Introduction:

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 with early conceptual estimates determines whether a project will be accepted/rejected.

This course will provide the skills for proper project scheduling and the skills required for cost estimation and planning.

Course Objectives:

• Understanding the techniques in project estimation from initial to final stages
• Understanding the different types of estimated and the methodology
• Analysing 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 project costs and resources
• Forecast measurement and controlling project performance
• How to manage and mitigate project schedule, cost , scope and resource risks

Course Outlines:

Day 1

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 project, cost and schedule estimation
• Planning the project schedule and “Critical Path Method”

Day 2

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?

Day 3

Risk Management in Projects

• Identification and analysing 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 duration?
• Strategies for overcoming risks in projects

Day 4

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 on the basis of risk distribution in contracting
• Estimation of “Actual Progress” and “Working Conditions”
• How to manage in variable conditions?

Day 5

Recovering of Project Estimates

• Understanding the concept of “Schedule variance” and “Cost Variance”
• Estimating and analysing “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”