About Our Project Planning, Budgeting & Cost Control Course

Time Training Center’s 5-day, 30-hour Project Planning, Budgeting & Cost Control Course equips you with the knowledge and skills to manage project costs effectively and ensure financial success. Effective project cost management is critical for the success of any project, especially in industries where complex deliverables, tight timelines, and substantial financial investments are involved. The Project Planning, Budgeting & Cost Control course is tailored to address the challenges faced by project managers in developing accurate cost baselines, tracking expenditures, and ensuring that projects stay within budget. This training will provide hands-on methods for constructing realistic project budgets, implementing cost control mechanisms, and adjusting strategies based on real-time financial data.

The course delves into advanced project cost management practices grounded in the PMI PMBoK standard, focusing on tools such as Earned Value Management (EVM), risk-based cost estimation, and S-curve analysis. Participants will learn how to optimize the budgeting process, mitigate financial risks, and manage project costs from initiation to closeout. By exploring these techniques in detail, participants will leave with practical knowledge they can immediately apply to safeguard their projects' financial health, ensuring that they deliver maximum value without exceeding the allocated budget.

Project Planning, Budgeting & Cost Control Course Objectives

Upon successful completion of this Project Planning, Budgeting & Cost Control course, participants will be able to:

• Understand the importance of effective project cost control in ensuring successful project outcomes
• Apply best practices to minimize costs and reduce negative financial impacts
• Describe the full project cost management life cycle from initiation to closure
• Identify key actions required at each phase of the project cost management process
• Recognize essential cost attributes necessary for effective cost management
• Demonstrate the steps required to improve project estimates, budgeting, performance measurement, and analysis
• Use Earned Value Management (EVM) to assess project performance and determine corrective actions
• Create meaningful project progress reports using EVM to forecast project outcomes
• Apply project cost management techniques to a simple case study, reinforcing learned concepts

Who Should Attend Our Project Planning, Budgeting & Cost Control Course?

This course is highly beneficial for professionals involved in managing project budgets and controlling costs, including:

• Programme Managers and Senior Personnel responsible for the governance of projects
• Finance Personnel seeking to expand their understanding of project cost data management
• Project Managers and Project Team Leaders aiming to build and consolidate their project management expertise
• Project Planning Engineers and Heads looking to enhance their project management skills
• Senior Project Control and Business Services Professionals responsible for planning, monitoring, controlling, and reporting project budget and cost performance
• Project Management Professionals eager to deepen their understanding of project cost management

Project Planning, Budgeting & Cost Control Course Training Methodology

We employ a comprehensive and applied learning strategy, integrating theory with real-world implementation:

• 30% Conceptual Learning: Expert-led sessions on catalytic theory and engineering principles
• 20% Interactive Workshops: Group exercises, presentations, and technical discussion forums
• 30% Case-Based Learning: Industry-specific examples and troubleshooting scenarios
• 20% Technology Integration: Digital tools, simulations, and catalyst modelling applications

Note: Instructors may adjust the training approach to fit technical requirements or participant engagement levels.

Project Planning, Budgeting & Cost Control Course Instructor

Our courses are delivered by highly qualified instructors with extensive experience in both industry and academia. With decades of hands-on expertise across a wide range of technical disciplines, our instructors are dedicated to providing high-quality, impactful training that equips participants with practical knowledge and skills they can immediately apply. Full instructor profiles are available upon request.

Project Planning, Budgeting & Cost Control Course Fees

The course fee includes the following:

• Course Materials: Comprehensive participant materials, including lecture notes, slides, and case study documents. (Tablet or IPAD)
• Coffee/Tea: Provided on arrival and during morning and afternoon breaks to keep participants refreshed.
• Buffet Lunch: Served daily to ensure participants have an opportunity to network and recharge during lunch breaks.

Project Planning, Budgeting & Cost Control Course Outline

Module 1: Introduction to Project Management and Cost Control

• Pre-test assessment of existing knowledge
• Basic project management definitions and key terminology
• Overview of PMI PMBoK® project management processes
• Understanding project phases and life cycles
• Introduction to setting up for success in project budgeting
• Overview of the project cost management processes: estimating costs, determining budgets, and controlling costs

Module 2: Developing the Project Schedule and Estimating Costs

• Understanding project management inputs for cost estimation
• Creating the Work Breakdown Structure (WBS) and understanding work packages
• Estimation techniques and best practices for cost accuracy
• Optimising the project schedule for cost management
• Estimating the overall project cost based on detailed activity breakdowns

Module 3: Determining the Project Budget

• Inputs to determining the project budget, including personnel, materials, and equipment costs
• Aggregating costs, including overheads and contingencies
• Risk management considerations and the creation of risk response plans
• Estimating risk response costs and building appropriate reserves
• Understanding S-Curves for cost and risk estimation

Module 4: Managing Project Costs with Control Accounts

• Introduction to control accounts and the Control Account Plan (CAP)
• Understanding and applying change control processes
• Re-baselining the cost performance baseline when necessary
• Techniques for tracking costs and managing work hours effectively
• Monitoring and controlling the project budget through continuous oversight

Module 5: Earned Value Management (EVM) and Performance Reporting

• Introduction to Earned Value Management (EVM) and its key metrics
• Analysing EVM results: variances, performance indices, and forecasting
• Interpreting performance results and determining corrective actions for unacceptable variances
• Forecasting project outcomes based on current EVM data
• Reporting EVM results to senior management and stakeholders for informed decision-making

Module 6: Capstone and Assessment

• Review of Core Topics and Key Learnings
• Final Group Discussion and Q&A
• Post-Test Evaluation
• Certificate Presentation

Course Completion Certificate

Upon successfully completing the Project Planning, Budgeting & Cost Control Course at Time Training Center, participants will receive an official Course Completion Certificate.This certificate recognizes your skills in project cost management, budgeting, and financial control, showing your ability to plan, track, and manage project finances effectively.