This course focuses on how to deliver reliable estimates that can result in significant savings later in the project life. To develop reliable cost and schedule estimates is one of the critical management skills and is addressed in this course.

Every project needs good estimates during the design and early conceptual stages of a proposed project, and if they are not delivered it is one of the reasons for project failure. The decision to proceed with a project is often based almost exclusively on early conceptual estimates, and these estimates provide the basis for the cash flow projections and schedule forecasts during the project feasibility.

This course will feature:

• Gaining knowledge of techniques used in project estimating, from the conceptual stage to the final detailed estimate
• Understanding the different types of estimates used to accurately and progressively estimate project costs and schedule
• Identifying risk sources and minimize their impact and learn how to sustain project momentum
• Developing effective performance monitoring and control systems
• An integrated approach to scope, time, resources and cost management into a dynamic and manageable model

By the end of this course, participants will be able to:

• Maintain continuous project performance and delivery control
• Accurately estimate and allocate project costs and resources
• Measure, forecast and control project performance by employing earned value techniques
• Manage and mitigate schedule, cost, scope, and resource risks associated with the project
• Develop a project recovery plan for budget and schedule overruns

This course is suitable to a wide range of professionals but will greatly benefit:

• Those who have a role in various projects such as cost estimators, project schedulers, project designers, project planner, contracts professionals, project procurement and purchasing staff, and project control and business services professionals who have the responsibility for preparing cost / schedule estimates and project proposals in client and contracting companies
• Those who are interested in knowing more about estimation and control in a project environment

This course will utilise a variety of proven adult learning techniques to ensure maximum understanding, comprehension and retention of the information presented.

The course is highly interactive and presents knowledge through formal and interactive learning methods. The course includes individual exercises, team projects, applicable case studies and group discussions. The material has been designed to enable delegates to apply all of the material with immediate effect at the office.

Additionally, the seminar does not assume prior knowledge of the topics covered in the course. New concepts and tools are introduced gradually to enable delegates to progress from the fundamental to the advanced concepts of project risk management.

Day One

Project Estimating Basics

• Basic Project Management definitions
• Triple Constraints – Time, Cost, Scope
• Project Selection Methods
• Defining the Project Scope
• Cost & Schedule Estimation, cost Budgeting & Control
• Project Schedule Planning and Critical Path Method

Day Two

Developing Project Budget & Schedule Control

• Project management inputs to cost budgeting
• Resource Requirements
• Direct & Indirect Project Costs
• Planning and Scheduling Limited Resources
• Options for Accelerating the Schedule
• Crashing the Schedule - How?
• Day Three

Managing the Risk

• Risk Identification, Analysis & Management
• Contingency Reserve
• PERT, Probability and Standard Deviation Formulae
• Network Activity Risk Profiles
• Application: Estimating Project Duration
• Project Risk Strategies

Day Four

Measuring Project Performance

• Balanced Project Schedule without Buffers (Finish-Start) and Inserting Buffers
• Comparison of Unbalanced with Balanced Schedules
• Measuring Planned Progress on Schedule
• Risk distribution in contracting
• Actual Progress and Work Conditions
• Managing Variable Conditions

Day Five

Managing and Recovering Project Estimates

• Schedule Variances & Cost Variances
• Progress Control Charts - Trend Analysis
• Schedule and Cost Variance Forecasting
• Schedule and Cost Recovery Analysis
• Schedule and Cost Recovery Plan
• Project Recovery Baselines and Controls