Principles of Cost Estimating

MGMT X 442.13

This course provides in-depth training on the principles, practices and procedures for preparing cost estimates in government contracts.

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What you can learn.

  • Develop understanding of the principles, practices, and procedures for preparing cost estimates in government contracts
  • Identify the step-by-step methodology in developing cost estimates that are compliant with government regulations
  • Recognize the pitfalls, problems, mistakes, and inaccuracies that can occur in cost estimating
  • Assess the difference between success and failures in cost estimating
  • Define the basic steps required to develop industrial engineering estimate types including labor, hour, and material using parametric cost estimating techniques
  • Recognize the computer tools and models used in estimate preparation that are acceptable to the Defense Contract Audit Agency (DCAA) and respective documentation required by Federal Acquisition Regulation (FAR) Part 15

About this course:

This course covers the principles, practices, and procedures for preparing cost estimates by using a step-by-step methodology, which is compliant with government regulations. The course covers the pitfalls, problems, mistakes, and inaccuracies that can occur in cost estimates and can determine the difference between success and failure. Topics include the basic steps required to develop industrial engineering estimate types; labor, hour, and material- based parametric cost estimates; the preparation of software and development task estimates; computer tools and models used in estimate preparation that are acceptable to the DCAA; and documentation required by Federal Acquisition Regulation Part 15.

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