Cost Estimation and Budgeting
- Cost management
- Cost estimation
- Creating a project budget
- Developing budget contingencies
- Chief operations officers
- Project and operations directors, managers, practitioners and team members.
- Those who wish to take a holistic, integrated approach to managing projects, addressing both technical and management challenges.
- Those who wish to place an equal emphasis on both individual project execution and the strategic perspective, to be equipped with the means with which to manage projects at both the programme and portfolio levels.
- Those who wish to broaden their focus beyond the traditional project management activities of planning and scheduling, project control, and termination, to a more general, inclusive, and hence, more valuable perspective of the project management process.
Upon completion of this course, you will be able to understand:
- The various types of common project costs.
- The difference between various forms of project costs.
- How to apply common forms of cost estimation for project work, including ballpark estimates and definitive estimates.
- The advantages of parametric cost estimation and the application of learning curve models in cost estimation.
- The various reasons why project cost estimation is often done poorly.
- How to apply both top-down and bottom-up budgeting procedures for cost management.
- The uses of activity-based budgeting and time-phased budgets for cost estimation and control.
- The appropriateness of applying contingency funds for cost estimation.