Project Scheduling and Cost Control

Course details

OBJECTIVES

Key Learning Points Includes:

• Use work breakdown structure (WBS) to develop a network diagram
• Know how to calculate project schedules using program evaluation and review technique (PERT) and critical path method (CPM)
• Identify, assign, and tabulate resource requirements 
• Predict costs and work time using specific levels and estimate types 
• Plan for contingencies and anticipate variations 
• Predict future project performance based on historical data 
• Monitor changes and close out projects on time 

With the knowledge and skills acquired at the end of the training program, the trainees will learn how to manage the constraints face in any project; 

limits on time, human resources, materials, budget and specifications. Discover proven ways to work within identified constraints, without letting redefined 

limits curtail creativity or innovation.

OUTLINE OF PROGRAM

Essential Background 

• Overview of the project management life cycle 
• The triple constraints 
• Planning tools 
• Project requirements—a review 
• The work breakdown structure—a review

The Baseline 

• Establishing baselines 
• Understanding types of baselines 
• Time-phased distribution of costs 
• Cumulative cost curves

Resource Allocation and Estimating 

Using estimates for scheduling and cost control
The basic rules of estimating
Levels of estimating and estimate types 

            Top-down vs. bottom-up 

            Order of magnitude 

            Budget 

            Definitive 

Four estimating methodologies
Identifying controllable costs 

            Resource 

            Material 

            Direct 

            Indirect 

Planning for risk with contingency
Building the project resource pool 

            Using resources to build estimates 

            The responsibility matrix 

Time-controlled estimates
Resource-limited estimates 

Scheduling 

• Network scheduling 
• Validating schedules 
• Arrow diagrams and precedence diagrams 
• Basic scheduling and network calculations 
• Advanced precedence relationships and the critical path 
• Alternative constraints 
• Gantt and milestone charts

Managing Change Within the Project 

• The process of control 
• Identifying sources of change 
• Screening change 
• Updating the project plan 
• Communicating change

Evaluation and Forecasting 

• Causes of variances 
• Establishing the "data date" for evaluation 
• Controlling costs and schedule late in the project 
• Components of the project audit 
• Considerations in establishing a monitoring system 
• Earned value 
• Advanced earned-value forecasting tools

The Exit Strategy 

• Steps in completing the project 
• Scope verification 
• Contract closeout 
• Administrative closure