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PCM - 83

5 days

Doha

18 June, 2023

10900 QAR

Budget Estimation & Cost Control For Complex Projects

Course Overview:

Providing accurate cost estimating for complex projects under a huge amount of uncertainty, lack of data, and all to be done within a very short time frame is a difficult task. It’s even tougher to manage costs and make sure it falls within budget. This is partially because project costs are guesstimates rather than fixed estimates. However in the current climate, costs need to be lean and meticulously controlled. We understand that this new era of project cost estimation puts a lot of pressure on your business.

In “Cost Estimation, Budgeting and Cost Control”, training you will learn to practise and implement effective cost reduction strategies to keep expenses down and increase profits. You will master the most extensively used budgeting techniques for planning, monitoring and controlling costs.

Course Objective:

Participants attending the programme will digest the following:

Understand the impact of budgeting in achieving your organizational goals
Make better business decisions centred on financial planning and analysis
Identify and recognise key performance indicators for effective and focused decision making
Learn how to integrate budgeting and forecasting and associate these with your business strategy
Develop means to increase profitability and performance through streamlined planning and reporting
Building cost constraint methodology
Structuring contract and supplier relationship management
Learning how to manage scope creep and risks
Increase managerial collaboration on business planning and decision-making using budgetary controls and performance review
Manage and mitigate schedule, cost, scope, and resource risks associated with the project

Who Should Attend?

Those who have a role in various projects such as cost estimators, project schedulers, project designers, project planner, contracts professionals, project procurement and purchasing staff, and project control and business services professionals who have the responsibility for preparing cost / schedule estimates and project proposals and contracting companies

Course Content:

Module (01) Project Estimating Basics

Basic Project Management definitions
Triple Constraints – Time, Cost, Scope
Project Selection Methods
Defining the Project Scope
Cost & Schedule Estimation, cost Budgeting & Control
Project Schedule Planning and Critical Path Method

Module (02) Developing Project Budget & Schedule Control

Project management inputs to cost budgeting
Resource Requirements
Direct & Indirect Project Costs
Planning and Scheduling Limited Resources
Options for Accelerating the Schedule
Crashing the Schedule – How?

Module (03) Budgeting within a Strategic Framework

Objectives and Importance of Budgeting
Translating Strategy into Business Plan
A Guide to Better Budgets
Group Discussions & Activities

Module (04) Budgeting Process

Process Flow of an Organization
Framework in Manufacturing, Service and Retail Industry
Budgeting in Small/Large Companies
Top Down Vs. Bottom-Up Involvement
Sources of Information
Revenue and Cost Drivers
Relationship between Activities, Resources, Costs, and Cost Drivers
Where to Start with Budgeting?
Building the Budget

Module (05) Practical Guide to Developing Budgets

Common Budgeting Approaches/Models
Benefits and Criticisms of Budgets
Behavioural Aspects in Budgeting
Beyond Budgeting: The Drive towards Shareholder Value Creation
Modelling a Master Budget and Analysis with an Excel Case Study

Module (06) Managing and Recovering Project Estimates

Schedule Variances & Cost Variances
Progress Control Charts – Trend Analysis
Schedule and Cost Variance Forecasting
Schedule and Cost Recovery Analysis
Schedule and Cost Recovery Plan
Project Recovery Baselines and Controls

Module (07) Applied Budgeting Tools and Optimisation Techniques

Decision-Making Tools with Excel:
Breakeven Analysis
How to allow for Uncertainty: Risk Analysis

Course Summary & Conclusion

Budget Estimation & Cost Control For Complex Projects

TRAINING PLAN FORM