Cost Estimation Masterclass

Accurate cost estimation is a critical skill that supports effective planning, budgeting, decision-making, and project success across all industries. Whether in projects, operations, procurement, or finance, the ability to estimate costs realistically and consistently helps organizations control spending, allocate resources wisely, and reduce financial risk. Poor cost estimates often lead to budget overruns, delays, and loss of stakeholder confidence.

BOOST designed the Cost Estimation – Basic Level program to provide participants with a clear and practical foundation in cost estimation principles, techniques, and terminology. This course is structured for professionals who are new to cost estimation or who are involved in estimating activities without formal training. It focuses on building fundamental understanding rather than advanced financial modeling, ensuring accessibility and practical relevance.

The program introduces participants to the purpose of cost estimation, different cost types, estimation methods, and the factors that influence cost accuracy. Participants will learn how to break down work, identify cost elements, apply basic estimation techniques, and document assumptions clearly. Emphasis is placed on structured thinking, transparency, and consistency in estimating practices.

Through guided discussions, practical exercises, and real-life examples, participants will develop the confidence to prepare basic cost estimates, support budgeting and planning activities, and communicate cost information effectively within their organizations.

• Understand the role and importance of cost estimation in planning and decision-making
• Identify different types of costs and cost components
• Understand the relationship between scope, time, resources, and cost
• Apply basic cost estimation techniques and approaches
• Break down work into cost elements using structured methods
• Recognize common sources of estimation error and risk
• Prepare simple, clear, and well-documented cost estimates
• Support budgeting, planning, and cost control activities