Duration - 2 Days
Estimating and Managing Time & Cost

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Audience This course is designed for:
  • Newly appointed project managers
  • Project managers with limited experience
  • Functional managers who support project managers
  • Professionals who desire a career in Project Management
Prerequisites "Successful Techniques of  Project Management"
-OR-
Equivalent project management knowledge and experience
Description This course is divided into the following modules:
  • Module 1: An Overview of Time and Cost Management defines the processes for the Time and Cost knowledge areas.
  • Module 2: The Estimating Process identifies fundamental estimating processes to determine a solid project schedule and baseline.
  • Module 3: Creating the Preliminary Schedule and Budget
  • Module 4: Finalizing the Schedule and Budget
  • Module 5: Establishing a Control System introduces the purpose of the planning, monitoring, and controlling life cycle.
  • Module 6: Evaluating Project Progress
  • Module 7: Using Earned Value focuses on the Earned Value Analysis technique for quantifying project progress.
  • Module 8: Identifying Troubled Projects provides a "real-world" identification model for troubled projects and corrective action techniques.

This course will incorporate practical hands-on case studies to reinforce the skills taught.

Specific Topics Covered Specific topics include:

Module 1: An Overview of Time and Cost Management

  • The Purpose of Time Management
  • The Time Management Processes
  • The Purpose of Cost Management
  • The Cost Management Processes

Module 2: The Estimating Process

  • What is Estimating?
  • Ten common obstacles to good estimates
  • Using estimates for time and cost management
  • Estimating Accuracy Levels (e.g., order of magnitude, budget, definitive)
  • Estimating Types (e.g., top-down, bottom- up, etc.)
  • Estimating Methods (e.g., analogous, parametric, etc.)
  • Identifying and Planning Contingency
  • Establishing a Baseline for time and cost
  • How to Deal with Poor Estimates

Module 3: Creating the Preliminary Schedule and Budget

  • Top-down estimates
  • Top-down estimating steps
  • Determining the Estimating Goal
  • Documenting the Estimating Assumptions
  • Identifying the Estimating Elements
  • Selecting Estimating Guidelines by product
  • What is a Schedule?
  • Developing a Preliminary (High-level) Schedule
  • What is a Budget?
  • Developing a Preliminary Budget

Module 4: Finalizing the Schedule and Budget

  • Bottom-up Estimates
  • Bottom-up Estimating Steps
  • What is the Finalized Schedule?
  • Refining the Preliminary Schedule
  • What is the Finalized Budget?
  • Refining the Preliminary Budget
  • Budgeting by Cost Categories
  • Using a Budgeting Worksheet
  • Five Budgeting Tips

Module 5: Establishing a Control System

  • Establishing a Baseline
  • The Role of the Control System
  • The Relationship of Planning, Monitoring, and Controlling
  • Establishing a Project Control System
  • Forecasting Project Schedule and Budget

Module 6: Evaluating Project Progress

  • The Importance of Monitoring Time and Cost
  • Monitoring Approaches
  • Levels of Monitoring
  • Steps for Collecting and Validating Status Data
  • Causes of Variance
  • Conducting Trend Analyses
  • Four Important Trends to Look For
  • Integrating Time and Cost Control
  • Developing Time and Cost Control Reports

Module 7: Using Earned Value

  • What is Earned Value Analysis (EVA)?
  • When is the Earned Value Approach Appropriate?
  • Earned Value Analysis Limitations
  • What are the Earned Value Data Elements?
  • Using Earned Value for forecasting time and cost.

Module 8: Identifying Troubled Projects

  • What is a Troubled Project?
  • The Troubled Project Process
  • Trouble Indicators
  • Responses to Jeopardies
Performance Objectives Upon completion of this course, the student will be able to:
  • Define the purpose of Time and Cost Management.
  • Use the Work Breakdown Structure as a foundation for estimating and control.
  • Apply planning tools and techniques for effective time and cost management.
  • Establish a comprehensive baseline for effective time and cost management.
  • Develop a planning, monitoring, and controlling cycle for your project.
  • Use Earned Value Analysis to evaluate and measure time and cost performance.
  • Identify characteristics of troubled projects in the executing and controlling phases.
  • Apply techniques to bring the project within accepted tolerance levels.
PMBOK Guide Areas Covered

 

This course covers the following Project Management Knowledge Areas:
  • Project Integration Management
  • Project Scope Management
  • Project Time Management
  • Project Cost Management
  • Project Human Resource Management
  • Project Risk Management