Name: Project Budgeting and Cost Estimating
Start: 2021-10-10
End: 2021-10-14
Location: Dubai

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Course Methodology

This course relies on the use of individual and group exercises aimed at helping participants learn all the key activities related to project budgeting and cost estimation. The course also features the use of a number of case studies and role plays by participants followed by discussions. In addition, this course 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
Develop a business case and utilize capital budgeting techniques to evaluate long-term investments used in a project
Develop accurate estimates and identify different methods for estimating a project’s overall costs
Develop a project cost baseline and project budget and explain contingency and management reserves allocated for the project
Identify project variance and calculate project performance metrics using earned value analysis
Identify different cost-saving strategies for projects and apply continuous improvement concepts on project 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. Meirc is assigned as a Registered Educational Provider (REP) with the Project Management Institute (PMI®). This course is worth 30 Professional Development Units (PDUs).

Target Competencies

Project management
Project planning
Budgeting
Cost estimating
Earned value analysis
Cost savings

Overview
- Project management processes
- Project life cycle
- 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 work breakdown structure
- Estimation accuracy
- Cost estimating techniques
  - Expert judgement
  - Analogous estimating
  - Parametric modeling
  - Bottom-up estimating
  - Three-point estimating
Project budgeting
- Cost aggregation
- Preparing budgets
- Types of costs
- Contingency reserves
- Cost baseline
- Management reserves
- Funding limit reconciliation
- Cashflow management
- Project cost optimization
Earned value management
- Variance analysis
- Earned value analysis
- Cost performance metrics
- Schedule performance metrics
- Forecasting your project
- To-complete-performance index
- Control account management
Continuous improvement and cost saving strategies
- Cost of quality
- Cost saving strategies for projects
  - Optimize the use of labor
  - Smooth workloads
  - Improve quality of your processes
  - Shorten the project duration
  - Manage procurement
- Value stream mapping

Meirc Professional Certificate (MPC)

MPC certified courses by Meirc Training and Consulting are designed for those willing to challenge themselves and go the extra distance. Participants who fully attend an MPC course and successfully complete the test on the last day, will receive a Meirc Professional Certificate (MPC), in addition to the one they receive for attendance. MPC certificates are regionally recognized and can be quite valuable when applying for more senior roles within the organization or outside.