Project Cost Control – A project with poor control is a project that is out of control.
Cost is one of the key performance indicators for projects. Involved in controlling costs are processes centered around planning, estimating, budgeting, financing, funding, and managing costs so that the project can be completed within the approved budget.
Increasingly more robust economic conditions mean increasingly tighter project budgets and a more aggressive focus on meeting a financially on-target delivery.
Every project involves cost management. Whether its delivery is internal or external to the organization, every project has a cost implication to the organization’s bottom-line profit, cash flow, and overall financial well-being.
Poor estimates, unrealistic budgets, ROI’s falling short of expectations, poor change control, and generally poor financial management usually reflect a lack of knowledge and awareness of the processes, tools, and techniques that are available for managing project costs effectively.
Our practical Project Cost Control workshop focuses on providing the knowledge, techniques and practical application of project costing tools to support participants in successfully managing project cost, thus ensuring the maximization of business returns.
Participants will be guided through a practical and best practice process-oriented approach to managing cost and will take back to the workplace the ability to apply this knowledge within a realistic and structured framework.
Project Cost Control provides participants with real-world tools to manage the complex problems surrounding schedule and cost management.
Students will learn a variety of tools and techniques to see what works and what does not in the real world of project management. This course will help prepare you for the PMI Project Scheduling Professional (PMI-SP)® certification exam.
You might be interested in other Project Management programs as a next step.
Learn with us, and wherever you are in the world, we’ll help you achieve the qualifications that will set you apart.
This one-day training course equips you with the ability to prepare and control budgets, and confidently manage costs within your project’s commercial framework.
Participants will learn to apply proven methods for preparing estimates, developing and tracking budgets, and use Earned Value Analysis (EVA) to ensure that the forecasted benefits and Return On Investment (ROI) are achieved.
During the training course you will address three broad themes that underpin project cost:
*The project budget – What is the project budget and how does it compare to the final cost
*Cost estimating – How do we develop an estimate of the cost – and does this differ between client, designer, and contractor
*Risk and value – How are risk and value incorporated into the budget
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.
The importance of managing costs effectively in a project
The Three Cost Management Processes – Estimate Costs, Determine Budget, Control Costs
Lifecycle costing and activities
Estimating in the construction industry
Estimating through the product stages
An overview understanding of the critical financial factors in any project undertaking
An awareness of the types of costs inherent in projects, as well as the kinds of benefits/returns to be gained by them:
Costs: Sunk, Variable, fixed, Direct, Indirect, Opportunity, Depreciation
Returns: ROI, PV, NPV, IRR, Payback Period, Benefit Cost Ratio
The contractors tender pre-estimate
An appreciation for the foundations of effective cost estimating:
Effective Scoping, Building a detailed Work Breakdown Structure, Risk and reserves Planning
Practical revision of the essential steps for creating a work breakdown structure and considering risks
What is involved in cost estimating
3 Principal project estimate types and respective accuracy levels
Basic Estimating tools and techniques
3-point, Bottom-Up, Analogous, Parametric, effort and resource, time-cost-quantity
Wideband Delphi project estimation technique
Variation and delays
Presenting the project budget using graphs, spreadsheets and Microsoft Office Project
Guidelines for producing accurate bids
Introducing the Project Cost Management Plan
Tracking and measuring performance with Earned Value Management (EVM)
Continuous improvement – minimizing waste
Consequences of decisions
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