Establishing Effective Capital Cost and Schedule Processes
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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. To make the most effective use of available capital, organizations require accurate and reliable cost and schedule targets. Establishing Effective Capital Cost and Schedule Processes is registered with the Project Management Institute (PMI), allowing attendees to easily claim 16 Professional Development Units (PDUs) upon completion of the course. The program includes the following topics:
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
Defines "project cost estimate" and helps identify the estimate classifications throughout the project life cycle.
Module 3: Schedule Estimating Overview
Consists of defining project schedule, explaining the Work Breakdown Structure (WBS), describing the basis of schedule document, and identifying the Best Practical level of schedule development at the end of FEL 2 / FEL 3.
Module 4: Cost & Schedule Integration Using the Project WBS
Identifying the essential elements of the Cost Breakdown Structure (CBS); defining the scope definition process; describing the general execution strategy process; explaining the benefits of a WBS and the high-level process of creating one; and defining work packages as they pertain to a WBS.
Module 5: Project Controls
Identifies Best Practices for the following areas that correlate with improved project outcomes: project controls, scheduling, early estimating.
Module 6: Core Competencies & Gatekeeping
Identifies the core competencies within the project services activities and project services functions, and explains the benefits of a stage-gated project system.
Module 7: Validation and Metrics
Describes the difference between cost/schedule estimate validation and review, identifies methods and techniques used to validate cost and schedule estimates, and explains the benefits of cost/schedule estimate validation.
Module 8: Other Considerations
Covers the Estimate Basis Memorandum and specific elements within it; defines contingency and includes a discussion on the objective for contingency included in the estimate, explains escalation in estimates; and identifies the drivers for improved engineering and labor productivity.
Module 9: Course Wrap-Up
Summarizes the learning outcomes presented in each of the previous modules and presents an education path forward, which identifies additional Project Management seminars, Topic-Specific programs, and Workshops for those wishing to continue their education.
Course Benefits
Establishing Effective Capital Cost and Schedule Processes is designed to allow those who participate in the capital process to better understand the elements of high-quality cost estimates and the details of project execution planning. 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, which allow participants to apply course learning to real projects.
Target Audience
The program is intended for representatives with an advanced-beginner/intermediate level of experience from owner companies and sponsor organizations, including 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.
Establishing Effective Capital Cost and Schedule Processes
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