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.
- 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
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”
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 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
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?
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”