Project budgets can vary from $5,000 to whatever size a company can handle. The problem companies have with capital projects is how to allocate the scarce resource (money) to the maximum benefit of the company. Some factors that go into choosing which projects get done include what the competition is doing, the company’s long-range plans, return on investment (ROI), and risk. ROI is critical to making a decision, as a company is only going to undertake a project if it can make a return on its money by doing it. Think of all the projects you know about that were over budget. What affect did that have on the ROI and did it add value, or cost the company money?

As you know, it is very important to keep a project on track and within budget. It is imperative that costs be controlled during all phases of a project, and you can only control costs if you know what goes into making up the total project budget. You have to set up a project so that costs can be easily identified and controlled.

Project cost control is a lot of work and requires a team effort. In theory, project cost control sounds easy but it is a lot more difficult to put into practice, especially if basic financial information is not correct.

LEARNING OBJECTIVES

Participants will gain practical skills to:

• Understand the capital project lifecycle
• Control Costs
• The relationship between scope, schedule, budget, and resources
• Analyze project risk
• Analyze your project status using earned value analysis
• Manage change
• 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.

WHAT YOU WILL LEARN