Cost Estimating and Cost Management

Cost estimating is a fundamental yet challenging task for contract and project managers. Projects cannot be successful without accurate and timely project cost estimating. Estimating is a practice that occurs throughout the project management lifecycle, and so it must be done effectively and efficiently.

This course explores project cost estimating and a budget planning effort for a project manager as part of the project plan, and then looks at earned value and other controls as the plan unfolds. Individual and small group exercises and case studies include examples applicable to diverse industries and business sizes.

Please Note: Participants should have a basic knowledge of spreadsheets.

What Participants Will Learn

• Use analytical and financial tools and techniques throughout a project, including hands-on exercises
• Calculate cost estimates using quantities and unit costs combined with effort and durations estimates
• Budget costs by breaking down costs into categories by responsibility, by scope phases and accounting requirements
• Implement cost control with execution measures to predict, track and invoice appropriately, as well as address “earned value” issues