Course details

Overview ?

Why Choose this Course?

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

What are the Goals?

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

Who is this Course for?

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

How will this be Presented?

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.

The Course Content

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

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Day 4

Day 5

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