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GTA Consulting
Mar 21 2019
Project Budgeting & Cost Management Training  E-mail

Course Overview:
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 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.

The programme will cover:
    The PMI PMBoK global standard for managing projects
    Estimating cost techniques, including the Work Breakdown Structure, Work Packages and risk management considerations
    The S-curves for risk and cost estimates
    Control accounts and change control
    Earned Value Management, performance variances and management recovery options

Pre-Seminar Work
Participants are advised to bring their own project case to use as a case study with the following information:
    A clear overview of their project where they understand the objectives and business case for doing it.
    An Architectural Design diagram (high Level) if appropriate
    A fairly detailed Requirements Specification, Scope statement and/or Statement of Work
    A typical project team organization chart with team skills/roles and day or hour rates
    Budget and timescale constraints/deadlines
    A draft Project Plan, or better, a draft Work Breakdown Structure
The project should be a typical length for their industry – they will apply the principles to this and to a worked example to develop their skills at using the tools and techniques.

Course Objectives:
This course will provide participants with a proven set of methods, processes, tools and techniques to develop a systematic and dynamic project plan to ensure progressive monitoring, control and reporting of project cost. It will enable participants 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 lifecycle
    Explain the action required at each phase of the project cost management lifecycle 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, perfomance measurement and analysis, cost monitoring and control during project execution and interpreting and reporting project performance throughout a technical project lifecycle
    Specify key quantitative measures for determining the project performance using Earned Value Management (EVM)
    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 Summary
This course covers the essential skills that are necessary to perform as an effective project manager during the execution phase of any project. Understanding the fundamental start-up and planning steps is critical to successful project cost control. The course takes participants on a journey from setting up for success through to knowing how to respond to typical project challenges and what to report to stakeholders.

Who Should Attend?
Project managers and team leaders who wish to build upon and consolidate their project management skills. Project planning engineers and heads who need to develop their project management skills; Senior project control and business services professionals who are responsible for planning, monitoring, controlling, and reporting on project budget and cost performance.

For further details contact us