- Positioning, Selling & Presenting Project Management
- Project Management Executive Overview Presentation
- PRINCE2® Executive Overview
- Project Risk Management
- BA Skills for Project Managers
- Project Management Fundamentals (Preparation for the Certificate IV in Project Management Assessment)
- Project Management Professional Development Program (Preparation for the Diploma of Project Management Assessment)
- PMI-PMP/CAPM Exam Preparation Workshop
- PRINCE2® Foundation Level/PRINCE2® Practitioner Level
- Project Management in Practice
- Project Management Skills for Business Analysts
Project Cost Management
| Qualification: | Project Cost Management |
| Course Code: | TC1035 |
| Nominal Days: | 1 |
| Program Area: | Project Management |
Overview
On this page
Increasingly tougher economic conditions means 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 organisation, every project has a cost implication to the organisation's bottom-line profit, cash flow and overall financial wellbeing.
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 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.
WORKSHOP OBJECTIVE
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.
Who this course is forBack to top
This workshop is designed for:
- Project Managers who have not received formal training in Project Cost Management
- Individuals who are about to lead activity on a project
- Project Managers wishing to refresh knowledge, skill and application in Project Cost Management
PREREQUISITES
General Project Management knowledge and experience is essential for attending this workshop. Participants will, ideally, have successfully completed a Project Management Fundamentals workshop and understand the crucial role that cost plays within the project management environment.
PRE-COURSE WORK
In 200 words or less, describe your current approach to Project Cost Management. Please provide a very high level overview of the critical success factors that contribute to your planned delivery.
Industry Certified RecognitionBack to top
7 PROFESSIONAL DEVELOPMENT UNITS (PDUS) AWARDED
PM-Partners group is a Global PMI (Project Management Institute) Registered Education Provider.
Participants who have been awarded the Project Management Professional Certification (PMP®) by the Project Management Institute are eligible to earn 7 PDUs for their participation in this workshop.
Outcomes & Certification EligibilityBack to top
Successful completion of this workshop will enable participants to:
- Clearly understand the cost management discipline and process
- Recognise potential pitfalls and understand avoidance strategies
- Use a cost management estimation and control plan
- Understand the process and importance of:
- Cost Budgeting
- Cost Control
Facilitators of this workshop will use a scenario and case study delivery approach to provide participants with a 'hands-on', multi-faceted and challenging learning experience.
How this course is deliveredBack to top
All workshops may be conducted onsite or at our premises, with experienced facilitators providing group and/or individual instruction. Training is provided through hands-on learning, relevant exercises and the provision of a participant handbook containing training materials, tools, templates and case studies. Our participants are also entitled to complimentary telephone consultation/advice within 60 days of workshop completion.
ASSESSMENT/ASSIGNMENTS
Assessment of competence is established by observation of contribution and participation during case study exercises and group discussion.
Follow-up assignments are not part of this workshop offering, but may be designed and conducted upon request.
OPTIONS & CUSTOMISATION
Optional training modules can be added to this workshop:
- Additional day to cover other aspects of project management.
- Additional 1 day overview of Microsoft Project; a powerful tool for helping you to estimate, plan and control your projects.
- Other options available upon request
This workshop can be cost effectively customised to your business environment using a project scenario from your workplace.
Workshop Content Summary
- Introduction to Managing Project Cost
- The Three Cost Management Processes:
- Financial Considerations
- An awareness of the types of costs inherent in projects, as well as the types 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
- Getting Ready to Estimate
- 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
- Cost Estimating
- 3 Key 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
- Cost Budgeting
- Guidelines for producing accurate bids
- Cost Control
- Tracking and measuring performance with Earned Value Management (EVM)
PRINCE2® is a Registered Trade Mark of the Cabinet Office. MSP® is a Registered Trade Mark of the Cabinet Office. P3O® is a Registered Trade Mark of the Cabinet Office. MoP™ is a trade mark of the Cabinet Office. The APMG Swirl Agile Project Management Device is a trade mark of APM Group Ltd. The Swirl logo™ is a Trade Mark of the Cabinet Office.
