Project Scheduling, Budgeting & Cost Control
-
COURSE DATES AND LOCATIONS
DATE
Duration
LOCATION
FEES
Book Now
-
INTRODUCTION
Project scheduling is just as important as cost budgeting as it determines the timeline, resources needed, and reality of the delivery of the project. Project managers that have experience are better able to properly dictate the tasks, effort and money required to complete a project. Managers and customers expect to get value for money. A significant number of projects have been cancelled or are seen as a failure because they ran too far over budget. This training course will present the participants with straightforward approaches to developing a cost baseline and setting up a cost tracking system so that the budget is well managed during the project’s life cycle.
-
COURSE OBJECTIVES
By the end of the course, you‘ll be able to:
- Understand the benefits of good project cost control for successful project outcomes
- Use best practice to minimize costs and negative impacts
- Describe a typical project cost management life cycle
- Explain the action required at each phase of the project cost management life cycle and understand the significance of each phase
- List the key attributes of cost necessary to understand and manage cost effectively
- Explain the key steps required to improve project estimates, budget and cost base lining, performance measurement and analysis, cost monitoring and control during project execution and interpreting and reporting project performance throughout a technical project life cycle
- Specify key quantitative measures for determining the project performance using Earned Value Management
- Provide meaningful project progress reports using EVM together with forecasts of likely outcomes and management options to correct where necessary
- Apply this cost management process to a simple case study
-
COURSE AUDIENCE
This course is made for:
- Project managers
- Project team leaders
- Project planning engineers
- Finance personnel
- Program managers
- Brand managers
- Purchasing manager
- Business excellence officer
- Compliance officer
-
COURSE OUTLINE
DAY ONE:
An Overview of Project Management
- Basic Project Management Definitions
- The PMI PMBoK Project Management Processes
- Project Phases and Life Cycles
- Typical Project Terminology
- Setting-up for Success
- The Project Cost Management Processes
DAY TWO:
Developing the Project Schedule – Estimating Cost
- Understanding Project Management Inputs to Estimating Cost
- Creating the Work Breakdown Structure (WBS)
- Work Packages as Building Blocks
- Estimation Techniques
- Optimizing the Schedule
- Estimating the Overall Project Cost
DAY THREE:
Developing the Project Budget – Determining Budget
- Understanding Project Management Inputs to Determining Budget
- Estimating Personnel, Materials and Equipment Costing including Overheads Cost Aggregation
- Considering the Risk Management Process, Risk Response Planning and Risk Reserves
- Estimating Risk Response Costs, and Reserve or Contingency Cost
- The S-Curve for Risk and for Cost
DAY FOUR:
Utilizing Control Accounts and Effectively Controlling Project Costs
- Control Accounts and the Control Account Plan (CAP)
- Understanding What Measures are Required
- Change Control Processes and Re-baselining the Cost Performance Baseline
- Understanding Project Management Inputs to Controlling Costs
- Identifying and Managing Hours Worked
- Tracking Costs
DAY FIVE:
Project Performance Measurement, Interpreting and Reporting EVM Results
- What is Earned Value Management (EVM)?
- What are the main measures used for EVM?
- Analyzing Results
- Interpreting Results and Considering Options to Redress Unacceptable Variances
- Forecasting and Developing Response Plans
- Reporting EVM to Senior Management and Customers
