Overview
Course Methodology
This course relies on individual and group exercises to help participants learn all the critical activities related to project budgeting and cost estimation. It also features several case studies, participant role-plays, and discussions. In addition, it incorporates pre- and post-testing.
Course Objectives
By the end of the course, participants will be able to:
- Explain the project cost management process and develop project cost management plans
- Build a business case and utilize capital budgeting techniques to evaluate long-term investments used in a project
- Provide accurate estimates and identify different methods for estimating a project’s overall costs
- Develop a project cost baseline and a project budget, and explain contingency and management reserves allocated for the project
- Identify project variance and calculate project performance metrics using earned value analysis
- Apply different cost-saving strategies for projects and implement continuous improvement concepts on a project's overall finances
Target Audience
Project managers who seek to estimate costs for the activities of their projects, manage project budgets, and learn the different methods that can help in saving project costs.
Target Competencies
- Project management
- Project planning
- Budgeting
- Cost estimating
- Earned value analysis
- Cost savings
Note
Meirc has been reviewed and approved by the PMI® Authorized Training Partner Program. This course is worth 30 Professional Development Units (PDUs).
Course Outline
- Overview
- Project management benefits
- Project life cycle
- Project S-curve
- Project cost management processes
- Cost management plan
- Capital Budgeting
- Business case
- Capital budgeting techniques
- Benefit/Cost Ratio (B/C)
- Return on Investment (ROI)
- Payback Period (PBP)
- Net Present Value (NPV)
- Internal Rate of Return (IRR)
- Decision Tree/Expected Monetary Value (EMV)
- Cost Estimation
- Building a Work Breakdown Structure (WBS)
- Cost estimating techniques
- Analogous estimating
- Parametric modeling
- Bottom-up estimating
- Three-point estimating
- Project Budgeting
- Cost aggregation
- Contingency reserves
- Management reserves
- Funding limit reconciliation
- Cashflow management
- Project cost optimization
- Cost Saving Strategies for Projects
- Optimizing the use of labor
- Managing procurement
- Value stream mapping
- Smoothing workloads
- Shortening the project duration
- Generating creative cost-saving initiatives
- Control Account Management
- Control account elements
- Control Account Manager (CAM)
- Earned Value Analysis (EVA)
- Schedule and cost performance indicators
- Corrective actions and control account adjustments
Schedule & Fees
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