PROGRAM OBJECTIVES
At the end of this program, participants will be able to:
- Discover the benefits of effective project cost control for achieving successful project outcomes.
- Describe the typical lifecycle of project cost management and understand its significance.
- Identify the key steps necessary to enhance project estimates and budgeting.
- Explain the process of cost baselining and its importance in project management.
- Specify key quantitative measures to assess project performance through Earned Value Management (EVM).
- Explore various estimating cost techniques, including the Work Breakdown Structure.
- Consider risk management factors in the cost estimation process.
TARGET AUDIENCE
- Project Managers.
- Business Analysts.
- Team Leaders.
- Product Managers.
- Project Sponsors.
- Professionals involved in project planning.
- Professionals involved in project execution.
DAY 1: Overview of Project Management
- Understand basic project management definitions and processes.
- Explore project phases and life cycles.
- Familiarise with typical project terminology.
- Learn how to set up for success.
- Review project cost management processes - estimating costs, determining a budget, and controlling costs.
DAY 2: Developing The Project Schedule – Estimating Cost
- Understand project management inputs for cost estimation.
- Create a work breakdown structure (WBS).
- Utilise work packages as building blocks.
- Apply estimation techniques to determine overall project cost.
- Optimise the project schedule.
DAY 3: Developing The Project Budget – Determining Budget
- Understand inputs for determining the project budget.
- Estimate costs for personnel, materials, and equipment, including overheads and cost aggregation.
- Consider the risk management process, including risk response planning and reserves.
- Estimate risk response costs and contingency costs.
- Analyse the S-Curve for risk and cost.
DAY 4: Utilising Control Accounts & Effectively Controlling Project Costs
- Learn about control accounts and the Control Account Plan (CAP).
- Understand change control processes and re-baselining cost performance.
- Identify inputs for controlling project costs.
- Manage and track hours worked.
- Explore methods and techniques for cost tracking.
DAY 5: Project Performance Measurement, Interpreting, and Reporting EVM Results
- Define Earned Value Management (EVM) and its main measures.
- Analyse results, including variances, performance indices, and forecasting.
- Interpret results and develop options to address unacceptable variances.
- Forecast outcomes and create response plans.
- Learn how to report EVM results to senior management and customers.
