree analysis

Who Should Attend?

This highly practical and interactive course has been specifically designed for
This training is designed for: Project Managers, Planners, Schedulers and Controllers; Cost Engineers; PMO Managers; and line or front managers, site engineers and cost control factory accountants.

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What language will the course be taught in and what level of English do I need to take part in an LEORON training program?
Most of our public courses are delivered in English language. You need to be proficient in English to be able to fully participate in the workshop and network with other delegates. For in-house courses we have the capability to train in Arabic, Dutch, German and Portuguese.
Are LEORON Public courses certified by an official body/organization?
LEORON Institute partners with 20+ international bodies and associations.We also award continuing professional development credits (CPE/PDUs) for:1. NASBA (National Association of State Boards of Accountancy) 2. Project Management Institute PDUs 3. CISI credits 4. GARP credits 5. HRCI recertification credits 6. SHRM recertification credits
What is the deadline for registering to a public course?
The deadline to register for a public course is 14 days before the course starts. Kindly note that occasionally we do accept late registrations as well, but this needs to be confirmed with the project manager of the training program or with our registration desk that can be reached at +1071 4 1075 5711 or [email protected].
What does the course fee cover?
The course fee covers a premium training experience in a 5-star hotel, learning materials, lunches & refreshments, and for some courses, the certification fee and membership with the accrediting bodies.
Does LEORON give discounts?
Yes, we can provide discounts for group bookings. If you would like to discuss a discount on a corporate level, we will be happy to talk to you.