Course Overview
This course is designed to give delegates a comprehensive understanding of project budgeting and project cost management. The program includes project financial selection criteria, cost estimating, budgeting, and managing costs throughout a project.
It also focuses on concepts such as Earned Value Management to measure the progress and performance of a project.
Target Audience
This course is tailored especially for those who are involved in the cost aspects of a project, such as project managers, PMO managers, and project cost executives.
Learning Outcomes
After this course, participants should be able to:
- Understand general cost and financial management concepts in project management
- Identify how projects are selected using financial models
- Monitor the budget throughout the project lifecycle using Earned Value Analysis
- Identify potential financial risks and implement contingencies
- Forecast project cost performance
Course Outline
- Cost management as a constraint of a project
- Project selection methods using cost-benefit analysis
- Financial tools: NPV, IRR, payback period, etc.
- What are costs and the types of cost
- Direct and indirect costs
- Fixed and variable costs
- What is depreciation
- CAPEX and OPEX
- Project cost estimation
- Selecting estimating methods
- Estimation methods: top-down, bottom-up, parametric, industry guidelines
- Organisational policies
- Project budgeting
- Risks and contingencies
- Monitoring and controlling
- Setting up and managing cash flows
- Using conventional methods to monitor
- Using Earned Value Analysis to manage the project
- Performance indicators
- Forecasting cost at selected junctures
- Measuring the ROI of the project
