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Managing Project Costs and Budgets
23rd September 2020 - 25th September 2020
The achievement of successful project delivery is directly underpinned by focus and attention on the effective and efficient management of the financial dynamic. The project environment is uncertain and project teams must operate, not only within this uncertainty but also subject to multiple constraints. Understanding that a project is subject to a complex series of interfaces between stakeholders and resources becomes critical.
All project activities have a cost, which may be either direct or indirect. They will all impact upon a projects’ budget from the perspective of consumption – i.e. as the project moves through its lifecycle, resources are allocated and utilized and money is spent, the budget, therefore, is subject to depletion. It is always a difficult question to determine whether or not a project is a success when it is over budget and late, yet the deliverables far outlast the original expectation.
This course will provide the participant with an effective set of skills and knowledge that will allow them to manage the dynamic project cost function. Through these skills and new knowledge, the delegate will acquire the ability to implement the application of techniques that will contribute directly to more efficient project financial management processes.
The course does not focus on number crunching – it is designed to lead the participants on a journey of understanding of the centrality of the cost management function, to familiarize the participant with the interactions and processes that underpin and ultimately inform the cost-based activities within projects. The delivery is completely interactive and there is a large element of practical exercise that allows participants to grasp the interrelationships between cost; project lifecycle and operational activities. This imparts to participants the wider or ‘holistic’ picture upon which the process of successful project delivery is built.
Who Should Attend
- Project Managers
- Cost Estimators
- Individuals involved with the contractual aspect of projects
- Project finance individuals
- Anyone who wished to gain a deeper understanding of the project cost management function
Key Learning Objectives
- Become familiar with the integration of cost scheduling into project management processes and procedures
- Understand the importance throughout a project lifecycle of the central role and importance of managing costs
- Utilise such techniques 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 basics of managing a project budget