Edtech Training and Consultancy | Corporate Trainings

Course Description

This intensive five-day program provides project professionals with advanced knowledge and practical skills in budget estimation and rigorous cost control for complex projects. Participants will delve into sophisticated estimation techniques, detailed cost planning, effective budgeting methodologies, and robust control mechanisms essential for managing project finances successfully. The course emphasizes strategies for minimizing cost overruns, maximizing value, and ensuring financial accountability throughout the project lifecycle. Through real-world case studies, advanced analytical tools, and interactive exercises, attendees will learn to forecast accurately, track expenditures, implement corrective actions, and report on project financial performance, ultimately enhancing their ability to deliver complex projects within budget constraints.

Course Objectives

Apply advanced techniques for accurate project cost estimation in complex environments.
Develop comprehensive project budgets aligned with scope and schedule baselines.
Implement robust cost control measures to monitor and manage project expenditures effectively.
Utilize Earned Value Management (EVM) for integrated cost and schedule performance analysis.
Identify, assess, and mitigate financial risks associated with project costs.
Forecast project costs to completion and evaluate financial performance accurately.
Develop effective strategies for managing project funding and cash flow.
Implement change control processes to manage budget variations.
Master advanced cost reporting and communication techniques for stakeholders.
Optimize resource allocation to achieve cost efficiency.
Understand the impact of different contract types on cost management.
Apply value engineering principles to reduce costs without compromising quality.
Drive a culture of cost consciousness and financial discipline within project teams.

Who Should Attend?

This course is designed for project managers, project control specialists, cost estimators, financial analysts, project engineers, program managers, portfolio managers, and senior executives involved in the financial planning, budgeting, and control of complex projects across various industries. It is particularly beneficial for professionals who need to enhance their expertise in managing large-scale budgets and controlling costs effectively in challenging project environments.

Course Agenda

Day 1: Advanced Project Cost Estimation Techniques

Introduction to Project Cost Management in Complex Projects.
Overview of Project Cost Management Processes: Planning, Estimating, Budgeting, Controlling.
Advanced Cost Estimation Techniques
Analogous Estimating (Top-Down) for complex initiatives.
Parametric Estimating: Developing sophisticated cost models.
Three-Point Estimating (PERT) and Monte Carlo Simulation for uncertainty.
Bottom-Up Estimating: Detailed work package costing.
Vendor Bid Analysis and Cost Validation.
Understanding Types of Costs: Direct, Indirect, Fixed, Variable, Sunk.
Cost of Quality and its impact on project budget.
Workshop: Applying different estimation techniques to a complex project scenario.

Day 2: Budgeting and Funding Management

Developing the Cost Baseline: Integrating estimates with the WBS and schedule.
Activity-Based Costing in Project Management
Allocating Costs to Work Packages and Control Accounts.
Contingency Reserves and Management Reserves: Differentiating and applying.
Project Funding Requirements: Managing cash flow and disbursement.
Earned Value Management (EVM) foundational concepts for budgeting.
Understanding different budget structures and coding systems.
Preparing detailed project budget reports for stakeholders.
Practical Exercise: Building a comprehensive project budget and cost baseline.

Day 3: Cost Control and Earned Value Management (EVM)

Implementing Robust Cost Control Systems and Procedures.
Monitoring Project Expenditures: Actual Cost (AC) tracking.
Understanding Planned Value (PV), Earned Value (EV), and Actual Cost (AC).
Calculating and Interpreting Variance Analysis: Cost Variance (CV) and Schedule Variance (SV).
Performance Indices: Cost Performance Index (CPI) and Schedule Performance Index (SPI).
Forecasting Future Performance: Estimate to Complete (ETC) and Estimate at Completion (EAC).
To-Complete Performance Index (TCPI) and its application.
Analyzing project performance using EVM data.
Laboratory Session: Calculating EVM metrics and interpreting project performance.

Day 4: Financial Risk Management and Value Optimization

Identifying and Assessing Financial Risks in Projects: Cost overruns, funding shortfalls, market fluctuations.
Quantitative Risk Analysis for Cost: Sensitivity analysis, decision trees.
Developing Cost Risk Response Strategies: Contingency plans, risk transfer, mitigation.
Managing Project Change Control and its impact on the budget.
Understanding Contract Types and their influence on cost risk (Fixed Price, Cost-Reimbursable, T&M).
Value Engineering and Value Analysis: Identifying cost reduction opportunities without compromising value.
Managing Inflation and Currency Fluctuations in project costs.
Hands-on Practice: Conducting a cost risk analysis and developing risk response plans.

Day 5: Advanced Cost Reporting, Tools, and Best Practices

Designing Effective Cost Reports and Dashboards for various stakeholders.
Financial Reporting and Compliance Requirements.
Leveraging Project Management Software for Cost Management (e.g., advanced features in MSP, Primavera).
Best Practices in Cost Data Collection, Storage, and Analysis.
Post-Project Cost Review and Lessons Learned.
Building a Culture of Cost Consciousness within the Project Team.
Ethical Considerations in Project Cost Management.
Case studies and discussions on real-world cost management challenges.
Final Assessment: Comprehensive case study involving budget estimation, cost control, and financial reporting for a complex project.

Assessment Methodology

All courses conducted by EdTech will begin with a Pre-evaluation and end with a Post-evaluation. The instructor will evaluate the knowledge and skills of the participants according to the feedback given by the participants. This will help to recognize the benefits and the level of knowledge gained by participants through the course.

Training Methodology

Facilitated by a highly qualified specialist, who has extensive knowledge and experience; this program will be conducted using extensively interactive methods, encouraging participants to share their own experiences and apply the program material to real-life work situations in order to stimulate group discussions and improve the efficiency of the subject coverage. Percentages of the total course hour classification are:

40% Theoretical lectures, Concepts and approach
20% Motivation to develop individual skill and Techniques
20% Case Studies and Practical Exercises
20% Topic General Discussions and interaction

Course Manual

Participants will be provided with a comprehensive presentation material as reference manual. This presentation material is a compilation of core valuable information, references, presentation methods and inspiring reading which will be used as a part of material guide.

Course Certificate

At the completion of the course, all participants who successfully accomplished the required contact hours will receive an EdTech Training Participation Certificate as a testimony to their commitment to professional development and further education.

Why Edtech ?

Industry Experienced; Internationally Qualified Trainers

Hands-on Practical Sessions & Assignments

Intensive Study materials

Flexible Schedules

Realistic training methodology

High-Quality Training in Affordable Course Fees
Achievement Certificate, as approved by the Ministry of Education (Abu Dhabi Center for Technical and Vocational Education Training - ACTVET), HABC, AWS, IAOSHE, SHRM, etc.

Budget Estimation & Cost Control For Complex Projects