CERTIFIED ESTIMATING PROFESSIONAL (CEP)
Master the Science and Strategy of Cost Estimating for Project Success and Professional Certification
Course Schedule
| Date | Venue | Fees |
|---|---|---|
| 11 – 15 May 2025 | Dammam, KSA | USD 3495 per delegate |
Course Introduction
The Certified Estimating Professional (CEP) credential, awarded by AACE International, sets the global benchmark for excellence in project cost estimating. This course is designed to prepare professionals with the knowledge, skills, and exam-readiness needed to achieve CEP certification and elevate their capabilities in cost estimating across industries.
This intensive five-day training provides a comprehensive understanding of estimating principles, methodologies, and techniques used in capital projects and operational cost planning. Participants will gain practical tools for estimate classification, risk assessment, cost modeling, documentation, and validation—all aligned with AACE’s Total Cost Management (TCM) framework.
Course Objectives
By the end of this course, participants will be able to:
• Apply AACE’s cost estimate classifications and methodologies appropriately
• Understand and use key cost estimation tools, practices, and terminologies
• Develop conceptual, definitive, and detailed estimates across the project lifecycle
• Assess estimate accuracy, uncertainty, and risk using quantitative methods
• Prepare for and confidently sit the CEP certification exam
Why you Should Attend
• Earn international recognition by preparing for the AACE-CEP certification
• Learn how to produce high-quality estimates that improve project outcomes
• Gain in-depth understanding of estimate classifications, cost drivers, and documentation
• Enhance your ability to assess cost risk, escalation, and contingencies
• Expand your professional value in engineering, construction, oil & gas, and infrastructure sectors
Intended Audience
This program is designed for:
• Cost estimators and engineers
• Project controls and planning professionals
• Quantity surveyors and financial analysts in capital projects
• Construction and EPC professionals
• Anyone seeking AACE CEP certification
Individual Benefits
Key competencies that will be developed include:
• Expertise in cost estimation practices across estimate classes 5 to 1
• Ability to perform estimate risk analysis and cost uncertainty modeling
• Proficiency in preparing cost estimate reports, basis documents, and presentations
• Confidence to pass the AACE CEP certification exam
• Expanded professional credibility in project estimating
Organization Benefits
Upon completing the training course, participants will demonstrate:
• Enhanced estimating accuracy and reduced cost overruns
• Improved project budgeting and forecasting
• Stronger integration between project planning, controls, and estimating functions
• Increased organizational readiness for competitive bids and tenders
• Elevated standards of estimating across projects and business units
Instructional Methdology
The course follows a blended learning approach combining theory with practice:
• Strategy Briefings – Review of AACE standards, estimate classification systems, and exam blueprint
• Case Studies – Real-world cost estimate development and validation examples
• Workshops – Hands-on preparation of conceptual and detailed estimates using AACE guidelines
• Peer Exchange – Discussion on estimation practices across sectors and projects
• Tools – Estimate templates, cost breakdown structures (CBS), and CEP exam prep resources
Course Outline
DETAILED 5-DAY COURSE OUTLINE
Training Hours: 7:30 AM – 3:30 PM
Daily Format: 3–4 Learning Modules | Coffee breaks: 09:30 & 11:15 | Lunch Buffet: 01:00 – 02:00
Day 1: Foundations of Cost Estimating
Module 1: Introduction to CEP and AACE Standards (07:30 – 09:30)
• Overview of CEP certification requirements and competencies
• Total Cost Management Framework
• Cost estimating terminology and professional ethics
Module 2: Estimate Classifications and Methodologies (09:45 – 11:15)
• AACE Class 5 to Class 1 estimates
• Deterministic vs. probabilistic estimating
• Order of magnitude and parametric techniques
Module 3: Cost Breakdown Structures and Data Sources (11:30 – 01:00)
• Work breakdown structure (WBS) vs. cost breakdown structure (CBS)
• Estimate component structures: materials, labor, equipment, indirects
• Cost databases and benchmarking
Module 4: Workshop – Class 5 Estimate Development (02:00 – 03:30)
• Hands-on: develop a conceptual estimate using limited scope data
Day 2: Estimate Development and Documentation
Module 1: Detailed Estimate Techniques (07:30 – 09:30)
• Unit cost estimating, assembly costing, productivity rates
• Engineering and procurement cost estimating
• Direct and indirect costs
Module 2: Basis of Estimate (BOE) Documentation (09:45 – 11:15)
• Components of a complete BOE
• Defining assumptions, exclusions, and escalation
• Writing an audit-friendly estimate report
Module 3: Estimate Review and Validation (11:30 – 01:00)
• Internal peer review process
• Cross-checks and benchmarking
• Estimate confidence and maturity assessment
Module 4: Workshop – Class 3 Estimate and BOE Drafting (02:00 – 03:30)
• Participants create a structured BOE with estimate summary
Day 3: Risk and Contingency in Estimating
Module 1: Risk Identification and Classification (07:30 – 09:30)
• Types of estimating risks
• Risk registers and alignment with WBS
• Qualitative risk rating
Module 2: Quantitative Risk Assessment Techniques (09:45 – 11:15)
• Monte Carlo simulation and sensitivity analysis
• Range estimating and three-point estimates
• Building risk models for contingency
Module 3: Contingency, Escalation, and Reserves (11:30 – 01:00)
• Difference between contingency and reserve
• Escalation indices and calculation methods
• Allowances and scope uncertainty
Module 4: Workshop – Risk-Based Estimate (02:00 – 03:30)
• Estimate risk modeling using sample project data
Day 4: Estimate Integration and Review
Module 1: Integration with Scheduling and Project Controls (07:30 – 09:30)
• Time-phasing costs and cash flow forecasts
• Estimate-to-schedule alignment
• Estimate roll-up for budgeting
Module 2: Cost Modeling and Software Tools (09:45 – 11:15)
• Tools for cost modeling (Excel, proprietary systems)
• Cost model structures and outputs
• Customizing templates and workflows
Module 3: Estimate Lifecycle and Handover (11:30 – 01:00)
• Linking estimates to project controls, procurement, and change management
• Archiving and lessons learned
• Estimate closeout
Module 4: CEP Exam Preparation Strategies (02:00 – 03:30)
• Review of sample exam questions
• Study planning, exam tips, and practice session
Day 5: Final Review and Case Integration
Module 1: Comprehensive Case Study (07:30 – 09:30)
• Apply all techniques to a full-scope project scenario
• From Class 4 to Class 2 estimates
Module 2: Participant Presentations and Peer Review (09:45 – 11:15)
• Present estimate strategy, results, and documentation
• Group feedback and benchmarking
Module 3: Certification and Career Planning (11:30 – 01:00)
• Continuing development after CEP
• How to document and submit experience
• Value of CEP across industries
Module 4: Final Wrap-Up & Certificate Ceremony (02:00 – 03:30)
• Course summary and participant Q&A
• Issuance of certificates
Certification
Participants will receive a Certificate of Completion in Certified Estimating Professional (CEP) Exam Preparation, acknowledging their advanced understanding of project cost estimating practices aligned with AACE International standards and their readiness for the official CEP certification exam.