Course Details

T0023
Technical

 

Project Cost (1) - Estimation and Control

All

Key Topics covered:

 This course will cover how a project cost and price is constructed from the contract, and then managed through project delivery. It will include an overview of: 

• Cost estimating techniques and accuracy;
  
• Time-phased budgeting, cash flow, and integrated baseline;
  
• How a project’s budget and schedule are integrated to forecast the project's cash-flow 
  
• How to set the budget contingency and management reserve in response to risks and uncertainty;
  
• Selecting a contracting strategy;
  
• Financial elements of vendor bid analyses and frameworks - how to evaluate vendor bids using a fair and consistent framework;
  
• Contract payment terms and penalties - how to meet and monitor compliance with contract terms and penalties;
  
• Change control and contract variations;
  
• How to respond to changes and decisions in evolving and uncertain conditions on-site communicating project budget information in status reports; and,
• Further opportunities to develop as a project professional

• Learning Outcome:
• Participants will gain an understanding of the tools and techniques used to build and control a project’s cost and price. The participant will gain an ability to:

• Read, understand and review project estimates budgets
  
• Communicate project progress to internal and customer audiences with status reports