15 Topics
5 Days
75 Sessions
Programme Overview
Training Description
Who Should Attend
- Quantity Surveyors
- Procurement and Supply Chain Professionals
- Contract Managers
- Engineers and Technical Professionals
- Construction and Infrastructure Professionals
- Operations Managers
- Business Analysts
- Risk Management Professionals
- Government and Public Sector Officials
- NGO and Development Programme Professionals
- Consultants
- Professionals responsible for project budgeting, estimation, and financial control
Session Objectives
- Understand the fundamentals of project budgeting
- Differentiate between cost estimation and budgeting
- Apply various cost estimation techniques
- Create a detailed project budget
- Identify and manage budget risks
- Use budgeting tools and software
- Understand contingency and management reserves
- Track and report on project costs
- Implement earned value management (EVM)
- Learn how to control and adjust a budget
About the Course
Effective budgeting and cost estimation are essential for ensuring that projects remain financially viable and deliver value within approved constraints. This course provides participants with practical techniques for developing realistic cost estimates, preparing detailed budgets, analysing cost variances, forecasting financial performance, and implementing effective cost-control measures.
Participants will work through practical exercises and project-based scenarios to understand how project scope, resources, schedules, risks, market conditions, and changing requirements influence project costs.
Curriculum & Topics
15 Topics | 75 Sessions
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Workshop 1.1:
The importance of financial control
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Workshop 1.2:
Key financial terms and concepts
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Workshop 1.3:
The difference between cost and price
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Workshop 1.4:
The role of a budget in a project
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Workshop 1.5:
Common budgeting myths
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Workshop 2.1:
Direct vs. indirect costs
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Workshop 2.2:
Fixed vs. variable costs
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Workshop 2.3:
The concept of sunk costs
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Workshop 2.4:
Understanding overhead and administrative costs
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Workshop 2.5:
The importance of a cost breakdown structure
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Workshop 3.1:
The concept of analogous estimating
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Workshop 3.2:
The benefits of expert judgment
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Workshop 3.3:
When to use a top-down approach
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Workshop 3.4:
The role of historical data
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Workshop 3.5:
The limitations of top-down methods
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Workshop 4.1:
The concept of detailed task estimation
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Workshop 4.2:
The importance of WBS integration
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Workshop 4.3:
When to use a bottom-up approach
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Workshop 4.4:
The benefits of team involvement
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Workshop 4.5:
The precision of a bottom-up estimate
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Workshop 5.1:
What is parametric estimating?
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Workshop 5.2:
Using historical data and variables
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Workshop 5.3:
The importance of a reliable model
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Workshop 5.4:
When to apply this method
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Workshop 5.5:
The benefits of quick, scalable estimates
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Workshop 6.1:
The importance of a detailed breakdown
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Workshop 6.2:
The role of assumptions and constraints
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Workshop 6.3:
Documenting your estimation process
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Workshop 6.4:
Gaining approval from stakeholders
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Workshop 6.5:
The concept of a budget baseline
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Workshop 7.1:
How to use your cost estimate to create a budget
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Workshop 7.2:
The role of a budget spreadsheet
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Workshop 7.3:
Allocating funds to project activities
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Workshop 7.4:
The importance of a formal budget document
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Workshop 7.5:
The relationship between budget and schedule
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Workshop 8.1:
The difference between contingency and management reserves
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Workshop 8.2:
How to calculate contingency
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Workshop 8.3:
The purpose of a management reserve
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Workshop 8.4:
When to use each reserve
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Workshop 8.5:
The importance of a clear reserve policy
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Workshop 9.1:
The importance of regular financial reports
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Workshop 9.2:
Key metrics to track and report on
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Workshop 9.3:
Creating simple visual reports
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Workshop 9.4:
Communicating budget status to stakeholders
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Workshop 9.5:
The role of a dashboard
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Workshop 10.1:
The importance of monitoring expenses
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Workshop 10.2:
The role of a change control process
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Workshop 10.3:
How to adjust the budget
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Workshop 10.4:
Dealing with unexpected costs
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Workshop 10.5:
The importance of fiscal discipline
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Workshop 11.1:
What is earned value management?
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Workshop 11.2:
Key EVM metrics: PV, EV, and AC
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Workshop 11.3:
How to calculate schedule variance (SV) and cost variance (CV)
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Workshop 11.4:
The importance of a clear baseline
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Workshop 11.5:
Using EVM to predict project performance
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Workshop 12.1:
The importance of forecasting
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Workshop 12.2:
Using past performance to predict future outcomes
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Workshop 12.3:
Techniques for trend analysis
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Workshop 12.4:
The role of rolling forecasts
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Workshop 12.5:
The benefits of a predictive approach
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Workshop 13.1:
An overview of common tools
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Workshop 13.2:
The benefits of specialized software
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Workshop 13.3:
How to use spreadsheets effectively
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Workshop 13.4:
The importance of a centralized system
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Workshop 13.5:
The role of collaboration in tools
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Workshop 14.1:
The relationship between risk and budget
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Workshop 14.2:
Identifying financial risks
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Workshop 14.3:
Developing a financial risk response plan
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Workshop 14.4:
The importance of a risk reserve
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Workshop 14.5:
The benefits of a proactive approach
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Workshop 15.1:
The importance of a budget audit
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Workshop 15.2:
The role of a final financial report
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Workshop 15.3:
The benefits of a lessons learned session
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Workshop 15.4:
Archiving financial documents
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Workshop 15.5:
The importance of a formal sign-off
