Thursday, 9 December 2010

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Click for Event Pictures

The event was well represented with about 30 members of Scarborough Chapter attending. The response of feed back obtained from the audience was very encouraging to conduct similar seminars in the future.

Sample feedback received - Click here.

When 6:00 p.m. to 8:00 p.m.
Where Malvern Library - 30 Sewells Rd. Scarborough, ON, M1B 3G5
Major Intersection - Neilson and Sewells Road
Public transit: Bus 133 - Neilson (Click for route info)
Map Google Maps icon
Registration costestimate@peoscarborough.ca
First come first served. Priority will be given to Scarborough Chapter members, then other PEO members, guests and friends.
Cost Sponsored by Scarborough Chapter
Light refreshments and snacks will be served.

Cost Estimation: Applications and Understanding

Cost estimating is “an art of approximating of the probable total cost of a product, program, or project, computed on the basis of information available at the time”.

Cost estimating is a powerful tool because it:

  1. Leads to a better understanding of the problem,
  2. Improves management insight into resource allocation problems, and
  3. Provides an objective baseline to measure progress.

scopeCost of the project is mainly based on the scope of project and time available to project. Scope, time and cost are interrelated, if there is more time to complete the project the cost may be less compared to having less time.

As per association of Advancement of Cost Engineers Inc (AACEI) estimates can be divided in to five different classes. Class 5 estimates are less accurate and take less time to prepare and class 1 estimates are more accurate and needs more effort to prepare.

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Accurate cost estimates help you complete a project on-budget. Before you can perform cost estimation, you need to have completed the following processes: Defined scope, Create Work Breakdown Structure, Define activities, Sequence activity , Estimate Resource requirements, Resource rates, Historical Information. Tools and Techniques used to create cost estimates are:Analogous Estimation, Parametric Estimation, Contingency and Management Reserves, Resource Cost Rates Estimation, Bottom-up Estimation. Outputs from cost estimating process are Cost estimates, Supporting details, Cost Management Plan

The Presenter

Margini Patel is a Certified Project Management Professional (PMP) from Project Management Institute (PMI) and a Certified Cost Engineer (CCE) from Association for The Advancement of Cost Engineers International. (AACEI).

marginiShe is a Bachelor of Electrical Engineer from India and presently she is working for Professional Engineer license (P.Eng.)

She has a more than 17 years of industry experience in Electrical Engineering and Cost Consulting Services to Public and Private sectors in Canada, United States, India, and Nepal. Her areas of expertise does not limited to Costing but also includes Project Management services from Estimating, Value Engineering, Benefit Cost analysis, Cost Monitoring and Cost Control, Life cycle analysis, capital cost analysis.

Being Accredited Professional in LEED (Leadership in Energy and Environmental Design ), she analyses the impact of project on Environment. Presently she is working as a Senior Technical Officer at Ontario Power Generation, with Outage Planning and Execution group of Nuclear Refurbishment.