Duration
3 days
Suitable for participants who have some or no project management knowledge.
Course Overview
This course is intended for executives in technical and non-technical work areas, who need to acquire working knowledge and skill in planning, monitoring or tracking, measuring the implementation of client’s projects (for both generic, engineering, and IT-specific projects). Projects are all about creating change and ensuring that the change is managed well and leading to a successful project.
This course is carefully designed to provide the best mix of experience, theory and practice in an adult learning environment. Formal presentations will be brief and are used mainly to introduce key concepts and significant elements of project and change management. Emphasis is on practical applications through “hands on” action learning.
A high level of participation and team involvement is required. Maximum opportunities will be given to participants to inject their own examples and issues into the course and continually relate the material to their own contexts.
Objectives
- To provide project cost management fundamentals (i.e., the project management framework) for participants to understand the project management methodology in accordance to the Project Management Book of Knowledge (PMBoK)
(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:
Have comprehensive understanding of the three cost processes (Plan Cost, Budgeting, and Cost Control) in project management
- Use financial and economic tools and techniques to evaluate projects and/or wealth-creation of projects and presenting a business case
Determine activity/project costs, and cost risks
Determine project cost reserve (contingency) and prepare budget
Appreciate various kinds of project evaluation for use in making management decisions
Determine cost variances and bringing the project into cost control
- Exercise project cost change management
Learning Methodology
Interactive workshop, case studies, exercises on real life issues, group discussions and presentations.
Participants are encouraged to bring their project issues to the session. The appreciation of project management software and techniques will be used to help participants better understand project management cost concepts; reflecting on their current project practices, and knowing how to improve them. Ample real case studies, examples and interactive individual/group exercises are provided.
An optional project group Powerpoint presentation of around 15-20 minutes for the project cost and budgeting will be required on the last day.
Special Note
Documentation such as templates, forms and checklists are provided with the main course material. You may freely use or modify them for use in your organisation.
Detailed Course Content (course content timings are approximate)
The sessions will normally start at 9.00 am and end at 5.00 pm, or at client’s timing preference; with two 15-minute tea breaks and an hour lunch.
Day 1: Morning
Project management cost requirements & business case
- The time-cost-quality & project scope triangle.
- Activity: nominating project cases for study and discussion.
- Defining measurable objectives to meet project requirements (scoping).
- Initial cost (high-level) estimating.
- Project feasibility studies (financial), e.g. Present Value, Payback, Return On Investment.
- Developing a Project Business Case.
Day 1: Afternoon
Project planning process
- Work breakdown structure (WBS).
- Activity: constructing a WBS.
- Activity sequencing and scheduling (network diagram)
Day 2: Morning
- Resource listing – human (and roles), material, facility, equipment, etc.
- Activity: creating a resource list.
- Applying low-level, bottom-up cost estimates for each activity.
- Creating a time-phased distribution of cost flow including a cumulative cost curve or Cost S-curve.
Day 2: Afternoon
- Project cost risk management - planning for cost risk with contingency (risk management plan and risk management strategies).
- Identifying cost of risk responses.
- Activity: creating a cost risk register.
- Activity: determining the project cost reserve (contingency) and establish the project budget into a project cost plan.
Day 3: Morning
Project cost execution & control process
- Executing the project cost plan.
- Tracking project cost progress using the cost S-Curve.
- Activity: reporting project cost progress using S-curve chart.
- Understanding the Earned Value Management
- Activity: reporting project cost progress using Earned Value indicators.
- Interpreting cost performance and applying cost control strategies.
- Accommodating changes in the project, and reviewing project costs.
Day 3: Afternoon
Project Closeout Process
- Administrative close-out checklist.
- Activity: Product verification (formal acceptance and handover sign-offs), closing project books, post-mortem, documenting lessons learned, archiving project documents, disbanding, rewarding and thanking the team.
- Contract close-out administration checklist.
- Group Project Presentations
Programme scope, delivery arrangements and suitability are confirmed during enquiry.