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  • March 14
  • 1:00 - 2:30 pm EST

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Audio & Reference Manual

Calculating the Cost of a Change

March 14

You need a lot more than a calculator to determine and forecast change costs in construction.

Changes on construction costs are inevitable. That means that often-difficult negotiations of the appropriate price for the change are also inevitable. The objective of this topic is to help systematically strip away the mystery, the magic, the misconceptions, and the uncertainty surrounding the pricing of changes. Contractors will learn what they must include to be made whole. Owners will learn both what they should pay and what they shouldn't pay. CMs, attorneys, and the consultants and accountants that advise them will learn what is needed to accurately and persuasively price a change. The focus is on the hard topics - the legitimate damages associated with delay, the real costs of inefficiency, and the balancing concerns when pricing acceleration. Review the sometimes controversial areas of unabsorbed home office overhead, interest, and consequential damages.

Learning Objectives

- You will be able to define methods of calculations.

- You will be able to explain the difference between standard versus impact change orders.

- You will be able to identify delay, acceleration, and inefficiency costs.

- You will be able to discuss mitigation of impact costs.

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Agenda

Methods of Calculating a Standard Change Order
  • Estimates
  • Actual Cost
Standard Change Order Pricing
  • Labor, Equipment, Material, Subcontractors
  • Field and Home Office Overhead
Calculating Delay, Acceleration, and Inefficiency Costs
  • Labor and Material Cost Escalation
  • Idle Equipment
  • Extended Field Overhead
  • Home Office Overhead
Other Costs
  • Interest, Bonds, Consulting and Legal Fees, Consequential Damages
Mitigating Costs
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Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Webinar

This program format does NOT qualify, nor meet the National Standard for NASBA accreditation.

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Audio & Reference Manual

This program format does NOT qualify, nor meet the National Standard for NASBA accreditation.

Who should attend?

This live webinar is designed for construction and project managers, engineers, presidents, vice presidents, owners, architects, CFOs, controllers, accountants and contract managers.

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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Scott Lowe, P.E.

Scott Lowe, P.E.

Trauner Consulting Services, Inc.

  • Principal with Trauner Consulting Services, Inc.
  • Expert in critical path method scheduling, construction claim preparation and evaluation, dispute resolution, development specification, contract administration, and cost analysis
  • Recognized as a national expert regarding specifications, and procurement and contracting methods for the construction industry, particularly in the areas of innovative delivery, procurement, and contracting methods
  • More than 30 years of experience in the engineering and construction industry
  • Served as a lecturer and presenter at national industry conferences and workshops on these topics
  • Has facilitated meetings and workshops to discuss and implement changes in contracting policies and procedures to manage risk and improve performance
  • Past chairman of the Construction Management Association of America’s time management committee which developed CMAA’s Standard of Practice and Procedures for Time Management
  • Co-wrote the books, Construction on Contaminated Sites and Construction Delays: Understanding Them Clearly, Analyzing Them Correctly
  • Registered professional engineer in more than 10 states
  • Graduate, Northwestern University
  • Can be contacted at [email protected]
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Product ID: 401699
Published 2016, 2018
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