Introduction:

This training program is designed to equip participants withh the skills to define, manage, and control project scope and requirements effectively. It covers essential processes and techniques for aligning stakeholder needs with project objectives. Through it, participants will learn strategies for maintaining scope integrity and minimizing scope-related risks.

Program Objectives:

At the end of this program, participants will be able to:

• Discover the benefits of good project cost control for successful project outcomes.

• Describe a typical project cost management lifecycle and its significance.

• Explain the key steps required to improve project estimates, budgeting, and cost baselining.

• Specify key quantitative measures for determining project performance using Earned Value Management (EVM).

• Explore estimating cost techniques, including the Work Breakdown Structure and risk management considerations.

Targeted Audience:

• Project Managers.

• Business Analysts.

• Team Leaders.

• Product Managers.

• Project Sponsors.

• Professionals involved in project planning and execution.

Program Outlines:

Unit 1:

Overview of Project Management:

• Basic Project Management definitions.

• The project management processes.

• Project phases and life cycles.

• Typical project terminology.

• Setting up for success.

• The project cost management processes – estimate costs, determine a budget, and control costs.

Unit 2:

Developing The Project Schedule – Estimating Cost:

• Understanding project management inputs to estimating the cost.

• Creating the work breakdown structure (WBS).

• Work Packages as building blocks.

• Estimation techniques.

• Optimizing the schedule.

• Estimating the overall project cost.

Unit 3:

Developing The Project Budget – Determining Budget:

• Understanding project management inputs to determining the budget.

• Estimating personnel, materials, and equipment costing including overheads Cost aggregation.

• Considering the risk management process, risk response planning, and risk reserves.

• Estimating Risk Response costs, and Reserve or Contingency cost.

• The S-Curve for risk and cost.

Unit 4:

 Utilising Control Accounts and Effectively Controlling Project Costs:

• Control Accounts and the Control Account Plan (CAP).

• Understanding what measures are required.

• Change Control processes and re-baselining the cost performance baseline.

• Understanding project management inputs to controlling costs.

• Identifying and managing hours worked.

• Methods and techniques for tracking costs.

Unit 5:

Project Performance Measurement, Interpreting, and Reporting EVM Results:

• What is Earned Value Management and what are the main measures used for it.

• Analyzing results – variances, performance indices, and forecasting.

• Interpreting results and considering options to redress unacceptable variances.

• Forecasting and developing response plans.

• How to report EVM to senior management and customers.