Project Cost Management

DESCRIPTION Cost over-runs average about 56% of original budgets! Some of the culprits: Poor estimates.Unrealistic budgets. ROI falling short of expectations. Just plain poor financial management. Sound familiar? The good news is that seminar gives you a better understanding of the cost management aspect of managing projects. Learn how to apply proven methods, tools and techniques to prepare estimates, develop and monitor budgets, manage cash flow and use earned value analysis (EVA) to ensure that the project’s ROI is achieved. This course will use a realistic and interactive case study that will allow you to practice the methodology. BENEFIT

• Understand enterprise financial management concepts and how they apply to projects
• Apply the business tools of NPV, IRR, payback period and benefit/cost ratio to evaluate projects
• Provide improved cost estimates and ROI calculations
• Manage the budget throughout the project lifecycle to achieve your ROI
• Expertly apply EVA concepts to your projects
• Identify potential financial risks and learn how to implement contingencies
• Accurately forecast project cost performance by calculating cost/schedule variances

OUTLINE

1. Overview: why cost management is crucial to project management
2. Evaluating projects in terms of a cost/benefit analysis
3. How the Time Value of Money works
4. The five rules of project cost estimating: five rules to follow
5. Project budgeting: developing a cost management plan using organizational systems, guidelines and policies
6. Project cost management and risk planning
7. Managing project cash flows and controlling costs using Earned Value Analysis

PARTICIPANT Project/Program/PMO managers, business analysts in a project team and finance and senior managers who need to understand how the finance and project functions impact each other. TRAINING METHOD Presentation Discussion Case Study Evaluation   FACILITY Training Kit Handout Certificate Lunch + 2x Coffee Break Souvenir Pick Up participant (Yogyakarta)