Code Date Venue Fees
PM037 17 - 21 Dec 2017 Abu Dhabi - UAE $4,500 Register
PM037 24 - 28 Jun 2018 Dubai - UAE $4,750 Register
PM037 21 - 25 Oct 2018 Dubai - UAE $4,750 Register
PM037 16 - 20 Dec 2018 Abu Dhabi - UAE $4,750 Register
Home » Seminars » Project Management » Project Budgeting & Cost Management

Introduction

Managers and customers expect to get value for money. A significant number of projects have been cancelled or are seen as a failure because they ran too far over budget. This five-day training seminar 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.

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

Objectives

This 5-day training seminar 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 practice to minimise 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 cost necessary to understand and manage cost effectively
  • Explain the key steps required to improve project estimates, budget and cost baselining, perfomance 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

Training Methodology

Participants will develop advanced project management performance and control skills and knowledge through formal and interactive learning methods. The training seminar includes case studies, group discussion and critical analysis of case material based on a fictional housing construction project.

Although the training seminar does not assume prior knowledge of the topics covered in the course, some knowledge of or exposure to project management training will be an advantage. New concepts and tools are introduced gradually to enable delegates to progress from the fundamental to the more advanced concepts of project cost planning, monitoring and control.

Who Should Attend?

  • 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

Seminar Outline

DAY 1

An Overview of Project Management

In this module the participants will learn the PMI PMBoK® globally accepted standard approach to managing projects. This will provide the context for developing and managing the project budget. This module will cover:

  • 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

DAY 2

Developing the Project Schedule – Estimating Cost

The basis for good cost control is the development of an accurate Work Breakdown Structure (WBS) on which the work packages depend for accurate estimation. In this module, we will create the overall project schedule and learn how the project cost is tied to each individual project activity. This module will cover:

  • 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

DAY 3

Developing the Project Budget – Determining Budget

Whether working on a simple or complex project all project managers need to develop an accurate budget based on the total resources required for their project. Here the participants will learn how to create the detailed budget and the cost baseline necessary for project control. This module will cover:

  • 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

DAY 4

Utilising Control Accounts and Effectively Controlling Project Costs

In this module, the participants will learn about setting up Control Accounts, the Project Cost Performance Baseline and the necessary steps to monitoring and controlling the project budget. This module will cover:

  • 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

DAY 5

Project Performance Measurement, Interpreting and Reporting EVM results

Whether or not the project manager is familiar with Earned Value Management, it is rapidly becoming the favoured means of tracking project performance. In this module, the participants will learn that for large, complex projects the most accurate way to track progress and performance is through Earned Value Management. Participants will learn about measuring and interpreting EVM results and how to report project status to senior management and customers. This module covers:

  • What is Earned Value Management (EVM)?
  • What are the main 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

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Project Budgeting & Cost Management


Upcoming Dates

Code Date Venue Fees
PM037 17 - 21 Dec 2017 Abu Dhabi - UAE $4,500
PM037 24 - 28 Jun 2018 Dubai - UAE $4,750
PM037 21 - 25 Oct 2018 Dubai - UAE $4,750
PM037 16 - 20 Dec 2018 Abu Dhabi - UAE $4,750

Project Management Institute (PMI)® has reviewed and approved GLOMACS as a Global Provider of project management training. This is a PMI® Approved/Registered training seminar and hence attendance to this training course will enable those credentialed with PMI® to receive applicable PDUs upon updating their status with PMI®.

REP logo, PMI & PMP are registered trademarks of Project Management Institute, Inc.

Introduction

Managers and customers expect to get value for money. A significant number of projects have been cancelled or are seen as a failure because they ran too far over budget. This five-day training seminar 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.

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

Objectives

This 5-day training seminar 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 practice to minimise 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 cost necessary to understand and manage cost effectively
  • Explain the key steps required to improve project estimates, budget and cost baselining, perfomance 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

Training Methodology

Participants will develop advanced project management performance and control skills and knowledge through formal and interactive learning methods. The training seminar includes case studies, group discussion and critical analysis of case material based on a fictional housing construction project.

Although the training seminar does not assume prior knowledge of the topics covered in the course, some knowledge of or exposure to project management training will be an advantage. New concepts and tools are introduced gradually to enable delegates to progress from the fundamental to the more advanced concepts of project cost planning, monitoring and control.

Who Should Attend?

  • 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

SEMINAR OUTLINE

DAY 1

An Overview of Project Management

In this module the participants will learn the PMI PMBoK® globally accepted standard approach to managing projects. This will provide the context for developing and managing the project budget. This module will cover:

  • 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

DAY 2

Developing the Project Schedule – Estimating Cost

The basis for good cost control is the development of an accurate Work Breakdown Structure (WBS) on which the work packages depend for accurate estimation. In this module, we will create the overall project schedule and learn how the project cost is tied to each individual project activity. This module will cover:

  • 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

DAY 3

Developing the Project Budget – Determining Budget

Whether working on a simple or complex project all project managers need to develop an accurate budget based on the total resources required for their project. Here the participants will learn how to create the detailed budget and the cost baseline necessary for project control. This module will cover:

  • 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

DAY 4

Utilising Control Accounts and Effectively Controlling Project Costs

In this module, the participants will learn about setting up Control Accounts, the Project Cost Performance Baseline and the necessary steps to monitoring and controlling the project budget. This module will cover:

  • 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

DAY 5

Project Performance Measurement, Interpreting and Reporting EVM results

Whether or not the project manager is familiar with Earned Value Management, it is rapidly becoming the favoured means of tracking project performance. In this module, the participants will learn that for large, complex projects the most accurate way to track progress and performance is through Earned Value Management. Participants will learn about measuring and interpreting EVM results and how to report project status to senior management and customers. This module covers:

  • What is Earned Value Management (EVM)?
  • What are the main 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

Quality Logo

GLOMACS is registered with NASBA as a sponsor of Continuing Professional Education (CPE) on the National Registry of CPE Sponsors. NASBA have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.learningmarket.org.

 

All Training Seminars delivered by GLOMACS by default are eligible for CPE Credit.

Quality Logo

GLOMACS is proud to be an approved Registered Education Provider (R.E.P.) with PMI®. As an R.E.P. GLOMACS is qualified to issue applicable Professional Development Units (PDUs) to participants of any of its PMI® registered/approved seminars where one (1) PDU is equivalent to one (1) contact hour of training.

REP logo, PMI & PMP are registered trademarks of Project Management Institute, Inc.



© 2017. Material published by GLOMACS shown here is copyrighted.
All rights reserved. Any unauthorized copying, distribution, use, dissemination, downloading, storing (in any medium), transmission, reproduction or reliance in whole or any part of this course outline is prohibited and will constitute an infringement of copyright.

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Tel : +971 - 04 - 425 0700, Fax : +971 (04) 425 0701, Email : info@glomacs.ae

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