Cost management is critical to delivering successful projects. We want our projects to come in on budget and to meet their cost targets. But often, cost seems to run out of control, or things happen on the project that mean existing funds are no longer enough. This course will help you to set the correct budget, to control project expenditure effectively, and to plan realistically for risks and uncertainties that arise.
All too often, project costs end up differently from expectation, mostly turning out greater than planned. Sometimes this is because we fail to budget properly, but it can also be because we fail to control costs effectively. Many things affect cost control, including project risk, progress, change, resource, and performance. Estimating and budgeting are also influenced by many factors, including the approach and methods used, the risk and contingency allocation and the assurance applied.
In this course, we will learn how to estimate professionally and realistically for an upcoming project, including accounting for the risk and uncertainty that is always present. We will look at techniques to control cost, to manage risk and contingency in real time, and how to make accurate forecasts of future and total cost. We will examine how to report progress and communicate cost information in a meaningful fashion and how to assure our cost management process. Finally, we will look at some related topics, such as cost management in agile projects.
By adopting an integrated approach to cost and risk management, course delegates will increase their confidence that they will deliver on project cost promises, thus making project success more likely.
The course comprises 16 hours of class time, delivered as 4 modules of 4 hours each. It is an interactive mix of lectures, case studies, group discussion and activities. Together, they are used to illustrate and apply the methods, tools and techniques required for effective cost and risk management.
The course is full of practical techniques and examples, and these are designed to turn knowledge into tangible benefit. The case studies, real life worked examples and exercises are intended to help delegates to apply their knowledge more easily.
The instructor will include opportunities to discuss the real-world problems and issues and questions that are affecting delegates in their own projects and working lives. This is included so that improvements and solutions can be implemented as soon as delegates return to their desks. Often, helpful advice can be gained from the experience of other delegates, and the course design provides opportunities to do this.
By the end of this intensive course, attendees will be able to:
Understand the importance of good project cost management
Operate an effective cost management process
Estimate project costs comprehensively
Forecast project costs, including final cost, at all points in the project
Understand how to cater for project risk and uncertainty in estimates
Identify cost deviations and appropriate corrective actions
Apply contingency expenditure appropriately
Report and communicate fully and clearly
Understand a project’s business and investment case
Understand how to assure a project’s cost management activities
Describe cost and risk management for agile projects
0 Comments