In every project, it is critical for key players to acknowledge the importance of cost management, basic cost concepts, cost estimating, budgeting, and cost control. It is essential for project managers to understand the principles of cost management to underpin effectiveness in managing project cost.
This course will equip you with the ability to control budgets, and confidently manage costs within your project’s commercial framework. It follows the cost management knowledge area of the PMBOK (Project Management Body of Knowledge) in a very practical way.
Upon completion of the course, participants will be able to:
- Understand the project budget
- Understand the critical processes required to complete projects within an approved budget
- Identify different cost types
- Develop cost management tools
- Evaluate costs for effectiveness
- Develop the skills required to look-ahead and prevent cost over-runs in any projects.
- Contribute to project cost optimization
- Control the cost and schedule of a project during execution
Course Content Summary
- Definition & classifications of costs
- Cost objects & cost drivers
- Designation of costs for a project
- Cost management systems
- Managing variations and delays in projects
- Activities & performance measurement
- Cost effectiveness & cost efficiencies
- Operating cost management
- Gap analysis in measuring the productivity of costs
- Cost allocations for support departments
- Measuring & controlling productivity
- Optimizing the supply chain
- Capital cost management
- Developing & analyzing capital investment projects
- Life cycle costing
- Managing personnel, logistics, purchasing & material costs effectively
- Sensitivity analysis for optimizing costs
- Performance measurement
- Project managers/sponsors
- Project engineers/team members
- Project coordinators
- Individuals wishing to refresh or upgrade their knowledge, skills and application of project cost management
- Option 1: Evening on weekdays (Monday to Friday)
- Option 2: Weekends (2 Saturdays, 8 AM to 4.30 PM)
- Option 3: Weekdays (2 days – 8 AM to 4.30 PM)
Course Level: Intermediate
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15 Hours Course Duration
Competitive research experience
Sessions of Positioning Workshops & Presentations
Case Studies & Practical Exercises
Successful Application Of Course Objectives
Video Sessions & General Discussions
Certificate On Course Completion