Introduction

Projects often fail or are canceled due to budget overruns, mismanaged scope, and uncontrolled changes. This 5-day program equips participants with practical techniques to develop a cost baseline, set up cost tracking systems, and manage project scope effectively throughout the project lifecycle. The course applies the globally recognized PMI PMBoK® standard and includes tools for estimating, cost control, Earned Value Management (EVM), and performance monitoring.

Objectives

By the end of the program, participants will be able to:

• Understand the benefits of effective project cost and scope control.
• Apply PMI PMBoK® best practices to plan, monitor, and control project costs.
• Develop accurate Work Breakdown Structures (WBS) and project schedules.
• Implement Earned Value Management (EVM) for tracking performance and forecasting.
• Identify and mitigate risks to minimize cost overruns and schedule delays.
• Generate actionable reports to support management decision-making.

Target Audience

• Project Managers
• Assistant Project Managers
• Project Coordinators and Planners
• Project Team Leaders
• Business Analysts
• Project Engineers
• Project Cost Controllers
• Functional Managers involved in project execution

Course Outline

Day 1 – Overview of Project Management

• Project management definitions and PMI PMBoK® processes
• Project phases and lifecycle
• Key project terminology
• Project cost management processes: estimate costs, determine budget, control costs

Day 2 – Developing the Project Schedule & Estimating Costs

• Inputs to cost estimation
• Creating a Work Breakdown Structure (WBS)
• Work packages and duration assessment
• Techniques for estimating overall project cost

Day 3 – Developing the Project Budget & Risk Considerations

• Budgeting for personnel, materials, and equipment
• Cost aggregation and overheads
• Risk management and contingency planning
• S-curve for cost and risk

Day 4 – Control Accounts & Cost Monitoring

• Establishing Control Accounts and Project Cost Performance Baseline
• Change control and re-baselining
• Tracking hours, costs, and variances

Day 5 – Performance Measurement & Reporting with EVM

• Principles of Earned Value Management (EVM)
• Calculating variances, performance indices, and forecasts
• Interpreting results and corrective actions
• Reporting project performance to management and clients