Course Description
This course is structured into two modules. The first week of training will focus on delivering reliable cost and schedule estimates during the early concept and planning phases of a project. The second week of training will delve into the Value Engineering (VE) concept, a structured, creative approach aimed at maximizing project value, reducing life-cycle costs, addressing financial concerns, and eliminating unnecessary expenses.
The Project Scheduling, Cost Planning & Value Engineering Skills training course uses a systematic, step-by-step methodology to guide you through all stages of a project, including initiation, planning, execution, monitoring, and closure.
You will learn about key aspects such as roles and responsibilities, planning techniques, forming and managing multi-disciplinary teams to develop solutions and recommend alternatives, capturing stakeholder requirements and expectations, developing conceptual cost estimates and models, conducting life-cycle costing analyses, and creating a high-level project plan for effective execution and control. The course also includes detailed practical applications and case study presentations to help you master the course content.
This training course will feature:
Gaining knowledge of techniques used in project estimating, from the conceptual stage to the final detailed estimate
Understanding the different types of estimates used to confidently and progressively estimate project costs and schedule
Identifying risk sources and minimize their impact with and without contingency
Developing effective team management, performance monitoring and control systems
An integrated approach to scope, time, resources and cost management into a dynamic and manageable model
What you will achieve
By the end of This training course, participants will be able to:
- Manage and mitigate schedule, cost, scope, and resource risks associated with the project
- Develop a project recovery plan for budget and schedule overruns
- Identify value mismatches through the ratio of whole life costing
- Capture & incorporate stakeholders’ input in the development of the project charter & plan
- Know the fundamental concepts of Value Engineering and Analysis
How the course is delivered
This training course will utilise a variety of proven adult learning techniques to ensure maximum understanding, comprehension and retention of the information presented.
The training course is highly interactive and presents knowledge through formal and interactive learning methods. The training course includes individual exercises, team projects, applicable case studies and group discussions. The material has been designed to enable delegates to apply all of the material with immediate effect at the office.
In addition, the training course will take delegates through the systematic step-by-step VE methodology through interactive speaker input, case studies and practice exercises. The exercises will provide participants with hands on experience of applying the techniques to a simple project and will facilitate group discussion.
Designed for
This training course is suitable to a wide range of professionals but will greatly benefit:
Those who have a role in various projects such as cost estimators, project schedulers, project designers, project planner, contracts professionals, project procurement and purchasing staff, and project control and business services professionals who have the responsibility for preparing cost / schedule estimates and project proposals in client and contracting companies
- Those who are interested in knowing more about estimation and control in a project environment
- Anyone involved in project initiation, engineering design, and critical assessment of projects
- All those responsible for making significant decisions concerning plans and budgets for large and complex projects
- Project or Program Sponsors, Project Managers, Cost Estimators, Cost Controllers, Engineers, Designers and Project Staff
- All those aspiring to deliver better value in all sectors of the economy from major projects in construction, manufacturing, petro-chemical, healthcare, education legal and public services
Daily programme
- Basic project management definitions
- Triple constraints: time, cost, scope
- Project selection methods
- The estimating process
- Defining the project scope
- Work breakdown structure
- Scope control
- Requirements management
- Cost and schedule estimation
- Estimating techniques
- Direct and indirect project costs
- Estimating accuracy
- Project schedule planning
- Network diagramming
- Critical path method (CPM)
- Float and constraints
- Resource requirements
- Resource allocation and levelling
- Planning and scheduling limited resources
- Resource-constrained scheduling
- Project management inputs to cost budgeting
- Developing the project budget
- Cost baselines
- Cost budgeting and control
- Options for accelerating the schedule
- Crashing the schedule: how and when
- Fast tracking
- Cost-time trade-offs
- Risk identification, analysis and management
- Managing the risk
- Contingency reserve
- PERT, probability and standard deviation
- Earned value fundamentals
- Performance indices
- Forecasting at completion
- Schedule and cost variance analysis
- Value engineering principles
- The value engineering job plan
- Function analysis
- Application workshop and review
Certification & accreditation
BII Certificate of Completion
BII Certificate of Completion Upon successful completion, participants receive a BII Development Institute Certificate of Completion with a unique reference code that is independently verifiable. Our certificates are recognised internationally and reflect successful completion of your chosen programme.
