Skills for Project Planning/ Scheduling and Cost Estimation Planning
INTRODUCTION
The decision to proceed with a project is often based almost exclusively on early conceptual cost estimates, and these estimates provide the basis for the cash flow projections and forecasts used during the project feasibility study. Unreliable cost estimates can result in significant cost overruns later in the project life when it is too late to contain them. Accurate cost estimation and project scheduling of a project results in significant savings, and is one of the critical management skills. In the initial stages and final stages of a project, it is necessary for proper estimation as with early conceptual estimates determines whether a project will be accepted/rejected.
Skills of Project Planning/Scheduling and Cost Estimation Planning course will provide the skills for proper project scheduling and the skills required for cost estimation and planning. This course will significantly enhance the skills and knowledge of delegates and improve their ability to properly plan and schedule their projects, as well as perform estimates at both the conceptual and detailed levels, and to compare feasible alternatives quickly and efficiently.
OBJECTIVES
By the end of this Skills for Project Planning/ Scheduling and Cost Estimation Planning Course, participant will be able to:
Understanding the techniques in project estimation from initial to final stages
Understanding the different types of estimated and the methodology
Analysing and identifying the sources of the risk and how to minimize the impact
Cost management and integrating approach into a dynamic and manageable model objective
Understanding the importance of maintaining continuous project performance and delivery control
Accurate estimating and allocating project costs and resources
Forecast measurement and controlling project performance
How to manage and mitigate project schedule, cost , scope and resource risks
WHO SHOULD ATTEND ?
Skills for Project Planning/Scheduling and Cost Estimation Planning Skills Training Course is ideal for:
Project Managers
Project Cost Estimators
Cost Controllers
Project Planners
Contract Professionals
Project Procurement Staff
Individuals who are interested in Project Initiation, Project Estimating and Budgeting, and Development
COURSE OUTLINE
Day 1
Basic Information on Project Estimation
Introduction to methods and terminology of project management
Understanding of the triple constraints ( Time , Cost and Scope )
Methods of selection of projects
Understanding of the scope of project, cost and schedule estimation
Planning the project schedule and Critical Path Method
Day 2
Cost Budgeting and Control in Projects
Understanding the inputs from project management to cost budgeting
Difference between Direct costs and Indirect costs in a project
Understanding the planning and scheduling of limited resources
How to accelerate the project schedule
How does the project schedule fail? And WHY?
Day 3
Risk Management in Projects
Identification and analysing risks
Concept of Contingency Reserve
Concept of PERT (Probability and Standard deviation formula)
Understanding the risk profiles in network activities
How to estimate a project duration?
Strategies for overcoming risks in projects
Day 4
Measurement of Project Performance
How to balance a project schedule by inserting Buffers and without Buffers
Understanding the comparison of Unbalanced and Balanced Project schedules
How to measure a project performance on the basis of risk distribution in contracting
Estimation of Actual Progress and Working Conditions
How to manage in variable conditions?
Day 5
Recovering of Project Estimates
Understanding the concept of Schedule variance and Cost Variance
Estimating and analysing Progress Control Charts for a project- Trend Analysis
Forecasting schedule and cost variance
Implementation of cost recovery plan and cost recovery analysis
Method and control measures for project recovery
Review of the course and Question and Answer session
