Course Details

This course is appropriate for a wide range of professionals but not limited to:

• Project Engineers and Coordinators
• Cost Estimators and Analysts
• Project Controls Personnel
• Project Managers (PMPs) seeking to strengthen controls knowledge
• Financial and Budgeting Analysts

• Expert-led sessions with dynamic visual aids
• Comprehensive course manual to support practical application and reinforcement
• Interactive discussions addressing participants’ real-world projects and challenges
• Insightful case studies and proven best practices to enhance learning

By the end of this course, participants should be able to:

• Apply fundamental cost estimating techniques for different stages of a project.
• Implement a robust Cost Control System and perform cost performance tracking.
• Utilize Earned Value Management (EVM) metrics (PV, EV, AC, SPI, CPI) effectively.
• Conduct qualitative risk identification and analysis (Probability and Impact Matrix).
• Develop effective risk response strategies (mitigate, avoid, transfer, accept).
• Manage and report project cost and risk status clearly to stakeholders.

DAY 1

Cost Engineering Fundamentals and Estimating

• Welcome and introduction
• Pre-test
• The role of Cost Engineering in the project lifecycle
• Cost classification: Direct costs, indirect costs, overheads, and profit
• Introduction to cost estimating methods: Analogy, Parametric, and Bottom-Up estimating
• Developing the Work Breakdown Structure (WBS) for cost control
• Understanding factors influencing cost: Scope, time, quality, and market conditions

DAY 2

Cost Control and Budgeting

• Developing the Project Budget (Baseline) from the cost estimate
• The process of cost commitment, tracking, and forecasting
• Designing and implementing a simple Cost Control System
• Managing contingencies, reserves, and authorization for expenditure (AFE)
• Techniques for cost reporting and variance analysis

DAY 3

Earned Value Management (EVM)

• Fundamentals of Earned Value Management (EVM) terminology and formulas
• Calculating Planned Value (PV), Earned Value (EV), and Actual Cost (AC)
• Analyzing performance: Schedule Variance (SV), Cost Variance (CV)
• Forecasting performance: Estimate to Complete (ETC) and Estimate at Completion (EAC)
• Practical exercise: EVM application using project data

DAY 4

Project Risk Management Fundamentals

• Introduction to Project Risk Management: Process, principles, and definition
• Risk Identification techniques (brainstorming, Delphi, root cause analysis)
• Qualitative Risk Analysis: Using the Probability and Impact (P-I) Matrix
• Developing effective Risk Response Strategies (Mitigation, Avoidance, Transfer, Acceptance)
• Creating and maintaining the Project Risk Register

DAY 5

Integration, Monitoring, and Control

• Integrating cost and risk management processes
• Techniques for continuous risk monitoring and control
• Reporting cost and risk status to project sponsors and stakeholders
• Review of common pitfalls in cost and risk management
• Post-test
• Certificate ceremony