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
