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INSTRUCTOR:
Nils J. Gransberg, Ph.D., AC, A.M.ASCE
Purpose and Background
Developing the Guaranteed Maximum Price (GMP) for projects procured using alternative project delivery methods that are accurate, reasonable, sufficiently transparent, and mutually acceptable is crucial to successful project delivery. Alternative delivery methods have experienced widespread adoption in the public sector as a way of integrating construction expertise into the design-phase to improve the quality of construction documents and advise on material selection, preferred construction methods, and provide increasing cost and schedule certainty prior to commencing construction.?
This seminar will introduce attendees to the concepts associated with developing GMPs, including Principles of Open-Books Estimating, Integrated Design and Construction Work-Breakdown Structures, Developing the Cost Scope of Work, Pro Forma development, Conceptual Estimating, Detailed Construction Estimates (Lump Sum & Unit Price), Value Analysis & Value Engineering, Developing Risk-Based Contingencies, and GMP Negotiation Techniques. Attendees will apply skills and techniques in practical exercises designed to improve their understanding and confidence developing a negotiated GMP.
Benefits and Learning Outcomes
Upon completion of this course, you will be able to:
- ??1.Explain the principles of Open-Books Estimating.
- 2.?Explain the process and composition of a Guaranteed Maximum Price estimate.
- 3.??Develop and integrate design and construction work breakdown structures.
- 4.??Develop conceptual, unit price, and detailed cost estimates.
- 5.?Identify risks and develop reasonable line-item contingencies.
- 6.??Develop value analysis and value engineering estimates.
- 7.??Explain the fundamentals of negotiating a Guaranteed Maximum Price proposal.?
Assessment of Learning Outcomes
Achievement of the learning outcomes by attendees will be assessed through short quizzes and a final exam.
Who Should Attend?
- ??Civil Engineers
- ?Project Managers
- ?Owner’s Representatives
- ?Architects
- ?Construction Professionals?
Outline
DAY 1
- Introduction to Open-Books Estimating
- ??Integrated Work Breakdown Structures
- ?Developing the Cost Scope of Work
- ??Pro Forma & Conceptual Estimates
- ?Case Study/Practical Exercise
DAY 2
- Detailed Construction Estimates
- ??Contingency Development
- ??Value Analysis & Value Engineering
- ?GMP Negotiation Techniques
- ??Case Study/Practical Exercise?
How to Earn your CEUs/PDHs
This course is worth 1.6 CEUs / 16 PDHs To receive your certificate of completion, you will need to complete a short post-test and receive a passing score of 70% or higher within 30 days of the course.
How do I convert CEUs to PDHs?
1.0 CEU = 10 PDHs [Example: 0.1 CEU = 1 PDH]
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