Introduction
This course focuses on how to deliver reliable estimates that can result in significant savings later in the project life. To develop reliable cost and schedule estimates is one of the critical management skills and is addressed in this course.
Every project needs good estimates during the design and early conceptual stages of a proposed project, and if they are not delivered it is one of the reasons for project failure. The decision to proceed with a project is often based almost exclusively on early conceptual estimates, and these estimates provide the basis for the cash flow projections and schedule forecasts during the project feasibility.
This course will feature:
Gaining knowledge of techniques used in project estimating, from the conceptual stage to the final detailed estimate
Understanding the different types of estimates used to accurately and progressively estimate project costs and schedule
Identifying risk sources and minimize their impact and learn how to sustain project momentum
Developing effective performance monitoring and control systems
An integrated approach to scope, time, resources and cost management into a dynamic and manageable model Objectives
Maintain continuous project performance and delivery control
Accurately estimate and allocate project costs and resources
Measure, forecast and control project performance by employing earned value techniques
Manage and mitigate schedule, cost, scope, and resource risks associated with the project Develop a project recovery plan for budget and schedule overruns
Course Content:
Day One
Project Estimating Basics
• Basic Project Management definitions
• Triple Constraints – Time, Cost, Scope
• Project Selection Methods
• Defining the Project Scope Cost & Schedule Estimation, cost Budgeting & Control
• Project Schedule Planning and Critical Path Method
Day Two
Developing Project Budget & Schedule Control
• Project management inputs to cost budgeting Resource Requirements
• Direct & Indirect Project Costs
• Planning and Scheduling Limited Resources
• Options for Accelerating the Schedule
• Crashing the Schedule – How?
Day Three
Managing the Risk
• Risk Identification, Analysis & Management
• Contingency Reserve
• PERT, Probability and Standard Deviation Formulae
• Network Activity Risk Profiles
• Application: Estimating Project Duration
• Project Risk Strategies
Day Four
Measuring Project Performance
• Balanced Project Schedule without Buffers (Finish-Start) and Inserting Buffers
• Comparison of Unbalanced with Balanced Schedules
• Measuring Planned Progress on Schedule Risk distribution in contracting
• Actual Progress and Work Conditions
• Managing Variable Conditions
Day Five
Managing and Recovering Project Estimates
• Schedule Variances & Cost Variances
• Progress Control Charts – Trend Analysis
• Schedule and Cost Variance Forecasting
• Schedule and Cost Recovery Analysis Schedule and Cost Recovery Plan
• Project Recovery Baselines and Controls
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