Duration
2 days
Overview
This course is intended for managers, executives, and decision-makers who need to acquire a managerial knowledge of project costing and budgeting with cost reserves. Their participation through understanding case studies and best practices will facilitate an immediate transfer of such competency to better manage project costing and budgeting.
Participants are to bring their REAL projects for hands-on group planning exercises to help reinforce the learning.
Objectives
- To instill the habit of anticipation with regard to identifying possible project problems, opportunities, project contingencies and project risks with regard to project costing and finance.
- To understand the use of Project Management methodologies in defining project phases, handling project resource conflicts, project resources, and brainstorming of ideas.
- To appreciate and understand the use of Project Management tools (MS Project and MS Excel) for determining accurate project costing, cashflow planning, including tracking project expenditures.
(N.B. This is not a MS Project or MS Excel training course; the use of these software by the course leader is to help participants visualize the cost and budgeting results. However, the participants are at their discretion to bring their notebook computer)
At the end of the course, participants will be able to:
- Use financial and economic tools and techniques to evaluate projects and/or wealth-creation of projects and presenting a business case
- Appreciate various kinds of project evaluation for use in making management decisions
- Determine cost variances and bringing the project into cost control
- Support on-going and pre-evaluation of projects; including setting, measuring, and interpreting cost performance metrics
Detailed Course Contents
Project Investment Appraisal and Selection Techniques
Understanding tangible and intangible benefits and returns
Financial appraisal techniques & terminologies, including pros and cons – Payback Period, Net Present Value (NPV), Benefit Cost Ratio, Opportunity Cost, and Sunk Cost
Project selection methods of multiple projects
Decision Tree tool to help in decision-making.
Project Cash Flow Planning Exercise for a Group Project (Part 1/2)
Estimating cash flows (MS Excel project cashflow sample is provided as aid)
Project Cost Estimation, Budget Control, and Cost Performance Tracking
Analogous, parametric and bottom-up task-based costing methods for project budgeting
Programme scope, delivery arrangements and suitability are confirmed during enquiry.