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.
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