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overview
Key Learning Outcomes
- Become familiar with the integration of cost estimation into
- project management processes and procedures
- Understand the importance of the central role and importance
- of managing costs throughout a project lifecycle
- Put in practice critical planning, scheduling and control
- procedures in your projects
- Utilise work management techniques such as the Work Breakdown Structure (WBS); the Work Package and the Cost Breakdown Structure (CBS)
- Estimate costs and deal with cost escalations and reductions
- Apply the key aspects of managing a project budget effectively
Who Should Attend
This course is designed for professionals involved in heavy industry and complex projects wanting to make successful project cost estimations and keep budgets under control. This includes:
- Project Engineers, Owners/Managers
- Project Controller, Planners, Scheduler, Consultant and Specialists
- Programme Executive, Controller, Managers
- Cost Controller, Engineers and Managers
- Construction Managers, Administrators
- Procurement & Contract Managers, Administrators
- EPC Contractors, Subcontractors and equipment/material suppliers
- Quantity Surveyors
- Technical Directors
Testimonials
“The trainer was engaging and examples provided were interesting.”
– Project Manager, Intergraph
“Good discussion with instructor and group activities were a nice way to get interactive.”
– Business Development Consultant, Hexagon
“Well presented, good material and the course was very interesting.”
– Project Administration and Monitoring Dept. Head, PT. MRT Jakarta
“Topics are very interesting; the speaker spoke clearly, well organized and easily understand his lessons.”
– Accountant, Department of Energy
“I like how the story telling was in line with the context, speaker provides simple explanations and examples and his presentation and communication skills are good.”
– Business Development Manager, Glow Energy Co. Ltd
Digital Badge
Upon completion of this training course, participants will earn a digital badge.
Earners of Project Cost & Scheduling Management Certificate have practical skills in cost estimating, budget & timeline management especially within complex project environment & heavy industry. They are familiar with various work management techniques including Work Breakdown Structure, Cost Engineering, Project Life Cycle Management, Costs & Performance Tracking , Change Orders Management, and many more
Skills:
project management, cost estimation, scheduling, budget control, resource management, cost control, procurement, performance monitoring, PESTEL, WBS, work breakdown, proejct scope, cost engineering, change orders, cost breakdown stucture, tracking
Eligibility:
Attend and participate in the 2 full days of training course duration, led by the designated training expert
Available to:
Seminar attendees
Agenda
TOPIC 1: OVERVIEW
- Overview of the importance of managing project costs and budgets
Team Exercise: Analysing the role/influence of costs on different project components
TOPIC 2: IMPORTANCE OF PROJECT COST SCHEDULING
- Key features of projects
Quick Exercise: Examination of areas of interface between project functions and project cost scheduling
TOPIC 3: PROJECT ESTIMATION
- Definition of project estimation
- The role of project estimation in stakeholder expectations
- Key reasons for estimation error
- Impacting factors on estimation
- Cost components of the estimation process
- Other key components of the estimation process
Team Exercise: PESTLE analysis and the project estimation process
TOPIC 4: WHY MANAGE PROJECT COSTS?
- Overview
- Significant behavioural factors of increased project costs
TOPIC 5: THE CRITICAL CENTRALITY OF THE PROJECT SCOPE:
- Overview of project scope
- Common problems associated with project scope
- Scope vs. cost
- Project initiation and scope
- The project business case and scope
- Tangible/intangible benefits associated with the project scope
- Project planning and scope
- Project scope vs. project lifecycle
TOPIC 6: THE PROJECT LIFECYCLE – IT’S RELEVANCE TO COST MANAGEMENT
- Overview
- Cost and project initiation
- Cost and project planning
- Cost and project execution
- Project closeout costs
TOPIC 7: PROJECT RESOURCE MANAGEMENT
- Classifying Resources
- Utilising the Resource Breakdown Structure (RBS)
- Cost/Time/Resources (CTR) and Project Planning
- The Critical Problem of Constraints
- ‘Trade-off’ Decision making
- Project ‘Crashing’ explained
- Project ‘Fast Tracking’ explained
- Lead Time Management
TOPIC 8: THE WORK BREAKDOWN STRUCTURE (WBS)
- Overview
- Uses of the WBS
- Common WBS problems
- Key roles of the project WBS
- Creating a WBS
- The WBS ‘dictionary’
- The Work Package
- Scope vs. cost
- Project initiation and scope
Team Exercise: Understand how to utilise the WBS
TOPIC 9: THE COST BREAKDOWN STRUCTURE (CBS)
- Overview
- Examples of project costs
- Key elements of a CBS
- Key benefits of utilising a CBS
Team Exercise: Creating and using the CBS
TOPIC 10: INTEGRATING PROJECT COST AND SCHEDULE
- Overview
- Why integrate?
- Advantages of an integrated cost and schedule
- Ideas for achieving integration
- Structuring an integrated cost/schedule on a project
- Cost/schedule integration and risk
- The project control system
Individual Exercise: Development of a suitable Project Control System
TOPIC 11: COST ENGINEERING
- Some basic concepts – cost overruns; cost escalations; contingency costs
- Factors that cause cost overruns
- Some inputs into determining contingency budgets
Day 2
TOPIC 12: THE COST ESTIMATION PROCESS
- Developing an initial cost estimate
- The cost estimation process
- Inputs into the cost estimation process
TOPIC 13: DEVELOPING A BASE ESTIMATE
- Overview
- The development process
- Writing a well prepared base estimate
- The basis of costs
TOPIC 14: COST ESCALATION AND COST REDUCTION
- Overview
- The concept of the price escalation clause in a
- contract
- Methods for cost reduction
TOPIC 15: THE PROJECT BUDGET
- Key aspects of a project budget
- The budgetary process
- Factors that impact on the budgetary process
- Common methodologies of creating a project
- budget
TOPIC 16: COSTING OUT WORK ELEMENTS
- Overview
- Key considerations for costing out work elements
- The advantages of standardisation
- Budget overruns
Team Exercise: Planning the project budget
TOPIC 17: PROJECT VARIATION AND CHANGE ORDERS
- Overview
- Reasons for variation/change orders
- Other impacting factors
Case Study: ‘The dangers of doing someone a favour’
TOPIC 18: TRACKING COSTS AND PROJECT PERFORMANCE
- The importance of information
- The tracking elements of a project plan
- Key questions to ask relative to project performance
- Using the WBS to determine current project status
- Project status – budget and expenditure
Team Exercise: Understand how to utilise the WBS
TOPIC 19: FORECASTING COSTS
- Why forecast costs?
- Updating baseline estimates
- A suggested framework for forecasting costs
TOPIC 20: THE RELATIONSHIP BETWEEN COST ESTIMATE ACCURACY AND CONTINGENCY ALLOCATIONS
- Overview
- Some useful ‘tips’ for cost estimate accuracy
TOPIC 21: COURSE CONCLUSION
when & where
07 - 08 Oct 2019
Mandarin Orchard Singapore, by Meritus
333 Orchard Road, Singapore 238867
Tel: +65 6831 6062 | Fax: +65 6737 3130
Mobile No.: +65 8298 9442
Contact Person: Tan Ai Li
Email: [email protected]
Website: www.meritushotels.com
On-site & in-house training
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