Project Cost Management
21 Instruction Hours (3 Days)

Project success is defined as completion within the allocated time period, within budgeted costs, at proper performance levels, with acceptance by the customer, without being a detriment to the main workflow of the organization, and without changing the corporate culture. Resource management is integral to all of these success factors. Resources mean costs. And an organization's bottom-line is the primary indicator of successful endeavors.

While many project managers have a good foundation in management techniques, many fail the cost test because of a lack of "total project vision" in terms of cost. So many factors affect cost, every factor an important facet of the total project. This program is designed to re-focus managers to be involved and or aware of cost issues throughout the project life-cycle. The program provides sound techniques in managing, as well as controlling cost. The end result is a cadre of useful tools for making cost one of the success factors for the total project.

Program Benefits:

- Managing costs for the entire project
- Cost controls to implement from the start
- Cost control as a subsystem of cost management
- Cost risks in all phases of your project
- Understanding the process of start, plan, do and finish
- Developing a cost and risk management plan
- Pricing and estimating processes that will work for you
- Performing a trade-off analysis
- Using earned-value to track project progress
- Importance of project closeouts
- Using a cadre of tools for managing and controlling costs

Program Agenda:

II. Management Basics
- The “Art” of Managing Cost
- Projects Defined
- Project Life Cycles
- Cost Implications Lurking Around Every Corner!
- Roles & Responsibilities
- Does One Size Fit All?

III. Cost and the Project Selection Phase
- How Do Projects Begin
- Where do they come from?
- “Selection” versus “Shotgun”
- Do The Math
- Payback or Break-even
- Return on Investment
- Internal Rate of Return
- Net Present Value
- Benefit to Cost Ratios

IV. Cost and the Project Concept Phase
- Importance of the Concept Phase
- Interpreting Project Requirements
- Statement of Work (SOW)
- Project Specifications
- Contracts
- Work Breakdown Structures (WBS)
- The Project Team
- The Project Charter
- Learning Client, Project & Company Expectations
- Hierarchy of Objectives
- Transition of Project Ownership

V. Cost and the Project Planning Phase
- The Plan is Nothing… Planning is Everything
- Planning for Change
- Refining the SOW and WBS
- Pricing & Estimating
- Types of Estimates
- Estimates’ Life Cycles
- Assembling Cost Data
- Importance of Overhead Rates
- Estimating Pitfalls
- Risk Contingencies in Brief
- Cost versus Quality
- The Budget
- Network Analysis
- Precedence Tables
- Network Diagrams
- Early Schedule
- Late Schedule
- Duration, Float, Critical Path
- Network Analysis Exercise
- Project Graphics
- GANTT Charts
- As Reporting Tools

VI. Recap of Lessons Learned

VII. The Project Management Plan

VIII. Cost and the Project Implementation Phase
- Basic Activities
- Cost Control
- Understanding the Basics
- Data Collection and Reporting
- Risk Management
- Risk Analysis
- Types of Risk
- Assessment Methods
- Ranking Risk
- The Risk Management Plan
- Variance and Earned Value
- Important EV Terms
- Cost & Schedule Variance
- Performance Indices
- Estimate at Completion
- Earned Value Exercises
- Reporting Status
- Problems Can and Will Occur
- Change Control System
- Trade-Off Analysis

IX. Cost and the Project Close-Out
- Plan, Schedule and Monitor Completion Activities
- Customer Acceptance, Obligation and Payment

Activities
- Project Audits
- A Close-Out Checklist

X. Final Review
- Recap of Lessons Learned
- Q & A Session

Who Will Benefit:

- Project or program managers
- Team leaders
- Anyone responsible for developing or managing project budgets

Your Instructor: Christine Sloat

3 Times Recipient of the “Engineer of the Year” Award!

Ms. Sloat is a registered professional engineer and has affiliations with the National Society of Professional Engineers and the Wisconsin Society of Professional Engineers. She possesses over 20 years of industry experience and currently heads a multi-disciplinary government-liaison task force of project management professionals working on state and local infrastructure projects. Ms. Sloat received her B.S. Degree in Civil Engineering from Michigan Technological University and has completed postgraduate courses at Marquette University.

A registered professional engineer, Christine’s affiliations include the National Society of Professional Engineers. In addition, Christine serves as a Board Member for the University of Wisconsin Society of Professional Engineers. Christine received her B.S. Degree in Civil Engineering from Michigan Technological University.

Cost: US$895... we accept Mastercard, VISA, and American Express or Company Cheque in US or TT
Discounts: Groups of 5 or more receive US$50 off per person; Returning Students receive 5% discount

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