Project Scheduling, Monitoring, Budgeting
& Cost Management

Establishing and Controlling
Your Project's Planned Expenditures.

Certified for 4 CPD Points (ECSA)

16 – 19 August 2022 Sandton Centre Johannesburg South Africa

Register Now! Limited Seats Available!

Public R15, 999.00

Online R9, 999.00

Online R9, 999.00

Public R15, 999.00

Online R9, 999.00

Introduction:

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 five-day Project Management training course on Project Scheduling, Budgeting & 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 life cycle.

This 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

Objectives

This 4-day Project Management training course on Project Scheduling, Budgeting & Cost Management 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 training course will enable participants to:

  • Understand the benefits of good project cost control for successful project outcomes
  • Use best practices to minimize 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 the cost necessary to understand and manage cost-effectively
  • Explain the key steps required to improve project estimates, budget and cost baselining, performance 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

Who Should Attend:

  • Electrical Project Engineer
  • 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

Course Outline:

SESSION 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

SESSION 2

Developing the Project Schedule – Estimating Cost

  • Understanding Project Management Inputs to Estimating Cost
  • Creating the Work Breakdown Structure (WBS)
  • Work Packages as Building Blocks
  • Estimation Techniques
  • Optimizing the Schedule
  • Estimating the Overall Project Cost

SESSION   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

SESSION 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

SESSION 5

Project Performance Measurement, Interpreting and Reporting EVM Results

  • What is Earned Value Management (EVM)?
  • What are the main measures used for EVM?
  • Analyzing 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

End of the workshop

IN HOUSE AND ONLINE TRAINING

While both In-House and Online training can present with cost-effectiveness and time-efficacy, there are some very specific differences between in-house courses and those based online.
The demand for additional courses by individuals or groups of people is increasing. Still, it depends entirely on the preferences of a person what type of training he or she wants to receive. Online courses and in-house training carry some similarities but they are considered to exhibit some very pivotal differences too. Despite that, both types of learning can be really beneficial for attendees.

For Registration and other Training arrangements,
contact us on the detail below.
SOUTH AFRICA Tel: +27 11 057 6001
KENYA Tel: +254 11 353 1082
WhatsApp +27 79 574 0389
info@bmktraining.co.za / www.bmktraining.com