professional development courses

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Effective Project Cost Estimation and Budget Control

Providing accurate cost estimates for projects, proposals, tenders, etc given a huge amount of uncertainty/lack of data, and all to be done within a very short time frame is a difficult task. This is partially because project costs are guesstimates rather than fixed estimates however in the current climate, costs need to be lean and meticulously controlled.This new era of project cost estimation puts a lot of pressure on business. Working across expense management you will learn how total costs are built and managed across the project life cycle.

Turning 'Theory' into 'Practice'?

This 2 day course models all the critical elements of a complex project: how to get the project properly defined; how to try and ensure that requirements and design are complete and correct; how to factor in unknowns and uncertainties – risks, issues, change; what can be estimated when and how to produce estimates; how to manage the performance of the project so that it does come in close to the estimate. By using fit for purpose tools, techniques and approaches you will be able to operate with confidencewithin a complex project environment managing risks and costs to deliver value for your key stake holders and the business. You will learn how to develop techniques in your business ensuring high levels of confidence integrity and success from all parties.

Who should attend?

This course is designed for companies wanting to reduce and sustain control of project spend whilst delivering value for money. Job titles may include procurement, buyers, contract and project managers, expense and finance managers

Key areas to be covered in the programme and documentation

The Key aspects of the project costs
The pre project stage
• Setting the budget approvals
• Defining existing cost of ownership
• Defining proof of concepts and scope
• Appropriation requests and business cases
• Managing client relationships and demand management challenge
• Assessing risks
• Defining governance and protocols

The project stage
• Socialising business case approval
• Approval of budgets
• Market analysis and testing
• Building RFI / RFP
• Planning negotiations and outcomes
• Explaining balanced scorecards
• Formation of contracts and the contract approval process
• Tips for successful implementation of projects

The post project stage
• Understanding contract and supplier relationship management (KPI and SLA)
• Defining key roles and accountability's (RACI)
• Key success criteria
• Managing scope creep
• Mitigation of risks
• Planning contingencies
• Building exit strategies

Case studies
• Business case 1 – UK telephony sourcing project c £60m
• Business case 2 – Business process out sourcing c £1bn
• Illustrations from the London 2012 Olympics of an unprecedented project with an
immovable deadline

Considering the significance of:
• The current total cost of ownership (TCO) against future anticipated TCO
• The impact of the combined steps in the process
• Capability and accountability
• Cause and effect
• Effective risk assessment and escalation
• Effective communication or prompt decisive action

Benefits to you

• Learning best practice models
• Understanding approaches to estimating the project costs
• Understanding procurement engagement protocols
• Knowledge of business partnering and client relationship management
• Use of market analysis vendor testing
• Learning vendor pre qualification techniques
• Running an RFI / RFP tender process
• Building appropriation gates to close the gaps on actual costs
• Learning negotiation techniques and bid analysis to balance the six key components: commercial, risk mitigation, innovation, service delivery, technical quality and assurance of supply
• Reporting implementation against project management milestones
• Building cost constraint methodology
• Structuring contract and supplier relationship management
• Learning how to manage scope creep and risks
• Mastering build contingency planning and defining exit strategies

Companies already benefiting include:

Duration of Course

2 Day Course

Course details

Please contact our office at +44 203 002 3057 for any additional information about this course

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.

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Further information

UK Enquiries: +44 (0) 203 002 3057

Non-UK Enquiries: +420 (0)2 5570 7246

North American Enquiries: +1 312 540 3000 X6714 or - Marketing Manager EMEA - Professional Training

UK Enquiries: +44 (0)20 7647 2383 :
European Enquiries: +420 (0)2 5570 7246 :


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

Managing Director, Tarmac