The British Academy for Training and Development offers a professional training course in Project Scheduling, Budgeting & Cost Management. This course provides a simple approach to creating cost baselines and establishing a cost-tracking system to ensure that budgets are well-controlled throughout the project lifecycle are provided to the participants. This project planning, budgeting, and cost management training course provides a proven set of skills for developing systematic and dynamic project plans to ensure progressive monitoring, control, and reporting of project costs. This course is provided by a team of internationally experienced Financial group

Who should attend? 

• Senior Personnel responsible for the governance of projects.
• Finance professionals who want to better understand how project cost data can be used to manage the entire project lifecycle.
• Project Team Leaders who wish to expand and strengthen their project management skills.
• Project Planning Engineers and Managers who need to develop their project management skills.
• Senior Project management and Business Services Professionals who have the responsibility for planning, monitoring and controlling, and reporting on project budget and cost performance.
• Project Management Experts.
• Program Managers.

How attendees will benefit? 

After completion of the course, delegates will understand: 

• Understand the benefits of good project cost management for successful project outcomes.
• Use best practices to minimize costs and negative impacts.
• Describe a typical project cost management life cycle.
• Describe the actions required in each phase of the project cost management lifecycle and understand the importance of each phase.
• Identify key cost attributes needed to effectively understand and manage costs.
• Key steps required to improve project estimating, budget and cost baselines, performance measurement and analysis, cost monitoring and control during project execution, and interpretation and reporting of project performance throughout the technical project lifecycle to explain.
• Define quantitative key figures for judging project performance using Earned Value Management (EVM).
• Use EVM to provide meaningful reporting on project progress, predict likely outcomes, and provide management options for remediation if necessary.
• Applying this cost management process to a simple case study.

Project Management Overview:

• Basic project management definition.
• PMI PMBoK® Project Management Process.
• Project Phases and Life Cycles.
• Typical Project Terminology.
• Setting up for Success.
• Project Cost Management Processes – estimating costs, setting budgets and managing costs.

Create Project Schedule – Cost estimate:

• Understanding Project Management Inputs for Cost Estimation.
• Create a Project Structural Plan (WBS).
• Work Packages as Building Blocks.
• Estimation Techniques.
• Schedule Optimization.
• Estimated Total Project Cost.

Create Project Budget - Determine Budget:

• Understanding project management inputs for budget decisions
• Labor, material, and equipment cost estimates, including overhead cost estimates
• Review of risk management processes, risk response plans.
• Estimating risk treatment costs and reserves or contingencies.
• The S-Curve of risk and cost.

Use reconciliation accounts and effectively manage project costs:

• Control Accounts and Control Account Chart (CAP).
• Understand the action required.
• Change management process and re-establish cost performance baselines.
• Understanding project management inputs for cost control.
• Identify and manage working hours.
• Tracking cost.

Measure project performance, interpret and report EVM results:

• What is Earned Value Management (EVM)?
• What are EVM's primary actions?
• Analysing Results - Variances, Performance Indicators and Forecasts.
• Interpret results and consider options for correcting unacceptable variances.
• Anticipate and develop response plans.
• Reporting EVM to senior management and customers.