Budgeting and Cost Management

Face to face duration: 3 days
PDU's: 24

Course Objectives

This three (3) day course will provide a solid foundation across the project management discipline. The training delivery is structured around the five process groups of the Project Management Body of Knowledge (PMBOK®) Guide: initiation, planning, executing, monitoring and control, and closure.

The design of the course provides students with a solid understanding of the concepts and techniques to plan, schedule, monitor and control time, resources and costs on a project.

Learning Outcomes

  • Develop an accurate schedule for project deliverables.
  • Predict costs and work time using specific levels and estimate types.
  • Produce reliable cost estimates by identifying and assessing required project resources.
  • Develop realistic project budgets with management reserves and contingency allocations.
  • Assess likelihood that project will be delivered within budget and identify and mitigate related risks.
  • Plan for contingencies and anticipate variations.
  • Evaluate reliability of cost estimates developed by others.
  • Monitor, control and report on project cost.

Benefits

  • Learn to successfully manage project costs based on realistic project budgets.
  • Develop reliable cost estimates.
  • Evaluate and risk-adjust cost estimates prepared by others.
  • Set budgets.
  • Undertake committed project cost monitoring, forecasting and contro

Topics

  • Scheduling standards and practice.
  • Identifying the work, project requirements, Work Breakdown Structures (WBS) and project activities.
  • Estimating activity duration.
  • Identifying resource requirements.
  • Allocating resources and resource constraints.
  • Principles of cost estimating and cost control.
  • Formulating the interim cost baseline/budget.
  • Cost commitments and variations.
  • Performing Earned Value Analysis (EVA).
  • Developing project controls, procedures and generating reports.
  • Capability test.

Audience

This course is targeted at those who are seeking to develop their skills and knowledge in project budget and cost management:

  • project manager (generic)
  • project manager (industry specific)
  • Cost administrator and controller
  • project management facilitator
  • project contract manager
  • Senior manager accountable for making investment decisions

Format

  • Face-to-face delivery of theory.
  • Facilitated discussions.

Delivery Strategy

The course has been structured to be delivered over three (3) days. It has been designed by our senior trainers who combine industry experience with academic excellence.

Our program design and delivery is based on adult learning principles and experiential learning techniques:

  • Individual and group activities
  • Short lecture sessions
  • Using templates
  • Practical and experiential
  • Written activities
  • Presentations

Participants will receive a state-of-the-art student manual with all reference material, PowerPoint presentations and activities.

Project Outline

Day One

Deriving information from project scope and constraints

  • Identifying manageable activities
  • Building a deliverable-oriented WBS that defines the scope of the project

Translating a WBS into an activity list

  • Identifying resource requirements and building a resource breakdown structure
  • Identifying the project resource pool and resource constraints

Day Two

Creating a baseline schedule

  • Maintaining the schedule
  • Determining the variance between planned and actual values
  • Estimating costs
  • Tracking cost commitments, variations and payments
  • Monitoring, evaluation and forecasting time and cost

Developing project control procedures for time and cost

  • Establishing procedures for maintaining and updating the project schedule and cost
  • Creating the project control plan including roles and responsibilities matrix
  • Defining the frequency and sources of status reports

Day Three

Updating and maintaining the plan

  • Change management and control
  • Change requests, evaluation, approval and version tracking
  • Communicating with stakeholders

Establishing standard project reports

  • Reporting project status using Earned Value Analysis (EVA)
  • Measuring and improving performance Performing schedule-based Earned Value Analysis (EVA)
  • Lessons learnt

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Testimonials

"The Student Manual is a logical, carefully thought through and well presented document. The face-to-face facilitators are helpful, patient, knowledgeable and passionate. Thank you for the time and effort that blueVisions have put into preparing and supporting this course."

David Thorpe iiNet Australia

"Your personal contribution to our training has been invaluable. Your infectious high spirits and genuine want for our success have shone through. I sincerely thank you for your efforts over the past two years."

Stephen Davies Group Manager, Construction Services Group, NSW

"Your course made me realise how irrelevant what I was learning through my university course actually was to my job. Due to this, I will be seeking to complete the remainder of the modules in this diploma through blueVisions."

Damien Bleeker Project Coordinator, Liverpool City Council, NSW

"Thank you for a wonderful course....This has been by far the best development course I've ever been a part of."

David Darcy LSPSPO - Defence Materiel Organisation

"Having sat in at various times in both courses, as well as being present for the final summary and feedback sessions I was really impressed with the positive feedback and outcomes. The blueVisions trainers did an awesome job and really motivated and inspired both groups. The level of the course was spot on for each group."

Brian Clarke Leadership Development Coordinator, Gasco