This course teaches the cost engineering tools that are typically encountered in construction management, and is based on the Construction Financials tools in Procore - one of the leading providers of cloud-based applications for construction. Students develop a thorough understanding of the cost management theory, workflows, calculations, documentation, and reporting, and the intricate role of user permissions. Topics include cost control, budget, prime contract, commitments (subcontracts and purchase orders), change events, rough estimates, proposals, change orders, trade allowance tracking, budget transfers, prime invoices, commitment invoices, sub jobs, reporting, and internal auditing. The payment application process and retainage calculations are thoroughly explained. Plan and manage the transition of a prime contract to a Guaranteed Maximum Price (GMP) agreement with a refreshed budget and associated holds and allowances. Develop sound change management workflows.
Students who successfully complete will have:
a) acquired requisite skills to fill the position of a cost engineer on a construction project
b) become proficient in using Procore’s various Construction Financials tools; demand for technically-skilled professionals in the construction software industry is on the rise (students can additionally elect to take the available Procore certification classes), and
c) demonstrated strong knowledge of managing and tracking the cost side of a project, which is crucial for career advancement in construction management.
- Teacher: Bousleiman Salim