Project Pricing, Estimating, and Cost Control

Module Description

This module will furnish participants with the essential skills and techniques required to estimate the costs of labour, materials, equipment and overheads, and thus establish the pricing strategies for the organisation undertaking the project. The price and estimating process is examined in detail to enable the project manager and project team members to assess and construct the appropriate project price and cost estimate submission.  

The course will also enable project team members to understand and appreciate the project management cost control concepts to ensure that projects are implemented according to budget. Cost budgeting including the estimation of costs, setting a fixed budget, and managing, controlling and updating the actual cost as opposed to the budgeted one will be discussed in depth.  

This will also enable the project manager and team members to define the project budgets related to labour, materials, equipment and overheads. The participants will be provided with a detailed explanation of the project earned value measurement system to enable various cost variances to be computed and justified. 

Entry Requirements

Candidates who apply for this course must possess one of the following: 

• a Level 6 degree in a related field;  

 OR 

• a Level 5 diploma or higher diploma and 5 years’ work experience in a supervisory or managerial role. 

Preference is given to applicants having a level 6 degree in a discipline related to project management and a minimum of 3 years’ work experience in project supervision or/and general management within the sector.  

Target Audience

The programme is targeted at: 

• industry professionals working in different project-rich domains including, but not limited, to: construction, technology, engineering, finance, banking, management, marketing, gaming, healthcare, arts, education or any other sector where project management is being applied; 
• individuals seeking academic and professional advancement in project management; 
• mid-career-break professionals looking for opportunities to return to or change their career. 

Career Paths

The possible positions for which this programme aims to prepare you for include:

• Project Manager/ Leader
• Project Director
• Project Consultant

How you’ll be assessed

The course comprises:

• Evening classes for part-time courses.
• Classes held throughout the day for full-time courses.
• Guided learning, presentations, comprising synchronous online discussions, tutorials and/or videos.
• Self-study hours comprising research, reading and assignment work.

Assessment

Assessment is carried out via two mandatory components:

• Modular Assessment
• Dissertation Assessment

The programme includes different forms of assessment which allow for and promote students’ critical engagement. The formative and summative assessment tasks may include an in-class assignment and/or a home-based written assignment using diverse assessment tools which may take the form of online and in-class discussions, examinations, case studies, reports, proposals, essays, and presentations, etc., as applicable to the diverse modules.