Project Budgeting and Cost Estimating - Virtual Learning

Course Objectives

Project Budgeting and Cost Estimating - Virtual Learning

By the end of the course, participants will be able to:

  • Explain the project cost management process and develop project cost management plans
  • Develop accurate estimates and identify different methods for estimating a project’s overall costs
  • Develop a project cost baseline and project budget and explain contingency and management reserves allocated for the project
  • Identify different cost-saving strategies for projects and apply continuous improvement concepts on project overall finances

Target Audience

Project managers who seek to estimate costs for the activities of their projects, manage project budgets, and learn the different methods that can help in saving project costs. Meirc is assigned as a Registered Educational Provider (REP) with the Project Management Institute (PMI®). This course is worth 12 Professional Development Units (PDUs).

Target Competencies

  • Project management
  • Project planning
  • Budgeting
  • Cost estimating
  • Cost savings

Course Outline

  • Overview
    • Project management processes
    • Project life cycle
    • Project cost management processes
    • Cost management plan
  • Cost estimation
    • Building work breakdown structure
    • Estimation accuracy
    • Cost estimating techniques
      • Expert judgement
      • Analogous estimating
      • Parametric modeling
      • Bottom-up estimating
      • Three-Point estimating
  • Project budgeting
    • Cost aggregation
    • Preparing budgets
    • Types of costs
    • Contingency reserves
    • Cost baseline
    • Management reserves
    • Funding limit reconciliation
    • Cashflow management
    • Project cost optimization
  • Continuous improvement and cost saving strategies
    • Cost of quality
    • Cost saving strategies for projects
      • Optimize the use of labor
      • Smooth workloads
      • Improve quality of your processes
      • Shorten the project duration
      • Manage procurement
    • Value stream mapping

Per participant

USD 1,750

Fees + VAT as applicable

Tax Registration Number : 100239834300003

Discount Plans & Cancellations Policy