Course Overview

Effective project decisions are often based on early conceptual cost estimates, which form the foundation for cash flow projections and feasibility assessments. Inaccurate or unreliable estimates can lead to major cost overruns, delays, and financial challenges later in the project lifecycle when corrective actions become more difficult and costly.

Accurate cost estimation and project scheduling are essential components of successful project management and can result in significant operational and financial savings. During both the initial and final stages of a project, proper estimation and planning are critical in determining whether a project should proceed, be modified, or be rejected.

The Project Planning, Scheduling, and Cost Estimation course is designed to provide participants with the practical skills and knowledge required for effective project scheduling, cost estimation, budgeting, and planning.

This comprehensive programme will enhance participants’ ability to plan and schedule projects efficiently, perform both conceptual and detailed cost estimates, evaluate feasible project alternatives, and support informed project decision-making processes with greater accuracy and confidence.

Agenda

Day — 1 Basic Information on Project Estimation

• Introduction to key project management concepts, methodologies, and terminology
• Understanding the project management triple constraints:
  • Time
  • Cost
  • Scope
• Exploring different methods and criteria used for project selection and evaluation
• Understanding the scope and importance of project cost estimation and schedule estimation
• Introduction to project scheduling techniques and the application of the Critical Path Method (CPM) in project planning

Day — 2 Cost Budgeting and Control in Projects

• Understanding the key project management inputs required for effective cost budgeting and financial planning
• Differentiating between direct costs and indirect costs within project environments
• Exploring techniques for planning, allocating, and scheduling limited project resources efficiently
• Identifying methods and strategies for accelerating project schedules while maintaining project performance
• Understanding common reasons why project schedules fail and analysing the underlying causes of delays and budget overruns

Day — 3 Risk Management in Projects

• Understanding the processes involved in identifying and analysing project risks
• Exploring the concept and application of contingency reserves in project planning and budgeting
• Introduction to PERT (Program Evaluation and Review Technique), including probability and standard deviation concepts used in project scheduling
• Understanding risk profiles and uncertainty within project network activities
• Applying techniques for estimating overall project duration and schedule performance
• Identifying strategies and practical approaches for overcoming and managing risks in projects

Day — 4 Measurement of Project Performance

• Understanding techniques for balancing project schedules with and without the use of schedule buffers
• Comparing balanced and unbalanced project schedules and analysing their impact on project performance
• Exploring methods for measuring project performance based on risk distribution within contracting environments
• Applying techniques for estimating actual project progress and evaluating working conditions during project execution
• Identifying strategies for managing projects effectively under variable and changing conditions

Day — 5 Recovering of Project Estimates

• Understanding the concepts of schedule variance and cost variance in project performance management
• Estimating and analysing project progress control charts and applying trend analysis techniques
• Forecasting schedule deviations and cost variances to support proactive project decision-making
• Exploring the implementation of cost recovery plans and cost recovery analysis methods
• Identifying project recovery methods, corrective actions, and control measures for improving project performance
• Course review, participant discussions, and interactive question-and-answer session

Learning Outcomes

By the end of this Skills for Project Planning, Scheduling, and Cost Estimation Planning course, participants will be able to:

• Understand project estimation techniques used throughout the different stages of the project lifecycle
• Identify the various types of project estimates and apply appropriate estimation methodologies
• Analyse project risks, identify their sources, and apply strategies to minimise their impact on project performance
• Apply cost management principles and integrate project costs into a dynamic and manageable planning model
• Understand the importance of continuous project performance monitoring and delivery control
• Prepare accurate project cost estimates and allocate resources effectively
• Apply forecasting, measurement, and control techniques to monitor project performance and progress
• Manage and mitigate project schedule, cost, scope, and resource-related risks effectively

Who Should Attend

The Skills for Project Planning, Scheduling, and Cost Estimation Planning course is designed for professionals involved in project planning, budgeting, scheduling, and cost management, including:

• Project Managers
• Project Cost Estimators
• Cost Controllers
• Project Planners and Scheduling Professionals
• Contract Management Professionals
• Project Procurement Staff
• Professionals involved in project initiation, estimating, budgeting, and project development activities