Lesson 6: Budget Estimation and Project Planning

Date: September 11, 2025
Session Time: 8:00am-12:00pm EST
Duration: 4 hours (including 15-minute exercise)

Key Learning Objective

Estimating project costs accurately and creating comprehensive project plans through systematic analysis and planning techniques.

Lesson Overview

This session teaches fundamental project management skills including cost estimation, timeline development, and risk assessment for construction projects.

Main Activities (3 hours 45 minutes)

  • Cost estimation methods and best practices
  • Project planning frameworks and tools
  • Risk identification and mitigation strategies
  • Timeline development and critical path analysis
  • Budget tracking and management systems

15-Minute Exercise: Mini Project Budget

Exercise Description

Create a detailed budget estimate for a small deck component (e.g., 10' x 10' section) using systematic cost estimation techniques and create a simple project timeline.

Materials Needed

  • Calculator
  • Spreadsheet software or paper
  • Previous materials research
  • Notebook for calculations
  • Timer or clock

Exercise Steps (15 minutes)

  1. Scope Definition (2 minutes)
  2. Define the specific component (e.g., "10' x 10' deck section")
  3. List all materials needed (from previous research)
  4. Identify any tools or equipment required

  5. Note any special requirements or constraints

  6. Cost Calculation (8 minutes)

  7. Calculate material costs using your research data
  8. Estimate labor hours (if applicable)
  9. Add 10% contingency for unexpected costs
  10. Calculate total estimated cost

  11. Break down costs by category (materials, labor, tools, etc.)

  12. Timeline Creation (3 minutes)

  13. Create a simple timeline with 3-5 major steps
  14. Estimate duration for each step
  15. Identify any dependencies between steps

  16. Note any critical path items

  17. Risk Assessment (2 minutes)

  18. Identify 2-3 potential risks or challenges
  19. Note potential cost impacts
  20. Suggest one mitigation strategy for each risk

Deliverable

  • Detailed cost breakdown by category
  • Total estimated cost with contingency
  • Simple project timeline with steps and durations
  • Risk assessment with mitigation strategies

Success Criteria

  • Cost estimates are based on research data
  • Timeline is realistic and logical
  • Contingency is included appropriately
  • Risks are identified with practical mitigation strategies

Integration with Overall Project

This exercise develops the budgeting and planning skills essential for the full project and establishes the framework for tracking costs and progress throughout construction.

Previous Session: Lesson 5: Materials Research
Next Session: Lesson 7: Design Finalization