Project Scope and Requirements Management

Introduction:

Managers and customers expect to get value for money. A significant number of projects have been canceled or are seen as a failure because they ran too far over budget. This five-day program will present the participants with straightforward approaches to developing a cost baseline and setting up a cost tracking system so that the budget is well managed during the project’s life cycle.

Targeted Groups:

Project Managers
Members of Project Offices
Project Sponsors
Individuals interested in project management

Course Objectives:

At the end of this course the participants will be able to:

Understand the benefits of good project cost control for successful project outcomes
Use best practice to minimize costs and negative impacts
Describe a typical project cost management lifecycle
Explain the action required at each phase of the project cost management lifecycle and understand the significance of each phase
List the key attributes of the cost necessary to understand and manage cost-effectively
Explain the key steps required to improve project estimates, budget and cost baselining, performance measurement and analysis, cost monitoring and control during project execution and interpreting and reporting project performance throughout a technical project lifecycle
Specify key quantitative measures for determining the project performance using Earned Value Management (EVM)
Provide meaningful project progress reports using EVM together with forecasts of likely outcomes and management options to correct where necessary
Estimate cost techniques, including the Work Breakdown Structure, Work Packages and risk management considerations
Learn about the S-curves for risk and cost estimates

Targeted Competencies:

Planning projects
Organizing projects
Controlling projects
Cognitive abilities
Communication
Engineering value
Cost control

Course Content:

Unit 1: Overview of Project Management:

Basic Project Management definitions
The project management processes
Project phases and life cycles
Typical project terminology
Setting up for success
The project cost management processes – estimate costs, determine budget and control costs

Unit 2: Developing The Project Schedule – Estimating Cost:

Understanding project management inputs to estimating cost
Creating the work breakdown structure (WBS)
Work Packages as building blocks
Estimation techniques
Optimizing the schedule
Estimating the overall project cost

Unit 3: Developing The Project Budget – Determining Budget:

Understanding project management inputs to determining budget
Estimating personnel, materials, and equipment costing including overheads Cost aggregation
Considering the risk management process, risk response planning and risk reserves
Estimating Risk Response costs, and Reserve or Contingency cost
The S-Curve for risk and cost