Course Info
Code IND14-104
Duration 5 Days
Format Classroom
Course Summary
The engineering industry is incredibly vast, and for an organisation to be successful they must factor in all possible influences, both internal and external. One of the main considerations to be made are those surrounding the economic factors of the organisation and project.
For any organisation to produce successful engineering projects or tasks, there must be great consideration of the financial cost and potential profit. Starting at the planning stage, those involved must estimate the costs based upon resources, labour, location, and various other factors. These factors also have a significant impact on the success of the project so there must be a balance about acquiring the necessary resources while ensuring no money is wasted.
Furthermore, there must also be a strong focus on maintaining the integrity of the project. Risks can be prevalent throughout engineering projects, and some risks can have detrimental effects on the project progress. If a risk was to occur, it could cost a significant amount of money to correct it, which may not be feasible for the project. Implementing risk management plans allows the organisation to identify potential risks and create preventative measures to reduce risks.
During this course, you’ll learn:
- To understand the importance of considering economic factors within engineering.
- To conduct financial evaluations and forecasts to explore the reasonability of project costs.
- To explore what internal and external factors can influence the financial factors of an engineering project.
- To recognise the consequences of poor financial management and a lack of economic consideration within engineering.
- To explore what economic problems may greatly impact an engineering project and how to best mitigate these.
- To carry out financial risk assessments to implement a risk management plan detailing preventative measures and corrective actions.
- To ensure all projects are in alignment with industry standards and regulations.
This course is designed for anyone within the engineering industry who is responsible for managing finances. It would be most beneficial for:
- Finance Directors
- Project Engineers
- Senior Engineers
- Planning and Design Managers
- HSE Officers
- Financial Advisors
This course uses a variety of adult learning styles to aid full understanding and comprehension. Participants will review real-world examples of engineering projects to highlight significant economic factors and how the organisation navigated them.
The participants will partake in a range of learning exercises including seminars, demonstrations, individual and group activities. This combination of learning exercises and methods guarantees that the participants can develop a full and comprehensive understanding of the taught content and related practical skills.
Course Content & Outline
Section 1 : Project Planning and Development
- Identifying the different stages of the project lifecycle – innovation, planning, development, implementation, and post-implementation evaluation.
- Assessing the different types of projects and what they typically entail – capital and maintenance.
- Utilising different methods of innovation to create unique and achievable project ideas.
- The necessity of a feasibility study – exploring whether the project can be viable.
- Creating effective and detailed project plans highlighting various project elements – resources, costs, location and more.
Section 2 : Technical Evaluation and Resource Management
- The vitality of conducting a range of analysis on different project factors – market, technical, financial, and economic.
- Evaluating what existing technologies can be utilised throughout the project and post-implementation.
- Analysing what resources will be required and establishing reliable sources of procurement.
- Examining the availability of human resources and creating a realistic work schedule.
Section 3 : Financial Considerations
- Estimating and calculating the total cost of the project.
- Recognising the most cost heavy stages of the project and strategizing ways to reduce costs without sacrificing quality.
- Establishing multiple streams of income – shareholders, investors, government grants and more.
- Creating and maintaining multiple financial documents to monitor cash flow.
- Conducting financial evaluations – simple payback, benefit-cost ratio, and net present value.
Section 4 : Regulation Compliance
- Conducting risk assessments to identify overall risks and specific risks relating to economic factors.
- Developing a risk management plan detailing preventative measures, corrective action, and crisis management plans.
- Ensuring the project is fully compliant with relevant laws and regulations.
- Investing in high-quality health and safety equipment and procedures to avoid significant costs if risks were to occur.
Section 5 : Performance Monitoring and Project Maintenance
- The importance of monitoring performance through the project development stages and implementation.
- Utilising various methods to collect performance data.
- Analysing performance data and adjusting project processes or functions as necessary to increase productivity and reduce on-going costs.
- Carrying out regular system and technology maintenance to ensure all features are in working order.
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