Certified Estimating Professional

Certified Estimating Professional (CEP) A CEP is a professional with vital expertise to contribute to the economic evaluation of potential projects by supporting the development of budgets, project resource requirements and value engineering. By applying the estimating body of knowledge as outlined in AACE’s Recommended Practice 46R-11, the CEP estimates costs of a determined scope in order to advise management on project funding decisions. The CEP’s ability to clearly communicate cost estimates, both verbally and written, to all project stakeholders is critical to their success.

What is the target audience?

This is a highly recommended program for all construction industry professionals, viz., Project Managers, Engineers, Consultants, Cost Estimators, Controllers, Accountants, Quantity Surveyors or anyone who leads, manages or supports project planning and execution.

Course Outline Cost, Pricing and Cost Estimation 1. Cost Elements 2. Pricing 3. Materials, Labor, Engineering and Equipment’s 4. Economic Costs and estimation 5. Activity-Based Cost Management 6. Estimating Modules and techniques 7. Types of estimates 7. Process Product Manufacturing Estimates 8. Discrete Product Manufacturing Estimates Cost Estimating Professional 1. Estimating Knowledge 2. Estimating Principles

3. Estimating Process 4. Estimating Practices

Planning, Scheduling, Progress and Cost Control 1. Progress Measurement and Earned Value 2. Earned Value for Variable Budgets 3. Tracking Cost and Schedule Performance 4. Performance and Productivity Management 5. Understanding Time Management Environment 6. The three major independencies 7. Introduction to Networks tools and techniques (AON - AOA) 8. Precedence Diagram Method (PDM) the philosophy and the art 9. Arrow Diagram Method (ADM) the philosophy and the art 10. Activity duration estimates (CPM - PERT - Monte Carlo) 11. Crashing and Fast Tracking

Project Management and Economic Analysis 1. Project Management Fundamentals 2. Project Organization Structure 3. Project Planning 4. Project Labor Cost Control 5. Leadership and Management of Project People 6. Quality Management 7. Value Analysis 8. Contracting for Capital Projects 9. Strategic Asset Management

10. Basic Engineering Economics 11. Applied Engineering Economics

Statistics, Probabilities and Risk 1. Statistics and Probability 2. Basic Concepts in Descriptive Statistics 3. Risk Management

At the end of this course you will have: 

  

A basic understanding of the definitions of cost estimation, cost control and planning.

You will also be able to read cost engineering reports and put it in the perspective of your project.

The basic knowledge to prepare and evaluate estimates quicker and more accurately. This will immediately have its effect on the control you have on the cost of your project.

The ability to make your own factor estimates and validate factor estimates prepared by others.

The knowledge to identify major cost risks of engineering. Together with the estimating methods this means you will be able to estimate the engineering involved in your projects.

Eligibility Requirements  

8 years industry related experience or 4 years industry related experience + 4-year industry related college degree Adherence to AACE's Canons of Ethics

Examination Structure     

5 hours maximum 119 simple, multiple choice and compound, scenario questions 1 memo writing assignment with a given scenario and instructions for writing a response in an onscreen text box Closed Book Any style, battery operated calculator permitted (not provided by the testing center)

Submit Application Instructions and fees 

All candidates must make application and remit payment online or submit a downloadable application with payment information provided.

Certification fees are: US$ 500 for AACE Members and US$ 625 for Non-Members. All fees are non-refundable.

Pass the examination To become a CEP, an overall passing score of 70% must be achieved in the multiple choice exam & one written memo question

Recertification The purpose of recertifying is to ensure that the candidate maintain the same level of knowledge originally demonstrated when you passed the written examination.

Individuals holding CEP certifications must recertify every three years from the date of their original certification. Recertification is required to assure that AACE International Certified individuals are competent with new and current developments within their field.

Two Ways to Recertify  

The Professional Credit Plan is the most popular choice for recertification. It requires the accumulation of 15 recertification points over a 3 year period Examination.

Sit for the exam. Recertification by reexamination requires you to pass the certification examination every 3 years.