Project Estimating: The Fundamentals (CPD)

Understand the fundamentals of Project Estimating

‘Cost estimating’ is a term you’ll hear across almost every industry and especially in project-focused environments like construction, infrastructure, and development. If your current role, or one you’re aiming for, involves project planning or delivery, our CPD- accredited course is perfect for you.

But what is cost estimating?
Simply put, it’s the process of predicting the cost of completing a project, using available data, past experience, and structured methods. It could be as simple as a rough early-stage forecast, or as detailed as a line-by-line breakdown supported by benchmarking and risk analysis.

Good estimates are the foundation of smart decisions. Some inaccuracies may only result in a small budget overrun others could derail entire projects. Getting it right isn’t easy, which is why cost estimating training is so valuable. Even if your next role doesn’t require you to build estimates yourself, understanding the logic behind them will make you a stronger contributor and more informed decision-maker.

Cost estimating isn’t just a technical exercise it’s a skill that connects directly to project success.
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Build Strong Foundations in Cost Estimating – A Critical Input to Better Project Decisions

This course is the ideal starting point for anyone new to cost estimating, offering a practical and accessible introduction to the key principles, techniques, and real-world applications that underpin successful project forecasting.

We strike a clear balance between theory and practice—giving you both the foundational understanding and the confidence to apply estimating methods in real project environments. You'll explore concepts like estimate classifications, methodology selection, risk-adjusted estimating, and communicating estimates effectively.

But what makes this course especially valuable is its relevance beyond estimating roles alone. If you're involved in project investment decisions, capital planning, or business case development, understanding how estimates are built—and knowing what to question—can be a powerful tool. Sometimes, asking just one or two additional questions about an estimate can surface issues early and help avoid costly downstream problems.

We support your learning with practical examples and references to industry standards such as the IPA Cost Estimating Guidance and other best practices from major infrastructure and capital project environments.

The course takes under 3 hours to complete and includes a range of downloadable resources, including estimating exercises you can try yourself—ideal for reinforcing key concepts and applying what you've learned in a hands-on way. Upon completion, you’ll receive a certificate to document your learning and strengthen your CV or project credentials.

Learning Objectives

By the end of this course, learners will be able to:
  • Understand the fundamentals of project cost estimating, including the purpose of an estimate and how it is developed across the project lifecycle.


  • Identify and describe the main types of estimating methodologies, including their strengths, limitations, and appropriate use cases.

  • Make informed decisions about which estimating method to use based on project type, stage, available data, and required accuracy.

  • Interpret and clearly explain estimating ranges, including how they reflect uncertainty and inform decision-making in project forecasting.

  • Define and apply the concepts of “P-Number” and “Confidence Level”, and explain how these are used to express probability and risk in estimates.

  • Explain the purpose of estimate classification systems, including common frameworks used in industry, and understand the potential pitfalls and misapplications.

  • Apply core estimating concepts in practice through a series of interactive exercises designed to reinforce learning, challenge assumptions, and simulate real-world estimating scenarios.

  • Build confidence in reviewing and questioning estimates, empowering learners to contribute meaningfully to investment decisions, business cases, and project reviews.

About the course

During our online risk management course, you will:

Gain Essential Knowledge

Acquire a solid understanding of the fundamental concepts and principles of project estimating, providing you with a strong foundation to navigate uncertainties effectively.

Enhance Professional Skills

Develop practical skills and strategies to identify, assess, and mitigate risks, empowering you to make informed decisions and contribute effectively to project success.

Access Expert Insights

Learn from industry experts and thought leaders who share their own experiences, best practices, and lessons learned. They’ll also provide key risk documents and guidance developed by the UK Government so you can gain more knowledge in your own time. 

Boost Career Prospects

Stand out in the job market by adding a valuable skill set to your resume. Demonstrating proficiency in estimating 101  can open new career opportunities and enhance your prospects for career advancement.

Our Risk Management Course is perfect for:

  • Graduates
  • Consultants
  • Project Delivery Professionals
  • Project Investment Decision Makers
  • Considering a Change of Career

Testimonials

I found the course really informative and it gave me a great understanding of the fundamentals of risk management in a really approachable way. Great graphics and animations too.

Suzanne, Civil Service
A great introduction to data and data in project, would highly recommend the course
Shola A, Civil Service
A really fun and interesting course on the impacts of bias, loved it!
Ben B, Met Police
I would often hear the project term "Front-end-loading" and wanted to find out more, and this course was a great introduction to the topic
Eric, GSK
Brilliant course, the approach and learning style was much clearer than the current PM courses I’m doing in LinkedIn
John, Raytheon
Good to see key concepts and principles explained in a really digestible way
Simon, Senior Consultant
We completed the bias exercise in our team,  and it helped us to better understand the impacts of our biases and was a real eye opener, would recommend
Toby, PMO Lead
I would recommend the courses to anyone new in project delivery consultancy role, affordable, useful and dives into key basics which are often missed!
Sarah, Senior Manager

Course Lessons

Course Contents

Meet the instructor

Andy Nicholls 

Meet Andy Nicholls who has over 49 years of experience in cost forecasting and estimating, including 37 years with the UK Ministry of Defence (MoD) and 12 years in industry.

A former certified cost estimator (SCEA CCE/A) and Major Project reviewer, he has extensive expertise in parametric estimating, risk management, statistics, and cost modelling across the Air, Land, Maritime, and Space sectors. Andy has been formally trained in management consultancy, PRINCE techniques, and technical disciplines such as radar and sonar theory. Since 2016, he has been the Director of VMZ Parametrics Ltd, delivering specialist training, mentoring, and consultancy services to the UK Government, industry, and international clients.

Previously, Andy was a Principal Consultant for Price Systems (2010–2015), where he provided technical support, training, and parametric modelling expertise to customers across Europe, Australia, and the European Space Agency (ESA). His career in the MoD included senior roles in cost forecasting, economic appraisal, and procurement support for major defence programmes valued at up to £2Bn. He played a key role in developing forecasting methodologies, whole life costing models, and knowledge management strategies, contributing to key UK and international defence initiatives. A regular speaker at global cost analysis conferences, Andy has also provided training and lecturing support to Cranfield University, Portsmouth Management Centre, and the Defence Academy



Project Estimating " The Fundamentals" (CPD)

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