Chrome Consultants

Project Cost Management – Budgeting, Tracking & Earned Value

Programme description & objectives

A significant number of projects have been canceled or are seen as a failure because they ran too far over budget. This program is structured to present the participants with straightforward approaches to developing a cost baseline and setting up a cost tracking system so that the budget is well managed during the project’s lifecycle. The programme will cover: - The PMI PMBoK global standard for managing projects - Estimating cost techniques, including the Work Breakdown Structure, Work Packages, and risk management considerations - The S-curves for risk and cost estimates - Control accounts and change control - Earned Value Management, performance variances, and management recovery options

Learning Outcomes

  • Understand the benefits of good project cost control for successful project outcomes
  • Use best practice to minimise costs and negative impacts
  • Describe a typical project cost management lifecycle
  • Explain the key steps required to improve project estimates, budget and cost baselining perfomance measurement
  • Specify key quantitative measures for determining the project performance using Earned Value Management (EVM)
  • Provide meaningful project progress reports using EVM together with forecasts of likely outcomes and management options to correct where necessary

Venues, Dates & Cost

VenuesDublinLondonDubaiEdmonton (CAN)Lagos/Abuja
DatesTBDTBDTBDTBDTBD
Cost$3,900 per participant (USD)(=N=)

For Whom

  • Project Directors and Managers
  • Technocrats and Policy Makers
  • Top and Senior Managers in Private and Public organizations
  • Operations & Supply Chain Managers
  • Manufacturing & Production Managers
  • Relevant Project Stakeholders

Snapshot of course content

  • An Overview of Project Management
  • Basic Project Management definitions
  • The PMI PMBoK® project management processes
  • Project phases and life cycles
  • Typical project terminology
  • Setting up for success
  • The project cost management processes – estimate costs, determine budget and control costs
  • Developing the project schedule – estimating cost
  • Understanding project management inputs to estimating cost
  • Creating the work breakdown structure (WBS)
  • Work Packages as building blocks
  • Estimation techniques
  • Optimising the schedule
  • Estimating the overall project cost
  • Developing the project budget – determining budget
  • Understanding project management inputs to determining budget
  • Estimating personnel, materials, and equipment costing including overheads Cost aggregation
  • Considering the risk management process, risk response planning and risk reserves
  • Estimating Risk Response costs, and Reserve or Contingency cost
  • The S-Curve for risk and for cost
  • Utilising Control Accounts and effectively controlling project costs
  • Control Accounts and the Control Account Plan (CAP)
  • Understanding what measures are required
  • Change Control processes and re-baselining the cost performance baseline
  • Understanding project management inputs to controlling costs
  • Identifying and managing hours worked
  • Tracking costs
  • Project performance measurement, Interpreting and Reporting EVM results
  • What is Earned Value Management (EVM)?
  • What are the main measures used for EVM?
  • Analysing results – variances, performance indices and forecasting
  • Interpreting results and considering options to redress unacceptable variances
  • Forecasting and developing response plans
  • Reporting EVM to senior management and customers