Cost Engineering and Budget Management for Projects

Accurate budget development and cost management are constant sources of concern for project managers, particularly those managing large, complex projects. Conducting cost and technical tradeoffs, establishing budgets, submission and evaluation of price proposals, preparing contract negotiation, and assessing the cost impact of introducing changes to existing project plans are some examples of issues that come into particular concern when considering different technical options in projects.

This master class will examine the discipline of cost engineering as an input to making cost-related decisions in projects – in particular, cost estimating, cost analysis/ cost assessment, schedule analysis/planning, risk assessment, and earned value management.

By utilizing appropriate techniques, and processes in a rigorous way, delegates will then be able to be best able to predict or assess cost, minimize risk and impact of overspends against budgets and ensure there is an appropriate balance between technical aspects and the related costs of projects.

Top Learning Objectives

  • Understand the requirements of projects and documenting them
  • Create a Project Charter based on the phases, deliverables, external influences, metrics, control points and change management
  • Control an overall project schedule and understand how budget is tied to each individual project activity
  • Develop an overall project schedule and understand how budget is tied to each individual project activity Calculate project budget and contingency amounts by developing accurate estimate by looking at resources costing, cost factors, overheads and management reserves
  • Manage contractor costs and payments
  • Identify and prioritise risks in order to control and manage the project budget
  • Use Earned Value Management as the most accurate way to track project progress

Who Should Attend?

This course is designed for Managers, Supervisors, General Managers, Heads, Team Leaders, Vice Presidents, Directors, CFO’s and Coordinators of:

  • Project Controls Manager
  • Project Controllers
  • Programme Directors/Managers
  • Project Office Managers
  • Project Managers
  • Project Planners & Schedulers
  • Project Engineers
  • Cost Controllers
  • Cost Managers
  • Cost Engineers
  • Project Consultants
  • Project Specialists
  • Technical Services
  • Engineering Services

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