Project Scheduling, Cost Planning and Value Engineering Skills
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Project Scheduling, Cost Planning and Value Engineering Skills Course
Introduction:
This comprehensive course is designed to equip participants with the skills and knowledge needed to deliver reliable cost and schedule estimates during the early stages of project concept and planning. A key focus of this course is the Value Engineering (VE) concept, which provides a structured and creative approach to optimize project value, reduce life-cycle costs, address financial considerations, and eliminate unnecessary expenses.
Throughout the course, participants will be guided through a systematic step-by-step methodology that supports the entire project lifecycle, including initiation, planning, execution, monitoring and control, and closure. They will gain a deep understanding of the key elements involved in each phase and learn how to effectively fulfill their roles and responsibilities.
The course places a strong emphasis on planning techniques and strategies that enable participants to form and manage multi-disciplinary project teams. These teams will work collaboratively to generate innovative solutions, recommend alternatives, and address stakeholder requirements and expectations.
Participants will also learn how to develop conceptual cost estimates and models, which are crucial for accurate project budgeting. Furthermore, they will gain insights into conducting life-cycle costing analysis, enabling them to assess the long-term financial implications of project decisions.
The course provides practical applications and in-depth case studies, allowing participants to apply their knowledge in real-world scenarios. Through these practical exercises, participants will develop the necessary skills to master the concepts and techniques taught in the course.
By the end of this training course, participants will possess the tools and expertise to deliver reliable cost and schedule estimates, optimize project value, and effectively guide project execution and control. They will be equipped with the ability to generate innovative solutions, manage stakeholder expectations, and make informed decisions that contribute to the overall success of projects.
Join us in this course to enhance your proficiency in delivering accurate cost and schedule estimates, utilizing the Value Engineering concept, and mastering the systematic approach to project management. Through a combination of theoretical knowledge, practical applications, and case studies, you will develop the skills necessary to excel in project planning and execution.
Course Objectives:
By the end of this course, participants will be able to:
- Manage and mitigate schedule, cost, scope, and resource risks associated with the project
- Develop a project recovery plan for budget and schedule overruns
- Identify value mismatches through the ratio of whole life costing.
- Capture & incorporate stakeholders’ input in the development of the project charter & plan.
- Know the fundamental concepts of Value Engineering and Analysis
Who Should Attend?
This course is suitable for a wide range of professionals but will greatly benefit:
- Those who have a role in various projects such as cost estimators, project schedulers, project designers, project planner, contracts professionals, project procurement and purchasing staff, and project control and business services professionals who have the responsibility for preparing cost/schedule estimates and project proposals in client and contracting companies.
- Those who are interested in knowing more about estimation and control in a project environment.
- Anyone involved in project initiation, engineering design, and critical assessment of projects
- All those responsible for making significant decisions concerning plans and budgets for large and complex projects
- Project or Program Sponsors, Project Managers, Cost Estimators, Cost Controllers, Engineers, Designers, and Project Staff
- All those aspiring to deliver better value in all sectors of the economy from major projects in construction, manufacturing, petrochemical, healthcare, education legal and public services
Course Outlines:
Project Estimating Basics
- Basic Project Management definitions
- Triple Constraints – Time, Cost, Scope
- Project Selection Methods
- Defining the Project Scope
- Cost & Schedule Estimation, cost Budgeting & Control
- Project Schedule Planning and Critical Path Method
Developing Project Budget & Schedule Control
- Project management inputs to cost budgeting
- Resource Requirements
- Direct & Indirect Project Costs
- Planning and Scheduling Limited Resources
- Options for Accelerating the Schedule
- Crashing the Schedule - How?
Managing the Risk
- Risk Identification, Analysis & Management
- Contingency Reserve
- PERT, Probability and Standard Deviation Formulae
- Network Activity Risk Profiles
- Application: Estimating Project Duration
- Project Risk Strategies
Measuring Project Performance
- Balanced Project Schedule without Buffers (Finish-Start) and Inserting Buffers
- Comparison of Unbalanced with Balanced Schedules
- Measuring Planned Progress on Schedule
- Risk distribution in contracting
- Actual Progress and Work Conditions
- Managing Variable Conditions
Managing and Recovering Project Estimates
- Schedule Variances & Cost Variances
- Progress Control Charts - Trend Analysis
- Schedule and Cost Variance Forecasting
- Schedule and Cost Recovery Analysis
- Schedule and Cost Recovery Plan
- Project Recovery Baselines and Controls
Framework for Applying Value Engineering in Projects
- Defining Value and Value Engineering concepts and principles
- How and when is Value Engineering applied?
- Project definition through stakeholder analysis and management
- Team player styles
- Identifying relationships between Value, Cost and Worth
- Overview of Different Value Engineering Phases
The Function Analysis Phase - Expressing Project Functional Needs and Constraints
- The Information Phase – steps and procedures
- Developing Value Engineering Job Plan
- Defining project constraints
- What is function analysis and Function-Cost-Worth Analysis
- Developing FAST Diagrams to identify critical project components
- Cross-Functional Project Team Approach
The Creative Phase - Inspiring Creativity in Your Project Team
- Creativity and Creative thinking within the project environment
- Creative thinking techniques
- Reaching consensus and leveraging the power of project team collaboration
- Project risk perception and identification
- Identifying priorities through paired comparison
- Output of the Creative Phase
The Evaluation Phase -Making Informed Project Decisions
- Project evaluation methods
- Performing project risk and scenario analyses
- Life-cycle costing techniques
- Incremental benefit-cost analysis for project evaluation