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Certified Cost Technician (CCT) – what will you learn?

Becoming a Certified Cost Technician (CCT) is challenging. In this 9-day course you will demonstrate proficiency in the basic skills and knowledge of total cost management and you will take the necessary steps to become a Certified Cost Technician (CCT). Moreover, by providing the complete scope of estimating, planning and cost control, the course also gives you a great opportunity towards becoming a successful project manager. The Certified Cost Technician (CCT) course is your first step towards occupying a vital position in a project team and towards a successful career in cost engineering or (technical) project management.


Certified Cost Technician (CCT) – eligibility requirements

To become a Certified Cost Technician (CCT), you must have at least 4 years of industry-related experience, or 4 years of appropriate college-level/academic education.
The Certified Cost Technician (CCT) certification was established to give less experienced professionals the opportunity to advance their cost engineering skills and professional development. Moreover, it was developed to become a Certified Cost Technician (CCT) professional, prior to obtaining the prerequisite of 8 years of relevant experience to become certified as a Certified Cost Professional (CCP).


Certified Cost Technician (CCT) – who should attend?

Becoming a Certified Cost Technician (CCT) is challenging. The 9-day Certified Cost Technician (CCT) course is suitable for everyone who is part of any team that executes industrial projects. The course is aimed at graduate engineers (bachelor or master), cost controllers, project engineers, cost estimators, project managers, project cost engineers, discipline leads, members of purchase departments, members of a tendering team, work preparators and all who are involved in technical projects, cost estimation, cost control and planning and contract review in their organization.


Generally, those seeking Certified Cost Technician (CCT) certification represent early-career young professionals who do not yet meet the required years of experience needed to become certified as a Cost Professional (CCP), or experienced mid-to-late career professionals who wish to advance their cost engineering skills.

Outline

DAY I
The role of the cost engineer
The course is introduced by a presentation of the AACE certification process and professional title variations, followed by elaborating on the framework of Cost Engineering and Total Cost Management. The estimating cycle, methodologies, classifications and cost control methodologies are discussed to support the importance of the role of cost engineering in projects. Furthermore, a process overview of the Total Cost Framework is introduced, including topics such as strategic asset management, risk management, project control, etc.

The following major topics are discussed:

  • presentation of the AACE certification
  • introduction to cost engineering
  • the role of the cost engineer
  • the basics of Total Cost Management (TCM)

DAY II
Cost estimating methodologies and classifications
The second day of the course will focus on Cost estimating methodologies and classifications. Important topics are the definition and types of cost elements and their differentiation from pricing (business and economic ratios). In addition, materials and labour are discussed, to assist in identifying project materials and issues involved in selecting and handling materials, classifications of labour rates and how each contributes to the final completed project. Moreover, cost estimating methodologies and classifications to determine estimate accuracy levels are discussed. Practical examples will illustrate the content of the course. A number of quizzes and exercises are included so that you can immediately put your newly acquired knowledge into practice.

The following major topics are discussed:

  • cost elements
  • pricing
  • material
  • labour
  • cost estimating

DAY III
Statistics, economics, and finance
The focus of the third day is on basic knowledge of statistics, economics, and finance. You will be provided with the required elements to understand economic costs, such as inflation, depreciation, escalation, governmental cost impacts, etc., in order to be able to evaluate the differences between two or more alternative courses of action. You will also focus on engineering economics and become familiarized with techniques that assist in the solution of substantial engineering problems. Moreover, you will learn how statistics and probabilities can assist you in examining data in order to draw conclusions. Practical examples will illustrate the content of the course. A number of quizzes and exercises are included so that you can immediately put your newly acquired knowledge into practice.

