This course will delve into the details and include practical hands-on exercises to provide advanced training for project cost management. The course will provide a comprehensive understanding of project cost management and earned value principles to enable attendees to leave with the competencies to improve cost management of their capital projects. The course will begin with developing work breakdown and other coding structures to effectively define project scope for project cost control. Discussion of contracting strategies will assist in the development of project control accounts. Recasting the project cost estimate to properly allocate costs to the control accounts is an important step in the planning process.
The course will then provide a step-by-step process in effective cost management using earned value principles to measure cost and progress, assess project status, establish the project forecast, control change and risk, and maintain the control baseline. Practical project cost control reporting will be covered to allow for effective communication of project status to management. The course will focus on early identification of potential performance problems to provide for effective project recovery to maintain project cost objectives. This course is intended for those involved in the management and control of large capital projects. A combination of lecture, practical examples, and interactive sessions will be utilized, providing the attendees with an opportunity to engage in discussions and to participate in an effective learning experience.
Upon completion of this course, participants will be able to:
- Understand key roles and responsibilities in project cost management
- Provide step-by-step exercises for the process steps to:
- Define project scope using work breakdown and other coding structures
- Establish control accounts required to support project control
- Recast the estimate to support budget allocation to the established control accounts
- Understand cost accounting and progress measurement
- Assess and evaluate project status using earned value techniques
- Determine the project cost forecast
- Understand change control and risk management
- Learn about maintaining control baselines
- Become familiar with various project cost reporting examples
Day 1
Day 1 begins with a review of cost management and earned value concepts, followed by discussion of the key responsibilities in project cost management. Practical hands-on exercises will be used to present the topics of Defining Project Scope, Establishing Control Accounts, Recasting the Estimate for Budget Allocation, and Cost and Progress Measurement.
Review of Cost Management Concepts
Key Responsibilities in Project Cost Management
Defining Project Scope
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Practical Hands-On Exercise
Establish Control Accounts
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Practical Hands-On Exercise
Recasting the Estimate for Budget Allocation
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Practical Hands-On Exercise
Cost and Progress Measurement
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Practical Hands-On Exercise
Day 2
Day 2 continues with practical exercises to explain and reinforce the concepts of Assessing Project Status; Establishing the Forecast; and Change Control and Risk Management. The topics of Maintaining Control Baselines and Project Cost Management Reporting will complete the advanced training in practical and effective project cost management.
Assessing Project Status
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Practical Hands-On Exercise
Establishing the Forecast
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Practical Hands-On Exercise
Change Control and Risk Management
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Practical Hands-On Exercise
Maintaining Control Baselines
Project Cost Management Reporting
