PROJECT COST ESTIMATING & BUDGETING


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  1. COURSE OVERVIEW

The course is intended to provide learners with foundational but yet solid understanding of project planning element pertaining to cost estimation and budgeting. Learners accessing this course will be working as a leader in the context of a small project or sub-project involving few resources and having a limited impact on stakeholders and the environment or working as a contributing team member on a medium to large project when not a leader. These projects may be technical projects, business projects or developmental projects and will cut across a range of economic sectors.

Project Cost Estimation is a difficult process but one of the most critical components of a successful project. The classic challenge for all Project Managers is to complete their projects on time and within budget, yet projects in every industry often exceed their original projections. Project cost overruns are almost always linked to a poor original estimate of duration and cost. Therefore it is critical for Project Managers to acquire the skills to estimate realistic budgets and stay within planned project scope. Proper estimation is one of the key skills that makes this possible.

  • KEY TOPICS & SPECIFIED OUTCOMES 
  • Identify elements and resources to be costed through interpreting the project scope statement
  • Utilizing work breakdown structure (WBS) and other project data.
  • Focus on project planning in relation to project cost and budget
  • Create a realistic and robust baseline project plan
  • Estimate tasks and aggregate to the project level
  • Participate in the preparation and production of a cost budget.
  • Calculate critical path to determine project duration
  • Determine total project costs during project implementation
  • Monitoring and controlling of cost budget performance against baseline budget
  • Project Budget and Cost Expenditure Reporting  
  • SUMMARY OF THE COURSE SHOULD PROVIDE
Skills LevelIntermediary
Unit Standard Alignment 
Duration of the course40 hours
Number of Modules 
Learning AidsVideos | Webinars
Type of Certificates IssuedCertificate of attendance
AccreditationsN/A
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