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P31706 Project Cost Estimation, Scheduling and Budget Control
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Project Cost Estimation, Scheduling and Budget Control

3 – 4 September 2018, Mandarin Orchard Hotel, Singapore

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EARLY BIRD RATE EXPIRES 6 JULY 2018
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overview

Key Learning Outcomes

  • Become familiar with the integration of cost estimation into
  • project management processes and procedures
  • Understand the importance of the central role and importance
  • of managing costs throughout a project lifecycle
  • Put in practice critical planning, scheduling and control
  • procedures in your projects
  • Utilise work management techniques such as the Work Breakdown Structure (WBS); the Work Package and the Cost Breakdown Structure (CBS)
  • Estimate costs and deal with cost escalations and reductions
  • Apply the key aspects of managing a project budget effectively

 

Who Should Attend

This course is designed for professionals involved in heavy industry and complex projects wanting to make successful project cost estimations and keep budgets under control. This includes:

  • Project Engineers, Owners/Managers
  • Project Controller, Planners, Scheduler, Consultant and Specialists
  • Programme Executive, Controller, Managers
  • Cost Controller, Engineers and Managers
  • Construction Managers, Administrators
  • Procurement & Contract Managers, Administrators
  • EPC Contractors, Subcontractors and equipment/material suppliers
  • Quantity Surveyors
  • Technical Directors

Testimonials

“The trainer was engaging and examples provided were interesting.”
– Project Manager, Intergraph

“Good discussion with instructor and group activities were a nice way to get interactive.”
– Business Development Consultant, Hexagon

“Well presented, good material and the course was very interesting.”
– Project Administration and Monitoring Dept. Head, PT. MRT Jakarta

“Topics are very interesting; the speaker spoke clearly, well organized and easily understand his lessons.”
– Accountant, Department of Energy

“I like how the story telling was in line with the context, speaker provides simple explanations and examples and his presentation and communication skills are good.”
– Business Development Manager, Glow Energy Co. Ltd

trainer

Christopher Lennon MBA, LLB, DipICArb, FCIArb, AIPN An Introduction to Shipping

Christopher Lennon MBA, LLB, DipICArb, FCIArb, AIPN

Director, Stone Falcon Corporate & Legal Consulting Ltd

Agenda

TOPIC 1: OVERVIEW

  • Overview of the importance of managing project costs and budgets

Team Exercise: Analysing the role/influence of costs on different project components

TOPIC 2: IMPORTANCE OF PROJECT COST SCHEDULING

  • Key features of projects

Quick Exercise: Examination of areas of interface between project functions and project cost scheduling

TOPIC 3: PROJECT ESTIMATION

  • Definition of project estimation
  • The role of project estimation in stakeholder expectations
  • Key reasons for estimation error
  • Impacting factors on estimation
  • Cost components of the estimation process
  • Other key components of the estimation process

Team Exercise: PESTLE analysis and the project estimation process

TOPIC 4: WHY MANAGE PROJECT COSTS?

  • Overview
  • Significant behavioural factors of increased project costs

TOPIC 5: THE CRITICAL CENTRALITY OF THE PROJECT SCOPE:

  • Overview of project scope
  • Common problems associated with project scope
  • Scope vs. cost
  • Project initiation and scope
  • The project business case and scope
  • Tangible/intangible benefits associated with the project scope
  • Project planning and scope
  • Project scope vs. project lifecycle

TOPIC 6: THE PROJECT LIFECYCLE – IT’S RELEVANCE TO COST MANAGEMENT

  • Overview
  • Cost and project initiation
  • Cost and project planning
  • Cost and project execution
  • Project closeout costs

TOPIC 7: PROJECT RESOURCE MANAGEMENT

  • Classifying Resources
  • Utilising the Resource Breakdown Structure (RBS)
  • Cost/Time/Resources (CTR) and Project Planning
  • The Critical Problem of Constraints
  • ‘Trade-off’ Decision making
  • Project ‘Crashing’ explained
  • Project ‘Fast Tracking’ explained
  • Lead Time Management

TOPIC 8: THE WORK BREAKDOWN STRUCTURE (WBS)

  • Overview
  • Uses of the WBS
  • Common WBS problems
  • Key roles of the project WBS
  • Creating a WBS
  • The WBS ‘dictionary’
  • The Work Package
  • Scope vs. cost
  • Project initiation and scope

Team Exercise: Understand how to utilise the WBS

TOPIC 9: THE COST BREAKDOWN STRUCTURE (CBS)

  • Overview
  • Examples of project costs
  • Key elements of a CBS
  • Key benefits of utilising a CBS

Team Exercise: Creating and using the CBS

TOPIC 10: INTEGRATING PROJECT COST AND SCHEDULE

  • Overview
  • Why integrate?
  • Advantages of an integrated cost and schedule
  • Ideas for achieving integration
  • Structuring an integrated cost/schedule on a project
  • Cost/schedule integration and risk
  • The project control system

Individual Exercise: Development of a suitable Project Control System

TOPIC 11: COST ENGINEERING

  • Some basic concepts – cost overruns; cost escalations; contingency costs
  • Factors that cause cost overruns
  • Some inputs into determining contingency budgets

 

Day 2

TOPIC 12: THE COST ESTIMATION PROCESS

  • Developing an initial cost estimate
  • The cost estimation process
  • Inputs into the cost estimation process

 TOPIC 13: DEVELOPING A BASE ESTIMATE

  • Overview
  • The development process
  • Writing a well prepared base estimate
  • The basis of costs

TOPIC 14: COST ESCALATION AND COST REDUCTION

  • Overview
  • The concept of the price escalation clause in a
  • contract
  • Methods for cost reduction

 TOPIC 15: THE PROJECT BUDGET

  • Key aspects of a project budget
  • The budgetary process
  • Factors that impact on the budgetary process
  • Common methodologies of creating a project
  • budget

TOPIC 16: COSTING OUT WORK ELEMENTS

  • Overview
  • Key considerations for costing out work elements
  • The advantages of standardisation
  • Budget overruns

Team Exercise: Planning the project budget

TOPIC 17: PROJECT VARIATION AND CHANGE ORDERS

  • Overview
  • Reasons for variation/change orders
  • Other impacting factors

Case Study: ‘The dangers of doing someone a favour’

TOPIC 18: TRACKING COSTS AND PROJECT PERFORMANCE

  • The importance of information
  • The tracking elements of a project plan
  • Key questions to ask relative to project performance
  • Using the WBS to determine current project status
  • Project status – budget and expenditure

Team Exercise: Understand how to utilise the WBS

TOPIC 19: FORECASTING COSTS

  • Why forecast costs?
  • Updating baseline estimates
  • A suggested framework for forecasting costs

TOPIC 20: THE RELATIONSHIP BETWEEN COST ESTIMATE ACCURACY AND CONTINGENCY ALLOCATIONS

  • Overview
  • Some useful ‘tips’ for cost estimate accuracy

TOPIC 21: COURSE CONCLUSION

when & where

03 - 04 Sep 2018

Mandarin Orchard Singapore, by Meritus
333 Orchard Road, Singapore 238867
Tel: +65 6831 6062 | Fax: +65 6737 3130
Mobile No.: +65 8298 9442

Contact Person: Tan Ai Li
Email: aili.tan@meritushotels.com
Website: www.meritushotels.com

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