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ARE 5.0 Project Management Exam Prep

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- Cost Estimating Project Phases

1m 36s

In this ARE 5.0 Project Management Exam Prep course you will learn about the topics covered in the ARE 5.0 PjM exam division. A complete and comprehensive curriculum, this course will touch on each of the NCARB objectives for the ARE 5.0 Project Management Exam.

Instructor Mike Newman will discuss issues related to office standards, development of project teams and overall project control of client, fee and risk management.

When you are done with this course, you will have a thorough understanding of the content covered in the ARE 5.0 Project Management Exam including quality control, project team configuration and project scheduling.

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So, typically as the project is starting out and you're in concept design, it's square foot based, and you're looking at comparable projects, benchmark projects of similar size, or what their cost per square foot and trying to compare that, but then as you move on into design development, you can start to look at more systems, what the systems cost, maybe, as the design has more detail, the cost estimator can really drill in to some harder bid numbers, and oftentimes, a cost estimator will actually have major trades like the structure and the mechanical systems actually bid out or advised by a sub-contractor, and then by the time you get into CDs and you're checking those prices, they're really much more reliable information because all of the detail is in your document, so you kind of build up as you go. And so when doing that, you want a little bit of a cost contingency, so maybe you'd have 10% contingency early on that might go to 5%, just to cover you if you missed anything. It's really a fudge factor and allows you a little bit of flexibility in the budget until things get further defined.

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From the course:
ARE 5.0 Project Management Exam Prep

Duration: 15h 26m

Author: Mike Newman