Estimation & Cost Training

Fundamentals of Estimation & Cost Management (including introduction to Earned Value Management)

Course outline

Project Manager focused

1 day course covering:

  • Introduction/overview – includes alignment to funding, Business case and Cost reporting requirements.  Particularly reliant on client’s process, terminology and policies
  • Estimating overview (assumes they already have basic scheduling knowledge):
    • Estimating games
    • Theory & techniques – top down
    • Theory & techniques – bottom up
    • Labour, materials & fixed costs
    • Risk and uncertainty
    • Presenting the estimate
  • Cost Management overview (assumes they already have basic financial knowledge):
    • Budgets and Budget change
    • Actual costs and Accrual (estimated actuals)
    • The Estimate to Complete
    • Risk and uncertainty
    • The Forecast (Estimate at Complete)
    • Cost reporting
  • Earned Value Management introduction:
    • Earned value principles, including tying scope & budget
    • Deriving earned value – the third number
    • Earned Value analysis
    • Earned Value reporting