PROJECT COST MANAGEMENT

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DESCRIPTION

A project manager's focus is quite often the project schedule, with little regard to project cost and budget. Too often, product is delivered on time but at a great cost in dollars and personnel expenditures. This course will teach students how to effectively estimate project cost and manage the project budget. Advanced techniques in earned value will be presented as well as several excellent estimating models. Students will learn how to control project costs while still producing on time the product or services they promised.

WHAT YOU WILL LEARN

• Financial measures for project selection
• Effective techniques for assigning resources and estimating project cost –
• Cutting through the "smoke" of project status reports
• Establishing cost information gathering processes
• Variable vs. fixed costs
• Reporting and analyzing variances
• Developing effective cost control reports
• Working with estimates-to-complete
• Techniques for calculating earned value
• Bottom up estimating
• Top down estimating

WHO SHOULD ATTEND

Students with an interest in the principles of project management; trainee project managers; consultants who routinely engage in project management; experienced project managers who wish to refresh their thinking on the principles of project management; program managers and senior managers who employ or manage project managers; students seeking to pass the Project Management Institute's Project Management Professional (PMP®) exam.. 

DURATION

​3 Days

SPEAKER

Abu Sapian Suhaimi

CONTENT

• Using Work Breakdown Structure
• Cost management
• Resource planning
• Cost estimation
• Cost budgeting
• Developing a resource plan and estimating costs
• Work estimation
• Defining the work estimate
• Estimating work
• Project Estimating Methods
  1. Analogous Estimating
  2. Bottom up estimating
  3. Simple moving average
  4. Three point method weighing average
  5. High Low Methods
  6. Parametric estimating
  7. Low diminishing of Return
• Errors in estimating Cost Estimating Methods
• Project Justification and Evaluation and selection methods
• NPV, Future Value, Current Value, Anuity, Monthly Payment Anuity
• Break Even Analysis
• Internal Rate of Return
• Cash Flow Management
• Progress Reporting
• Percentage Complete

• Earned Value Analysis
• Project Performance Measure
• The risk-management process
• Establishing a realistic budget contingency​

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