Project Budgeting & Cost Management

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Project Budgeting & Cost Management

Project Budgeting and Cost Management – Establishing and Controlling Your Project’s Planned Expenditures

Managers and customers expect to get value for money.

A significant number of projects have been canceled or are seen as a failure because they ran too far over budget.

This Project Management training seminar on Project Budgeting and Cost Management 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 lifecycle.

This course places an emphasis on a variety of tools and techniques used for the purpose of preparing a financial budget for projects and monitoring variances over a period of time in the process.

This course begins with defining the project and the various elements involved through the Work Breakdown Structure.

It provides a walkthrough of the process of developing a project plan and a milestone plan which determine the project budget.

The content expands further and delves into the complexities of formulating the project budget using the time and material system leading to the creation of a capital budget.

Once the budget is determined, you will focus on a variety of methods that could be deployed in raising project financing including the basic concepts of Angel and Venture Capital Financing, as well as aspects associated with Public-Private Partnerships.

The course further undertakes a walkthrough of the process involved in carrying out a basic capital investment appraisal of the project and considers basic aspects of risk and sensitivities associated with the actual project results.

Finally, the course concludes with an overview on monitoring the actual financial performance of the project with reference to the Stage of Completion Method and how variances are determined and reported to senior management in the process.

This is officially accredited PMI course.

You might be interested in other Project Management programs as a next step.

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  • View Schedule
  • COURSE TYPE Intermediate
  • COURSE NUMBER
  • DURATION 5 Days
  • COURSE ACCREDITED BY PMI

YOU WILL LEARN HOW TO

The 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

Benefits of Attending:

Review the basics of project management

Understand the differences between project and operational management

Gain insight into feasibility evaluation of projects

Understand different techniques used to support capital investment decisions

Explore alternative means of accessing and tapping into project finance resources

Understand critical forms of Public-Private Partnerships in project finance initiatives

Learn to manage and account for risks in projects

Analyse project risk using appropriate techniques

Gain insight into monitoring financial performance on projects

Identify and evaluate deviations from financial plans

IMPORTANT COURSE INFORMATION

Participants who fully attend this course and complete the test on the last day will receive a Strategic Axis Professional Certificate (SAPC). SAPC certificates are regionally recognized and can be quite valuable when applying for more senior roles within the organization or outside.

This is an approved course for PMI recertification credits.

COURSE OUTLINE

Modules:

Module 1: 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 – estimate costs, determine budget and control costs

Assessing project risk

Managing change and version control

Project closure

Module 2: Developing the Project Schedule – Estimating Cost and Budgeting

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

Identifying project options

Developing the capital budgets

Forecasting demand

Understanding alternative revenue models and pricing structures

Module 3: 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

Cash flow analysis

Investment techniques – the Net Present Value (NPV)

The internal rate of return

Profitability index

Payback period

Accounting rate of return

Ranking mutually exclusive projects

Modified IRR

Investment evaluation and capital rationing

Incremental cash flow analysis

Replacement decisions

The problem of unequal lives

Inflation and taxation issues

Module 4: 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

Using the Expected Net Present Value Method

Attitudes to project risk

Alternative forms of risk

Describing and measuring risk

Adjusting the NPV formula for risk

Risk analysis in practice

Module 5: Project Performance Measurement, Interpreting and Reporting EVM Results

What is Earned Value Management (EVM)?

What are the primary 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

Structuring a project finance company

The mechanics of non-recourse financing

Public-Private Partnerships

Angel Financing and Venture Capital

Bank and loan financing

Other methods of financing

Module 6: Monitoring The Financial Performance Of A Project

Tracking and monitoring costs of a project

Completion and cost estimation techniques

Developing variance analysis for projects

Establishing tolerance levels and change controls

  • In The Classroom

  • Live, Online

  • Private Team Training

  • Indiviual Private Session

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