Project Budgeting & Cost Management

Establishing and Controlling Your Project's Planned Expenditures

Format availability:

In-Person, Online streaming

Duration:

5 Days

Introduction to the course

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 Project Budgeting & Cost Management 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.

This Project Budgeting & Cost Management training course 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

Course details

This training 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.

This Project Budgeting & Cost Management training course will enable participants to:

  • Understand the benefits of good project cost control for successful project outcomes
  • Use best practice to minimise 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 baselining, perfomance 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 (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

Participants will develop advanced project management performance and control skills and knowledge through formal and interactive learning methods. This Project Budgeting & Cost Management training course includes case studies, group discussion and critical analysis of case material based on a fictional housing construction project.

Although this training course does not assume prior knowledge of the topics covered in the training course, some knowledge of or exposure to project management training will be an advantage. New concepts and tools are introduced gradually to enable delegates to progress from the fundamental to the more advanced concepts of project cost planning, monitoring and control.

This Project Budgeting & Cost Management training course helps organisations to benefit from:

  • Increased organizational maturity due to the application of consistent cost governance procedures with regard to projects
  • Increased visibility into sources of cost
  • Improved employee skills around the cost implications of determining and scheduling project activities
  • Improved control over project outflows through professional budget management techniques
  • Improved customer relationships by using project costs to effectively control project implementation

Participants will benefit from:

  • Applying generally accepted practices that apply to diverse projects in multiple industries
  • Gaining insights into the power of a project framework to approve and control expenditure
  • Project management experience can open up the doors to rapid promotion

  • Programme Managers and other Senior Personnel responsible for the governance of projects
  • 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.
  • Project Managers and Project 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 have the responsibility for planning, monitoring and controlling, and reporting on project budget and cost performance
  • Project Management Professionals

Daily Agenda

DAY 1:
An Overview of Project Management
{heading_content}In this module the participants will learn the PMI PMBoK® globally accepted standard approach to managing projects. This will provide the context for developing and managing the project budget. This module will cover::
  • 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 – estimate costs, determine budget and control costs
DAY 2:
Developing the Project Schedule – Estimating Cost
{heading_content}The basis for good cost control is the development of an accurate Work Breakdown Structure (WBS) on which the work packages depend for accurate estimation. In this module, we will create the overall project schedule and learn how the project cost is tied to each individual project activity. This module will cover::
  • Understanding Project Management Inputs to Estimating Cost
  • Creating the Work Breakdown Structure (WBS)
  • Work Packages as Building Blocks
  • Estimation Techniques
  • Optimising the Schedule
  • Estimating the Overall Project Cost
DAY 3:
Developing the Project Budget – Determining Budget
{heading_content}Whether working on a simple or complex project all project managers need to develop an accurate budget based on the total resources required for their project. Here the participants will learn how to create the detailed budget and the cost baseline necessary for project control. This module will cover::
  • 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 4:
Utilising Control Accounts and Effectively Controlling Project Costs
{heading_content}In this module, the participants will learn about setting up Control Accounts, the Project Cost Performance Baseline and the necessary steps to monitoring and controlling the project budget. This module will cover::
  • 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 5:
Project Performance Measurement, Interpreting and Reporting EVM Results
{heading_content}Whether or not the project manager is familiar with Earned Value Management, it is rapidly becoming the favoured means of tracking project performance. In this module, the participants will learn that for large, complex projects the most accurate way to track progress and performance is through Earned Value Management. Participants will learn about measuring and interpreting EVM results and how to report project status to senior management and customers. This module covers::
  • What is Earned Value Management (EVM)?
  • What are the main measures used for EVM?
  • Analysing Results – variances, performance indices and forecasting
  • Interpreting Results and Considering Options to Redress Unacceptable Variances
  • Forecasting and Developing Response Plans
  • Reporting EVM to Senior Management and Customers

Frequently Asked Questions

There are no prerequisites. Our courses are open to students of all backgrounds who are 18 years of age and older. All courses are conducted in English. Video lectures include English subtitles and the option to slow-down, pause, or replay lectures for better retention. Discussion boards are a critical component of each of our courses; therefore, we suggest students have a conversational knowledge of English when pursuing a Certificate of Completion. For any of the art writing courses, students need to be 100% proficient in written English.

You should have an up-to-date web browser such as: Chrome, Safari, Firefox, or Internet Explorer. For more detailed information, please see the guides for supported browsers and basic computer specifications. Our Online Courses can be accessed on a mobile or tablet device, although we strongly encourage you to have access to a desktop or laptop computer and reliable internet connection for certain course components. Former students have told us it is easiest to read discussion threads and complete written assignments on a laptop or desktop computer.

Registration is available on our website. Just follow these simple steps: Click the “Apply Now” button in the top right corner of your screen. Select “Online Courses.” Choose your course(s). You will be asked for basic contact information and your credit card payment. We require full payment at the time of registration and all tuition is billed in US dollars. Be sure to check with your bank or credit card company, as your financial institution may charge a foreign transaction fee.

Our classes are kept small, at no more than 30 students, to better facilitate and encourage personalized interaction with the instructor and fellow participants. Your classmates come from all over the globe and contribute their global perspectives and experience. Some are currently working within the arts while others are just beginning. All classmates share in their passion for the art world.

It is recommended that you begin your course promptly. If you do need to start the course a few days late, contact your instructor as soon as possible after the course has opened to discuss your options. Registration closes on the Friday after the course begins.

Enroll now

Click on a date to enroll and save your seat
Dubai
17-21 Jun 2024
Fee: $5,950
London
29 Jul-02 Aug 2024
Fee: $5,950
Barcelona
21-25 Oct 2024
Fee: $5,950
Dubai
16-20 Dec 2024
Fee: $5,950
Online streaming
26-30 May 2025
Fee: $3,950
Course customization available
Course customization available

This training course is available to be conducted at your own pace & at your own time. Request for a quotation now and our training advisor will contact you shortly

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