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We have faced your challenges and found solutions
- specialists in People and Procurement
- understand how companies work
- strong track record of success
Why this course is different
This 2-day course explores the answers to project cost management issues and provides project managers with a credible quantifiable answer.
Managers and customers expect to get value for money however many projects have been cancelled because they ran too far over budget.
This workshop delivers best practice Spend Budgeting and planning for Cost Control. Many project managers find the majority of their time is focused on tracking progress against the schedule, solving project issues and managing stakeholder expectations.
How does the professional project manager ensure a project is running within budget and more importantly, what means is available to forecast the outcome if the project performs as it has so far?
The basis for good cost control is the development of an accurate Work Breakdown structure (WBS) on which the work packages depend for accurate estimation. In this workshop we will create the overall project schedule and learn how the project cost is tied to each individual project activity.
- Delegates will learn a standard approach to managing projects.
- This will provide the context for developing and managing the project budget.
- Benefit from a learning experience and interaction with other participants
- Learn from our expert facilitator on the subject matter
- Put theory into practice
Why you should attend
This course will present the delegates with straightforward approaches to accurately developing a cost baseline and setting up a cost tracking system so that the budget is well managed during the project’s life cycle.
This course describes the application, measurement and interpretation of its results together with options for corrective action where necessary.
Turning ‘Theory’ into ‘Practice’?
Benefits for you
This highly interactive and intensive training course provides attendees with the latest practices, tools and techniques.
Our format combines real-world practical case study examples, hypothetical scenarios, group exercises and tutorial-style presentations with a focus on collaborative learning
Delegates will learn the necessary steps to monitoring and controlling the project budget.
Whether working on a simple or complex project all project managers need to develop an accurate budget based on the total resources required for their project. Here the participants will learn how to create the detailed budget and the cost baseline necessary for project control.
Who should attend
This training is tailor-made for Project Managers, Team Leaders and Lead Engineers that need to have better control over their project budget or broaden their understanding of cost management. For anyone working in a project team environment that is increasingly required to manage complex projects
Overview of project management
- Project phases and life cycles
- Typical project terminology
- Setting up for successful delivery
Develop the project budget – determining budget
- Understanding project management inputs to determining budget
- Personnel, materials and equipment costing including overheads
- Determining the project budget
- Define the work package activities and the resource requirements
- Estimate activity durations and the overall project cost
- The cost management plan as an integral part of the project management plan
Effectively controlling project budgets
- Understanding project management inputs to controlling costs
- Identifying and managing hours worked
- Tracking equipment and materials costs
- Project budget reports
- Work packages and control accounts
- Relating the project budget to the financial accounting system
- Cost and schedule variances
Utilising Control to ensure successful project integration
- Understanding what measures are required
- Change Control processes and re-baselining the cost performance baseline
- Interpreting results and considering options to redress unacceptable variances
- Forecasting and developing response plans
Case studies, exercises and interactive workshops are used to illustrate the important considerations when working on project cost planning :
What some of our clients say about us:
Isabel Coma – Fort Life Science/ Pharmaceutical R&D Project Manager at GlaxoSmithKline
“Stephen combines deep knowledge and long experience. His executive course had the right contents illustrated with the real life experience of a great professional.”
Janice Allen – Project Lead at Highways England
“Steve engaged every one with his insight into procurement using real examples of working with national and global organisations. Steve was charismatic and a joy to listen too. We were impressed with his integrity. He is a real role model and an ambassador for Procurement. “
Duration of Course
- 2 Days (14 hours)
- Public course attendance
- refreshments included
- travel, meals and accommodation not included
- In-house course (max 10 delegates) tailored