Advanced Project Financial Planning Budgeting, Cost Estimating, Control and Life Cycle Costing
September 18 – September 22 \ 2022 : London
October 02 – October 06 \ 2022 : London
November 06 – November 10 \ 2022 : London
Introduction
The aim of this IACT course is to explain the techniques for scheduling a project,
establishing time-cost relationships, resource management methods, different types
of cost estimates, and expanding one’s cost estimating skills. Practical examples will
be given to increase familiarity with the various methods and their components, with
the goal of preparing cost estimates and project schedules as accurately as possible
What You Will Learn
Þ Explain the techniques for scheduling a project
Þ Establishing time-cost relationships
Þ Different types of cost estimates, and expanding one’s cost estimating skills
Objectives
At the end of the course, participants will be able to ;
Þ Understand the benefits of good project cost control for successful project outcomes.
Þ Use best practice to minimise costs and negative impacts.
Þ Describe a typical project cost management life cycle.
Þ Explain the action required at each phase of the project cost management life cycle and
understand the significance of each phase.
Þ List the key attributes of cost necessary to understand and manage cost effectively.
Þ Explain the key steps required to improve project estimates, budget and cost baselining,
perfomance measurement and analysis, cost monitoring and control during project execution
and interpreting and reporting project performance throughout a technical project life cycle.
Þ Specify key quantitative measures for determining the project performance using Earned Value Management (EVM).
Þ Provide meaningful project progress reports using EVM together with forecasts of likely outcomes and management options to correct where necessary,
Þ Apply this cost management process to a simple case study,
Who should attend this Course?
Þ Programme Managers and other Senior Personnel responsible for the governance of projects
Þ Finance Personnel that are interested in expanding their understanding of how project cost data is used to manage the entire life-cycle of projects. These participants will gain insights into how cost data influences financial feasibility, project selection, detailed budgeting and cash flow planning as well as change management and other mechanisms that leverage costs to control project execution.
Þ Project Managers and Project Team Leaders who wish to build upon and consolidate their project management skills
Þ Project Planning Engineers and Heads who need to develop their project management skills
Course Methodology
The course uses self-assessments and a wide mix of business cases that promote healthy discussions around the importance of managing multiple tasks, deadlines and priorities. Participants will benefit from role plays covering workplace challenges related to handling tasks, deadlines and priorities. They will learn how to deal with conflicts that may arise as a result. Interactive team exercises are also used with each team presenting their findings and comments.
This interactive training course includes the following training methodologies as a percentage of the total tuition hours:
- 30% Lectures, Concepts, Role Play
- 30% Workshops & Work Presentations, Techniques
- 20% Based on Case Studies & Practical Exercises
- 20% Videos, Software & General Discussions
Pre and Post Test
Outline
DAY 1:
An Overview of Project Management
Þ Basic Project Management Definitions
Þ The PMI PMBoK® Project Management Processes
Þ Project Phases and Life Cycles
Þ Typical Project Terminology
Þ Setting-up for Success
Þ The Project Cost Management Processes – estimate costs, determine budget and control costs
DAY 2:
Developing the Project Schedule – Estimating Cost
Þ Understanding Project Management Inputs to Estimating Cost
Þ Creating the Work Breakdown Structure (WBS)
Þ Work Packages as Building Blocks
Þ Estimation Techniques
Þ Optimising the Schedule
Þ Estimating the Overall Project Cost
DAY 3:
Developing the Project Budget – Determining Budget
Þ Understanding Project Management Inputs to Determining Budget
Þ Estimating Personnel, Materials and Equipment Costing including Overheads Cost Aggregation
Þ Considering the Risk Management Process, Risk Response Planning and Risk Reserves
Þ Estimating Risk Response Costs, and Reserve or Contingency Cost
Þ The S-Curve for Risk and for Cost
DAY 4 :
Utilising Control Accounts and Effectively Controlling Project Costs
Þ Control Accounts and the Control Account Plan (CAP)
Þ Understanding What Measures are Required
Þ Change Control Processes and Re-baselining the Cost Performance Baseline
Þ Understanding Project Management Inputs to Controlling Costs
Þ Identifying and Managing Hours Worked
Þ Tracking Costs
DAY 5 :
Project Performance Measurement, Interpreting and Reporting EVM Results
Þ What is Earned Value Management (EVM)?
Þ What are the main measures used for EVM?
Þ Analysing Results – variances, performance indices and forecasting
Þ Interpreting Results and Considering Options to Redress Unacceptable Variances
Þ Forecasting and Developing Response Plans
Þ Reporting EVM to Senior Management and Customers
Fees:
The Fee for the seminar, including instruction materials, documentation, lunch, coffee/tea breaks & snack is:
3.750USD$
Schedule:
08:30 – 10:15 First Session
10:15 – 10:30 Coffee Break
10:30 – 12:15 Second Session
12:15 – 12:30 Coffee Break
12:30 – 14:00 Third Session