Course description
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.
Project Planning, Scheduling and Cost Estimation Planning Skills Training course will provide the skills for proper project scheduling and the skills required for cost estimation and planning.
This 10-Days 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.
Upcoming start dates
Upcoming start dates
Suitability - Who should attend?
Project Planning, Scheduling and Cost Estimation Planning Skills Training Course, is ideal for :
- Project planning engineers,
- Project cost estimators,
- Project designers,
- Project planners and schedulers,
- Contracts professionals,
- Project procurement and purchasing staff,
- Project control and business services professionals who have the responsibility for preparing cost estimates and project proposals in client and contracting companies.
Outcome / Qualification etc.
At the end of this Project Planning,Scheduling and Cost Estimation Planning Skills Training Course, Participant will be able to :
- Gain knowledge of techniques used in resource planning and control.
- Understand the time-cost trade-offs.
- Identify risk sources and minimize their impact and learn how to sustain project momentum.
- Learn how to administer project documentation and reporting.
- Develop effective performance monitoring and control systems.
- Gain knowledge of techniques used in project estimating, from the conceptual stage to the final detailed estimate
- Understand the different types of estimates used to accurately and progressively estimate project costs
- Understand the different types of contracts based on the distribution of risk between contracting parties
- Effectively apply incentive arrangements to get the best results from the contract
Training Course Content
Day 1
Project Scope Planning and Definitions (Fundamentals)
- Introduction to Project Management
- Scope Planning
- Work Packages
- Scope Execution Plan
- Triple Constraints - Time Cost, Scope
- Project Delivery Systems
Day 2
Project Schedule Planning and Critical Path Method:
- Precedence Network Diagramming
- Job Logic Relationship Chart
- Critical Path Analysis
- Project Float Analysis
- Lead and Lag Scheduling
- Activity Duration Estimation
- Milestone Charts
- Gantt Chart - Schedule Baseline
- Project Estimating Processes
- Production and Productivity Planning
- Resource and Cost Allocation
Day 3
Accelerating the Project Schedule:
- Circumstances Requiring Project Acceleration
- Time-Cost-Scope Trade-off
- Project Time Reduction
- Direct Project Costs
- Indirect Project Costs
- Options for Accelerating the Schedule
- Crashing the Schedule - How?
- Pre-Accelerated Schedule
- Developing a Crash Cost Table
- Acceleration in Practice
- The Optimal Acceleration Point
- Gantt Chart for Accelerated Schedule
- Network Activity Risk Profiles
- Additional Considerations
- Multiple Critical Paths
- Project Cost Reduction
Day 4
Project Contingency Planning:
- Program Evaluation and Review Technique (PERT)
- Path Convergence Analysis
- Solving the Path Convergence Problem
- Network Risk Profile Types
- Normal Distribution
- PERT, Probability and Standard Deviation Formulae
- Calculating the Standard Deviation
- Standard Deviation for Critical Path
- Z-Values: The Probability of Project Completion at a Required Date
- TRUE Critical Path
- Network Activity Risk Profiles
- Application: Estimating Project Duration
Day 5
Line of Balance Scheduling - The Planning of Recurring Activities:
- Preparing a Line of Balance Schedule
- Velocity Diagrams and Linear Scheduling
- Velocity Diagram Production Rate Calculations
- Linear Sequence of Activities as a Series of Velocity Diagrams
- Balancing the Schedule
- Calculations for a Line of Balance Schedule
- Line of Balance Formulae
- Target Units per Week
- Determining Crew Size
- Actual Rate of Output
- Time to Complete One Activity
- Elapsed Time for Recurring Activity
- The slope of Line from Activity Start to Activity Finish
- Balanced Project Schedule without Buffers (Finish-Start)
- Inserting Buffers
- Comparison of Unbalanced with Balanced Schedules
- Measuring Planned Progress on Schedule
Day 6
Project Execution Management, Control, and Reporting:
- Progress Tracking and Monitoring
- Project Cost Management
- Earned Value Control Process
- Schedule Variances
- Cost Variances
- Progress Control Charts - Trend Analysis
- Schedule and Cost Variance Forecasting
- Labour Management and Cost Control
- Materials Management and Cost Control
- Earned Value Analysis
- Earned Value Reporting
Project Recovery Plan Development:
- Project Variance Analysis and Quantification
- Schedule Performance Index (SPI)
- Cost Performance Index (CPI)
- Setting Schedule and Cost Control Limits
- Project Recovery Data Assessment
- Schedule and Cost Recovery Analysis
- Schedule and Cost Recovery Plan
- Project Recovery Baselines and Controls
Day 7
Cost Estimating Basics:
- The estimating life cycle
- Phases of the Design Process
- Programming phase
- Schematic design
- Design development
- Construction documents
- Estimating accuracy by phase
- Conceptual Cost Estimates
- Rough Order of Magnitude Estimates (Broad Scope Estimates)
- Assemblies cost estimates
- Cost indices
- Semi-detailed Estimates (Narrow Scope Estimates)
- Definitive Estimates (Detailed Scope Estimates)
- Basic procedures
- Lump-sum contracts
Day 8
Developing The Project Budget & Cost Control
- Project management inputs to cost budgeting
- Resource Requirements
- Direct & Indirect Project Costs
- PERT, Probability and Standard Deviation Formulae
- Calculating the Standard Deviation
- Earned Value Control Process
- Schedule Variances
- Earned Value Analysis
- Earned Value Reporting
- Project Variance Analysis and Quantification
- Schedule Performance Index (SPI)
- Cost Performance Index (CPI)
- Estimate At Completion (EAC)
Day 9
Managing Cost Risk
- Risk Analysis & Management
- Risk Identification
- Qualitative Risk Analysis
- Quantitative Risk Analysis
- Risk & Probability Matrix
- Risk Response Strategy
- Contingency Reserve
- Watch List
- Acceptance Strategy
- The S-Curve for Risk & for Cost
- Workshop
Day 10
Contract Types & Compensation Arrangements
- Procurement Management
- Make or Buy Analysis
- Procurement documents
- Contract types
- Risk distribution in contracting
- Project risk profiles
- Contract types according to risk distribution
- Fixed Price Contracts
- Firm Fixed Price
- Fixed Price with Economic Adjustment
- Incentive Contracts
- Fixed Price Incentive
- Cost Plus Incentive
- Cost-Plus Contracts
- Cost Reimbursement
- Cost Plus Award Fee
- Cost Plus Fixed Fee
- Time-and-Materials
Cost of Quality
- Quality Planning & Assurance
- Quality Control
- Benchmarking
- Pareto Analysis
- Cause & Effect – Fishbone
- Control Chart
- Quality & Grade
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