The following major topics are discussed:

  • economic costs
  • basic engineering economics
  • statistics and probability

 

DAY IV
Planning, cost control, and progress measurement
The focus of day 4 is on planning, cost control, and progress measurement. The importance of planning is discussed as well as understanding its major elements and identifying the available planning tools. In addition, scheduling methods and techniques - including their benefits and risks - are illustrated. Progress measurement and earned value management techniques are dealt with, identifying methods for measuring progress, defining the concepts of earned value, and how to use it in order to analyze cost and schedule performance. Practical examples will illustrate the content of the course. A number of quizzes and exercises are included so that you can immediately put your newly acquired knowledge into practice.

The following major topics are discussed:

  • planning
  • scheduling
  • progress measurement and earned value
  • earned value for variable budgets
  • tracking cost and schedule performance

 

DAY V
Cost engineering fundamentals within project management
On day 5, the fundamentals of cost engineering within project management will be discussed. You will get acquainted with performance and productivity management, project management fundamentals and the project organization structure. In addition, the need and development of proper project planning is illustrated as well as project labour cost control and leadership and managing project people. Questions and exercises will help you put these theoretical concepts into practice.

The following major topics are discussed:

  • performance and productivity management
  • project management fundamentals
  • project organization structure
  • project planning
  • project labour cost control
  • leadership and management of project people

 

DAY VI
Cost management, quality management, value management, and contract management
A broad scope of engineering will be discussed, such as process and product design and production processes, patents and trade secrets, equipment parts, and tools. Activity-based cost management is illustrated to understand its importance with regard to strategic purposes, such as profit margin analysis and asset utilization. Process and discrete product manufacturing is discussed as a means to determine operating and manufacturing costs and to distinguish between different cost types. Quality management, value analysis and strategic asset management are also discussed, as well as their characteristics and importance. To gain practical experience, many exercises and examples are included.

The following major topics are discussed:

  • engineering
  • equipment, parts, and tools
  • activity-based cost management
  • process and discrete product manufacturing
  • quality management
  • value analysis
  • strategic asset management

 

DAY VII
Risk management and common cost engineering practices
On day 7, common cost engineering practices will be explained, such as net present worth and equivalent uniform annual cost or benefit. Practical exercises will help you put the theory into practice. Other topics that will be dealt with include contracting for capital projects to understand the basic requirements of a contract, key clauses, and how to choose among different types. Basic concepts in descriptive statistics are also discussed as a useful means for the analysis of information. A discussion of risk management will help you understand how to develop techniques and methods to deal with anticipated and unanticipated events.

The following major topics are discussed:

  • net present worth and equivalent uniform annual cost or benefit
  • contracting for capital projects
  • basic concepts in descriptive statistics
  • risk management

 

DAY VIII
Comprehensive cost engineering skills and knowledge case
You will take part in a series of twelve assignments that are based on the course material of all previous days. This gives you, with the guidance of your instructors, the opportunity to practice your knowledge in an interactive way, and to thoroughly prepare for the upcoming Certified Cost Technician (CCT) exam.

The following major topics are discussed:

  • assignment 1: discuss estimating plan
  • assignment 2: class 5 estimate preparation
  • assignment 3: discuss basis of estimate preparation
  • assignment 4: questions on cost elements
  • assignment 5: economic feasibility of a project
  • assignment 6: unit conversion
  • assignment 7: equipment factor estimate
  • assignment 8: long term cost of ownership
  • assignment 9: network planning
  • assignment 10: equipment depreciation
  • assignment 11: questions on statistics
  • assignment 12: earned value management

 

DAY IX
Certified Cost Technician (CCT) – exam preparation
This day is devoted to optimally prepare you for the Certified Cost Technician (CCT) exam. You can test your knowledge through a pilot exam that simulates the final exam.

Schedules

No. of Days: 9
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IMF Academy is an independent publisher of distance learning courses and organizer of hot topical classroom based trainings. IMF focuses on business information for managers and decision-makers in large and middle-sized companies and non-profit organizations. During the past 20 years, we gained a solid reputation by providing to-the-point and valuable information about topics both critical and of current interest.

Beside of this, we offer a lot of classroom based trainings. Topics vary from subjects in the area of Information Technology, Finance/Tax, Project Management and (IT) Security Management.

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