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Fundamentals of Capital Project Cost Control

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Abstract: 

How do you control a project? You must define the scope; budget and plan the execution; execute per the plan; control the scope; and manage the budget variance. It looks simple, doesn’t it? Well, if it were that simple, then why do we always have trouble controlling our projects?

Scope is the single most important variable in defining and controlling the cost of a project. This one-day seminar will teach the fundamental techniques for defining the scope, developing project schedules and budgets, tracking and controlling execution, and managing any budget variances. Using exercises and discussion, the workshop will address:

  • Scope/Schedule/Budget/Resources Relationship
  • Scope Development including work breakdown structures
  • Project Cost Control
  • Forecasting and Reporting including earned value analysis
  • Change Management
  • Estimating Methods
  • Project Risk Analysis
  • Earned Value Analysis for Project Tracking

 

LEARNING OBJECTIVES

Participants will gain practical skills to:

  • maintain project cost control through an understanding of the critical relationships between scope, schedule, budget, and resources.
  • build a list of project risks.
  • evaluate and prioritize your project risk issues.
  • develop a factored estimate for an understanding of the process.
  • analyze your project status using earned value analysis.
  • provide project leadership by accessing project control problems and using your newly acquired knowledge to determine the best course of action for the project.
  • advance your career by having the tools to better manage your projects.
  • stand out from your peers by having successful projects.

 

WHO SHOULD ATTEND

This course is designed for those involved in managing the design and/or construction of projects such as engineers, technologists and technicians, tradesmen, maintenance personnel, and other personnel from industrial users, utilities, municipalities, educational institutions, commercial facilities, consulting engineering firms and manufacturers. Topics covered in this course are also of great value to managers and other non-technical project personnel.

PREREQUISITE

There is no enforced prerequisite for this course; however, it is recommended that participants complete Fundamentals of Industrial Project Management first or have several years of hands-on industrial project management experience before taking this course.

MATERIALS

You will receive a course binder containing copies of presentation slides, templates and case study materials.

WHAT YOU WILL LEARN

Introduction

The Original Plan

  • Project Life Cycle
  • Decision Making
  • Scope
  • Point Cloud
  • Budgets
  • Work Breakdown Structure
  • Risk Analysis & Monte Carlo
  • Schedule
  • Procurement
  • Case Study: Never Ending Scope Creep

 

Estimating, Contingency, Escalation, Freight

The Current State
  • Earned Value Analysis
  • EV Exercise
  • Project Control

 

The Forecast

  • Reporting & Forecasting
  • Case study: Escalation
  • Change Management & Close

 

Conclusion

  • Discussion of lessons learned

 

course info

Course ID: MS-5301
Course Level: Intermediate
Duration: 1 day

upcoming sessions

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Gold Seal Certified

Fundamentals of Capital Project Cost Control
1 Credit

 

The National Gold Seal Committee has approved this course for Gold Seal accreditation. The National Gold Seal Committee has commended Procept Associates Ltd. for recognizing the need for defining and providing quality construction management training.

Certificate #15-12-248

PMI PDUs

PMI Talent TriangleThe following table provides the breakdown of the professional development units (PDUs) for this course aligned with the PMI Talent TriangleTM.

  Tech. Ldrshp. Strat. & Bus.
PMP 6 0 1
PgMP 6 0 1
PfMP 6 0 1
PMI-ACP 6 0 1
PMI-SP 6 0 1
PMI-RMP 6 0 1
PMI-PBA 6 0 1

 
The three columns in the table are Technical Project Management, Leadership, and Strategic & Business Management.

Other Credits

Other professional (re)certification credits are available, including:

  • Certified Business Analyst Professionals (CBAPs) earn 7 CDUs (Category 2B)
  • Certified Software Quality Engineers (CSQEs) earn 1 RUs
  • CIPS Information Systems Professionals (ISPs) earn 7 Learning Credits
  • CIPS Information Technology Certified Professional (ITCPs) earn 7 Learning Credits