Skills for Project Planning/ Scheduling and Cost Estimation Planning
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Skills for Project Planning/ Scheduling and Cost Estimation Planning Course
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 early conceptual estimates determine 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 compare feasible alternatives quickly and efficiently.
Course Objectives:
By the end of the Skills for Project Planning/ Scheduling and Cost Estimation Planning Training Course, participants will be able to:
- Understanding the techniques in project estimation from initial to final stages
- Understanding the different types of estimates and the methodology
- Analyzing 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 of 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 Outlines:
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 the project, cost, and schedule estimation
- Planning the project schedule and “Critical Path Method”
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?
Risk Management in Projects
- Identification and analyzing 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's duration?
- Strategies for overcoming risks in projects
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 based on risk distribution in contracting
- Estimation of “Actual Progress” and “Working Conditions”
- How to manage in variable conditions?
Recovering of Project Estimates
- Understanding the concept of “Schedule variance” and “Cost Variance”
- Estimating and analyzing “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”
