Setting attainable cost and schedule targets is an important consideration in making investment decisions. Most organizations have more opportunities than they have funds to invest. Establishing Effective Capital Cost and Schedule Processes teaches individuals to make the most effective use of available capital by setting accurate and reliable cost and schedule targets.  This program is registered with the Project Management Institute (PMI), allowing attendees to easily claim 16 Professional Development Units (PDUs) upon completion of the course. 

Seminar Content
Establishing Effective Capital Cost and Schedule Processes is a 2-day seminar. Research findings are communicated through lectures. Participants also share their experiences and relate learnings to their own experience through facilitated discussions. In addition, the course includes case studies that enable participants to apply course learnings to real projects.  This program can be customized into a private course for your organization.  Customization includes an analysis of your organization’s cost and/or schedule estimates.

Module 1: Introduction
Includes an overview of the learning outcomes of the course and information on the IPA database and approach.

Module 2: Cost Estimating Overview
Defining "project cost estimate. Esitmate Basis Memorandum and specific elements within it. classifications throughout the project life cycle. Identifying the purposes for each of the estimates developed throughout the project life cycle. Defining contingency and the objective of contingency included in estimates. Recognizing the elements that determine the quality of a project cost estimate. Escalation in estimates.

Module 3: Schedule Estimating Overview
Defining project schedule, the Work Breakdown Structure (WBS), and the basis of schedule document. The elements of a Best Practical level of schedule development at the end of FEL 2 / FEL 3. Best Practices for schedule development.

Module 4: Cost & Schedule Integration Using the Project WBS
Identifying the essential elements of the Cost Breakdown Structure (CBS). Defining the scope definition process and the general execution strategy process. The high-level process of creating a WBS and its benefits. Defining work packages as they pertain to a WBS.

Module 5: Validation and Metrics
Distinguishing between cost and schedule estimate validation and review. Identifying methods and techniques used for validation. The benefits of cost and schedule estimate validation.

Module 6: Project Controls
Defining project controls and identifying project control Best Practices that correlate with improved project outcomes. The key functions of the project controls group.

Module 7: Engineering and Labor Productivity
Why it is important for estimators to have a clear understanding of the factors that drive productivity. Identifying practices and factors that drive improved engineering and labor productivity. The practices and factors that result in competitive labor productivity.

Module 8: Wrap-Up
An overall summary of the learning outcomes covered throughout the course and an education path forward.

Course Benefits
Establishing Effective Capital Cost and Schedule Processes allows those who participate in the capital process to better understand the elements of high-quality cost and schedule estimates and provides Best Practices for project controls, scheduling and early estimating. estimates and the details of project execution planning. The program provides skills on how to handle escalation in cost estimates, as well as methods and techniques used to validate cost and schedule estimates. The information learned in this course can be immediately applied to ongoing and future projects.

Target Audience
The program is intended for advanced entry level representatives from owner companies and sponsor organizations who possess a basic understanding of cost and schedule estimate preparation. These representatives include project managers, cost estimators, those responsible for cost control or establishing project schedules, and professionals who have direct interaction with the project controls function.

Company-Specific Courses
This seminar is also offered as an in-house company (private) course. By focusing the seminar for an individual company, specific issues concerning the company work process can be discussed. Courses will be customized to meet each individual organization’s needs. Contact IPAInstitute@ipaglobal.com today to request a proposal.

Claiming PDUs
Establishing Effective Capital Cost and Schedule Processes is officially registered with PMI, which allows attendees to easily claim 16 PDUs upon completion of the course. Simply visit the PMI Continuing Certification Requirements site and submit the PDU Activity Reporting Form (Provider Number: 2767 / Activity Number: INS-CSP). For those claiming PDUs through other education organizations, please note that the duration of this course is 16 hours.