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Certified Estimating Professional (CEP)

June 13, 20223Targets

Date: 3, 10 DEC, 2022

Time: 8:00AM to 5:00PM

Credits: 1799 CAD

Location: Virtual

Register
Registration fees (GST not included):

2̶0̶9̶9̶ ̶C̶A̶D̶ normal registration

1799 CAD (1399 USD) Earlybird registration

  • Earlybird discount is applicable until 14 days before the workshop.
  • Free cancelation until 7 days before the workshop.
  • no extra fee for changing the dates of the workshop at any time.
  • Any refund request made up to 7 days before the event will be subjected to a 10% deduction.
  • 20% discount for students or groups of 3 or more
Fees include:

  • Course materials and sample tests
  • Assistance in paper writing
  • Certificate of Participation

 

Contact us:

+1 (403) 889 9733

info@3targets.com

CEP, or Certified Estimating Professional, is a professional with vital expertise in the economic evaluation of supporting the development of budgets, project resource requirements, and value engineering to sustain potential projects’ development. The Certified Estimating Professional (CEP specialist) applies the estimating body of knowledge as outlined in AACE’s Recommended Practice 46R-11. The CEP is responsible to estimate the costs of a determined scope to advise management on project funding decisions.

The Requirements of Becoming a Certified Estimating Professional

Communicating verbal and written cost estimates to all project stakeholders is critical to the success of a CEP. 

Becoming a qualified CEP demands a strong understanding of the dexterities and knowledge used to practice the profession. 

Eligible cost estimators integrate their knowledge of cost elements, analysis, and other enabling knowledge throughout their estimating activities. According to  AACE Recommended Practice 10S‐90 in Cost Engineering Terminology, the term “project cost estimator” defines: “Project cost estimators predict the cost of a project for a defined scope, to be completed at a defined location and point of time in the future. Cost estimators assist in the economic evaluation of potential projects by supporting the development of project budgets, project resource requirements, and value engineering. They also support project control by providing input to the cost control baseline. Estimators collect and analyze data on all factors that can affect project costs such as materials, equipment, labor, location, duration of the project, and other project requirements.” 

As you can learn from the definition above, the CEP’s estimations are crucial to the effort of other cost engineering disciplines. 

Why is Cost Estimation Important?

The cost estimation becomes the basis for the budget used in the project’s cost control. Also, it is best to use the project’s cost estimation for the economic evaluation. The forecasted measures are helpful for resource analysis in the project’s schedule. 

Therefore, as part of supporting skills and knowledge, the professional project cost estimator must understand how other cost engineering disciplines may use their estimation. Hence, the definition of a cost estimator relates to the duties that the experienced estimating practitioner performs.

What are the Benefits of the 3Targets CEP Course?

 

  • Learning about the definitions of cost estimation, cost control, and cost planning with the ability to read cost engineering reports and put them in the project’s perspective.
  • The knowledge to organize and assess estimations quicker and more accurately with the skills and knowledge of cost estimating.
  • This knowledge will directly influence your control over the project’s cost.
  • As a CEP specialist, you would be able to assemble and validate the projects’ estimation factors.
  • In the 3Targets CEP course, you can learn how to identify significant cost risks of engineering. 
  • We teach you how to manage suspense in your project through an adequate risk management plan.
  • You will get familiar with contract management.
  • With the 3Target’s CEP course, you gain in-depth knowledge of the Total Cost Management framework.
  • You will gain a thorough knowledge of the mechanisms & procedures of cost estimating and control.
  • Improving your project management skills with adequate planning and scheduling

With these methods, you can calculate the cost of engineering involved in your projects.

3Target’s Certified Estimating Professional Course Description:

The AACE International designed the Certified Estimating Professional (CEP) certification program to demonstrate certifications for the individuals working in the estimating field. 

This certification program will allow professionals to validate their skills and knowledge and distinguish their ability with the proficiency and dexterities that impact their carrier’s bottom line.

With the validation of AACE’s CEP certification, exam, and experience, employers identify those who meet the program’s competency standards of an industry leader.

The AACE CEP Eligibility Requirements:

  • Eight years industry related experience or
  • Four years industry pertaining experience + 4-year industry-related college degree (Related degrees include engineering, building construction, construction technology, business, economics, accounting, construction management, architecture, computer science, mathematics, etc.)
  • Adherence to AACE’s Canons of Ethics

Recertification is required every 3 years by earned credits or exam.

 

Certified Estimating Professional Examination Structure:

The AACE’s Certified Estimating Professional examination is a closed book exam. You can use Any style of a battery-operated calculator. These are the CEP exams’ structure:

  • 5 hours maximum
  • 119 simple, multiple-choice, and compound scenario questions
    • Domains: Basic Estimating Knowledge, Complex Estimating Problems, and Estimating Process & Practices
  • One writing assignment with a given scenario and instructions for registering a response in an onscreen text box
Workshop Schedule

CEP Upcoming Workshop

Certified Estimating Professional Course Outline

  • Identification of certification eligibility requirements
  • To prepare eligible candidates for the CEP exam by reviewing the AACE recommended study materials
  • Overviewing the subjective materials that you might encounter during the exam
  • Working through various samples and different types of questions for each subject
  • Present a guide line to writing the Memo portion of the exam

Who Should Participate in 3Target’s CEP Course?

The Certified Estimating Professional course is a recommended program for all construction industry professionals, Project Managers, Engineers, Consultants, Cost Estimators, Controllers, Accountants, Quantity Surveyors, or anyone who leads, manages, or supports project planning and execution.

Course outline

Section 1: Supporting Skills and Knowledge

  1. Elements of Cost
  2.  Elements of Analysis
  3. Enabling Knowledge

Section 2: General Estimating Concepts

  1. Cost Estimating Terminology
  2. Cost Estimate Classification
  3. Estimate Variability
  4. Uncertainty
  5. Estimating Algorithms
  6. Code of Accounts
  7. Historical Data

Section 3: Estimating Processes & Practices

  1. Planning the Estimate
  2. Estimating Methodologies
  3. Quantification
  4. Costing
  5. Pricing
  6. Estimate Conditioning
  7. Risk, Evaluation and Contingency Determination
  8. Estimate Documentation
  9. Estimate Reconciliation
  10. Estimate Review and Validation
  11. Estimate Reporting
  12. Estimate Closeout

Section 4: Other Estimating Issues

  1. Bidding
  2. Budgeting
  3. Project vs. Life Cycle Costing
  4. Cash Flow and Forecasting
  5. Cost Control Baseline
  6. Project vs. Product Costs

Section 5: Additional Studies

  1. Internationalization
  2. Building Information Modeling (BIM)
  3. Change Order Estimating

Section 6: Economic Analysis

  1. Basic Engineering Economics
  2. Applied Engineering Economics

Section 7: Statistics, Probability, & Risk

  1. Statistics & Probability
  2. Basic Concepts in Descriptive Statistics
  3. Risk Management
Register

About 3Targets Consultants Ltd.

3Targets Consultants is run and operated by a group of professors from Canadian universities and highly qualified experts from the construction and energy industries. Core competencies are:

  • Project and portfolio management in the building
  • Heavy and industrial construction industries
  • The oil and energy sectors

3Targets offers team building and alignment services, project health check and recovery, benchmarking studies, lessons learned systems, project fast tracking, and project risk management. Reputable professional organizations such as the Project Management Institute (PMI) acknowledge our services globally.

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Contact Us

2632 Signal Ridge View SW, Calgary, AB T3H 3G1, Canada

info@3targets.com

+1 (403) 889-9733

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