Special Course Features
This course is specially designed to enable its participants to work in a more collaborative teamwork environment using a comprehensive case study approach that illustrates the different components of cost estimation and control processes, using different tools and techniques to prepare a proper cost management plan, build an efficient cost breakdown structure, conduct order of magnitude and detailed estimation, learn the three point probabilistic estimation (PERT), and carry out detailed earned value analysis.
Who Should Attend?
This course is intended for project managers, functional managers, and other professionals involved in planning, executing, and monitoring and controlling projects to help better estimate and control project costs. Basic understanding of project management knowledge is encouraged but is not required.
Lecture 1- Cost Planning and Earned Value Management (EVM)
» What is Earned Value Management?
» Configure your Cost Management Plan (CMP)
» Components of a typical CMP and examples
» Case Study Exercise 1.1 – Develop your CMP
Lecture 2- Cost Estimation and Accounting
» Define Project Scope and Requirements
» Case Study Exercise 2.1 – Develop your Work Breakdown Structure
» Cost Estimating Categories and Formats
» Case Study Exercises 2.2, 2.3 – Develop your Cost Break Down Structure
» Components of Facility Costs
» Cost Accounting and Classifications
» Case Study Exercise 2.4 – Classify your Project Accounts
» Project Life Cycle Cost
Lecture 3- Cost Estimation Formats, Tools and Techniques
» Types of Cost Estimation
» Case Study 3.1 – Order of Magnitude Estimation Exercise
» Cost Budgeting and Baseline
» Case Study Exercise 3.2
» Capturing Historical Knowledge & Exercises
» Estimating Costs for Labor & Exercises
Lecture 4- Procurement and Legal Aspects in Cost Estimating
» Preparing Tender Documents
» Contract Formats
» Negotiation Techniques
Lecture 5- Cost Monitoring and Control
» Establishing an independent and unbiased budget control process
- Creating the Cost Baseline
- Establishing an Efficient Cost Coding System
- Tracking Progress: Target Zero Variance!
» Making Best Use of Cost Baseline (Spend Graph + Earned Value Management)
» Case Study Exercise 5.1 – EVM
» Uncovering and Taking Actions on Cost Control Opportunities
Lecture 6- Mitigating Risks in Project Costs
» Identifying Sources of Risk for Each Project Phase
» Risk Assessment, Allocation, and Assignment of Liability
» Managing Project Contingency Reserves
» Case Study 6.1 – Develop Your Risk Register
Dr. Elbarkouky is an expert in project management and control. He has more than 17 years of practical experience in his field of practice. He managed and controlled a large number of complex projects in Canada, the U.S., Europe, Africa, and the Middle East. He has extensive experience of oil and gas, power plants, infrastructure, and building construction projects. Dr. Elbarkouky has a Ph.D. in construction engineering and management from the University of Alberta. He is also a Professional Engineer in Alberta and a Project Management Professional (PMP) of the PMI. He is the CEO of a project management training organization that is specialized in teaching professional and academic courses in project management, risk analysis, contract administration, scheduling, cost estimation, and project planning and control in Alberta, Saskatchewan, BC, and NWT.