Course Overview
Projects or businesses cannot be successful without accurate and timely project cost estimating. Estimating is a practice that occurs throughout the project/ business management lifecycle, and so it must be done effectively and efficiently. In today’s firms, cost analysis and budgeting are essential components of management. Companies nowadays are recommended to align their strategies with precise systems of resource allocation and performance evaluation if they desire to remain competitive. In keeping with this, planning, cost tracking, control, and reduction are crucial tasks that businesses must carry out and keep an eye on while they undertake their most crucial aspects.
This training on cost Estimation, budgeting and cost Control is important for professionals and analysts who must improve performance while lowering costs for the processes they are responsible for. In an era of intensifying global competitiveness, where budgets are intrinsically tied to both the accomplishment of strategic objectives and the assessment of upcoming plans and initiatives, this training course equips participants with key cost awareness and budgeting skills.
Course Duration
5 Days
Who Should Attend
- Project managers and team leaders
- Cost estimators and budget analysts
- Financial managers and accountants
- Construction managers and engineers
- Professionals involved in project planning and control
- Anyone seeking to enhance their skills in cost estimation, budgeting, and cost control
Course Objectives
By the end of this course, participants will be able to
- Understand the principles and methods of cost estimation.
- Develop accurate and realistic project budgets.
- Implement effective cost control measures to manage project expenses.
- Analyze variances between estimated and actual costs.
- Utilize cost management tools and software for efficient budgeting and cost control.
- Identify and mitigate cost-related risks in projects.
- Enhance decision-making skills related to project financial management.
- Apply best practices in cost estimation, budgeting, and cost control to improve project performance.
Course Outline:
Module 1: Introduction to Cost Estimation and Budgeting
- Overview of cost estimation and budgeting in project management
- Key concepts and terminology
- Types of cost estimates: preliminary, definitive, and final
- Techniques for cost estimation: analogous, parametric, and bottom-up
- Developing a project budget: components and structure
Module 2: Cost Estimation Techniques and Tools
- Detailed review of estimation techniques: expert judgment, three-point estimating, and reserve analysis
- Using software tools for cost estimation (e.g., Microsoft Project, Primavera)
- Practical exercises in cost estimation
- Case studies and group discussions
Module 3: Budget Development and Management
- Creating and maintaining a project budget
- Allocating resources and assigning costs
- Monitoring and updating budgets
- Managing budget changes and revisions
- Tools and techniques for budget tracking and reporting
Module 4: Cost Control and Performance Measurement
- Importance of cost control in project management
- Techniques for cost control: Earned Value Management (EVM), cost variance analysis
- Identifying and managing cost overruns
- Implementing corrective actions for cost control
- Tools and software for cost control
Module 5: Advanced Topics and Practical Applications
- Risk management and its impact on cost estimation and budgeting
- Best practices in cost management
- Practical applications: hands-on exercises and real-life scenarios
- Group presentations and feedback
- Course review and evaluation
Customized Training
This training can be tailored to your institution needs and delivered at a location of your choice upon request.
Requirements
Participants need to be proficient in English.
Training Fee
The fee covers tuition, training materials, refreshments, lunch, and study visits. Participants are responsible for their own travel, visa, insurance, and personal expenses.
Certification
A certificate from Ideal Sense & Workplace Solutions is awarded upon successful completion.
Accommodation
Accommodation can be arranged upon request. Contact via email for reservations.
Payment
Payment should be made before the training starts, with proof of payment sent to outreach@idealsense.org.
For further inquiries, please contact us on details below:
