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.
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.
Upcoming start dates
Upcoming start dates
Suitability - 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
Outcome / Qualification etc.
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
Training Course Content
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”
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London Premier Centre
London Premier Centre is a UK leading training provider based in London and specialises in international short courses. Our inspiring, comprehensive portfolio of more than 400 professional development courses and seminars covers a wide range of professions from Administration, Leadership,...