There are no entry requirements for this course however some project and cost management experience would be beneficial.

Attendees of this course will benefit from:

• Improve project performance using proven cost management practices
• Incorporate a multi-discipline approach to planning and budgeting supporting workforce planning
• Improve resource and cost forecast to support communication and decision making
• Improve contingency planning and control
• Achieve more sustainable practices

The course covers the following topics:

Day 1

1. Module 1 Introduction to Cost Management

• Emerging trends and the need for cost management
• What cost is
• Funding, Budgeting and Forecasting
• How project cost is managed (Total Cost Management Framework)
• Strategic Asset Management and Project Control
• Scope definition and front-end loading

2. Module 2 Reporting requirements and cost data structures

• Cost categories and types
• Identifying reporting requirements and stakeholder expectations
• Designing ‘fit for purpose’ cost data structures and codes

3. Module 3 Estimating and Forecasting

• Risk and Uncertainty
• Estimating types

4. Module 4 Introduction to Project Control

• The benefits of Project Control
• Project control and the Total Cost Management Framework
• What is Planning, Scheduling and Control?
• The 3 key functions of Project Control
• Overview of Earned Value Management

5. Module 5 Project baseline and budget

• The benefits of a project baseline
• What is a project baseline
• Planning & Organising
• Modelling the schedule

Day 2

5. Module 5 Project baseline and budget

• The benefits of a project baseline
• What is a project baseline
• Planning & Organising
• Modelling the schedule
• Gaining stakeholder feedback
• Setting the baseline and budget
• Considerations for multiple project environments
• Why misunderstandings and disputes occur
• Documenting the basis of schedule
• Planning for record keeping
• Designing procurement specifications for cost management

6. Module 6 Project performance feedback and forecast

• The purpose of performance feedback
• Telling a story
• The performance update cycle
• Synchronising accruals and progress updates
• Variance analysis
• Variance reporting
• Forecasting
• Statistical forecasting
• Forecasting contingency

7. Module 7 Project Baseline Change Management

• The benefits of baseline Change Management
• What are the types of baseline changes
• How Changes are Processed
• Monitoring contingency
• Record keeping
• Key tips for managing baseline changes

Project managers and project team members. All members of a project organisation that may have a role in managing cost on a project.

Students will be provided with:

• A printed copy of a student workbook; and
• Access to an electronic version of presentation slides.