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Project Budgeting & Costing Management

The three sides of project managements famous Triple Constraint are scope, cost, and schedule. All of these are equally important and must be balanced out. Yet most project managers spend a lot more time developing the project schedule and managing to it than they do to the financial side of the project. If budgeting is done at all it is done by just adding up the hours of the resources and multiplying by the cost per hour. Cost management is no more than subtracting the salaries of the resources used every week from the budget and assuming that what’s left will be enough to finish the project. Yet accurate cost development and cost management are critical to project success. Management wants, and needs, to know how much money is being spent on the project to see if they’re profitable. Many projects have been canceled because they ran too far over budget. This two-day course will present the delegates with straightforward approaches to accurately developing the cost and setting up a cost tracking system so that the budget is well managed during the project and money can be accurately tracked.

Turning 'Theory' into 'Practice'?

This highly interactive and intensive training course provides attendees with the latest practices, tools and techniques Our format combines real-world practical case study examples, hypothetical scenarios, role-playing, group exercises and tutorial style presentations with a focus on collaborative and interactive learning.

Who should attend?

The course is designed for project managers who wish to control their budget better, or project finance staff who need a better understanding of project costing and budgeting For more information, please contact Miss Bernardine Michael at BernardineM@marcusevanskl.com

Other Organisational Development Programmes in our Portfolio include:

• Effective Contract Negotiation

• Contract Drafting & Management

• Project Budgeting & Cost Management

• Managing Complex Projects

• Finance for Project Managers

• Project Team Leadership

• Mastering Project Negotiations

Key areas to be covered in the programme and documentation

Day 1

Overview of project management

In this module the delegates will learn an overall approach to managing projects. This will provide

the context for developing and managing the project budget. Topics will cover:

• Basic definitions

• Common project management processes

• Project phases and life cycles

• Project deliverables

• Roles and responsibilities

Developing the project schedule

In this module we will create the overall project schedule and learn how the budget is tied to each

individual project activity. Topics will cover:

• Creating the work breakdown structure (WBS)

• Defining the activities

• Adding resources

• Estimating activity durations

• Developing the schedule

Exercise:

The delegates will be given a simple list of project activities and, in teams, develop the detailed

schedule from it.

Developing the project budget

Here the delegates will learn how to create both high-level budgets at the beginning of the project

and the detailed budgets that are necessary for project control. Topics will cover:

• Top-level budgets

• Detailed budgets

• The S-Curve

• Personnel costing

• Materials and equipment costing

• Adding in overhead

• Management reserves

Exercise:

Delegates will use the previously-created detailed schedule to create the budget for the project,

including the costs of personnel, equipment, materials, and overhead.

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Day 2

Effectively controlling the project budget

In this module the delegates will learn the necessary steps to controlling and managing the

project budget. Topics will cover:

• Identifying and managing hours worked

• Tracking equipment and materials costs

• Weekly budget reports

• Work packages and control accounts

• Relating the project budget to the financial accounting system

Case Study:

The delegates will be given the details of a real project that went considerably past its planned

budget and define the reasons for the cost overruns.

Measuring project progress with Earned Value Management

In this module the delegates will learn that for large, complex projects the most accurate way to

track progress is through Earned Value Management:

• What is Earned Value Management (EVM)?

• Cost and schedule variances

• Cost and schedule performance indices

Utilising Control Accounts to ensure successful project integration

Here the delegates will learn about setting up Control Accounts, CAPS, Estimates to Complete,

and the Project Master Baseline. Topics covered will include:

• Estimates to Complete (ETC) and Estimates at Completion (EAC)

• Control Accounts

• Control Account Plans (CAPS)

Exercise:

Developing CAPS for a sample project, including measurement points and tying the CAPS into

the organisation’s overall accounting system.

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Benefits to you

• Analyse the fundamentals of budgeting and costing and where it fits into the bigger picture

• Create high-level budgets at the beginning of the project

• Explore alternative budgeting techniques for possible reduction of costs and expanding profits

• Network with key practitioner and industry expert on budgeting and forecasting

Companies already benefiting include:

Duration of Course

2 days Day Course

Course details

12 - 13 July 2010 , Kuala Lumpur

15 - 16 July 2010 , Kuala Lumpur

Looking to train larger teams in this subject?

dzingim@marcusevansuk.comTailored in-house/in-company training courses and bespoke strategy workshops designed and delivered on-site throughout Europe according to your specific requirements.

All management, personal development and project management public courses featured in our Course Directory are also delivered on an In-Company basis.

Click Here for information on how this course can be delivered for you as an In-Company Training Solution

 


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Further information

UK Enquiries: +44 (0) 203 002 3057
or dzingim@marcusevansuk.com

Non-UK Enquiries: +420 (0)2 5570 7246
or training@marcusevanscz.com

North American Enquiries: +1 312 540 3000 X6714 or emilyj@marcusevansch.com

dzingim@marcusevansuk.com - Marketing Manager EMEA - Professional Training


UK Enquiries: +44 (0)20 7647 2383 : salesenquiries@marcusevansuk.com
European Enquiries: +420 (0)2 5570 7246 : training@marcusevanscz.com

ASIA PACIFIC Enquiries: 006.03.2723.6604
BernardineM@marcusevanskl.com

Testimonials

"This course will allow my company to develop its existing strategies to a much greater and hopefully profitable level."

Managing Director, Tarmac