Project Planning, Financial Management, and Cost Oversight
Course Info
Code PO4-112
Duration 5 Days
Format Classroom
Course Summary
This comprehensive course is designed to equip you with the essential skills in project planning, financial management, and cost oversight. Through a blend of theory and practical exercises, participants will learn to navigate the intricacies of project scheduling, budgeting, and cost control, ensuring the successful execution of projects within defined parameters. Understanding the nuances of costs is paramount for creating feasible plans that integrate both financial and non-financial resources into organisational strategies.
Upon completion of this training course, delegates will be able to:
- Grasp the fundamental aspects of costing and budgeting, distinguishing between fixed and variable costs, direct and indirect expenses, as well as operational and capital expenditures.
- Develop and implement effective work breakdown structures for project management.
- Formulate realistic and measurable project objectives aligned with stakeholder requirements to drive positive outcomes.
- Utilise proven techniques to estimate project duration and costs while integrating innovative approaches to achieve cost savings.
- Enhance capital budgeting skills and understand its implications.
- Implement methods for measuring, managing, and monitoring project performance effectively.
- Conduct risk assessments systematically to mitigate project uncertainties.
This course is ideal for professionals with direct or indirect budget responsibilities within their teams, departments, or divisions. It is particularly beneficial for:
- Professionals with direct or indirect budget responsibilities within their teams, departments, or divisions.
- Individuals on fast-track development programs seeking to enhance their financial management skills.
- Professionals from diverse business disciplines and departments involved in budget planning, cost analysis, and strategic decision-making.
- Employees across industries, including manufacturing, production, engineering, sales, and project management roles, seeking to improve their project planning and financial oversight abilities.
Course Content & Outline
Section 1: Financial Foundations for Project Management
- Understanding the pivotal role of management accounting in project planning.
- Exploring the interconnection between strategy implementation and budget formulation.
- Delving into the concept of accountability in project finances.
- Comprehensive overview of budget formation, fixed and variable costs, and Cost-Volume-Profit analysis.
- Mastering cost allocations and performance measurement techniques.
- Introduction to capital budgeting and Activity-Based costing.
- Developing balanced scorecards to assess project performance.
- Initiating projects and defining project charters.
Section 2: Project Initiation and Planning
- Identifying key stakeholders and their roles in project execution.
- Analysing project costs and conducting financial feasibility assessments.
- Understanding interest rates, cash flows, and financial analysis for projects.
- Defining project scope and establishing Work Breakdown Structures (WBS).
- Utilising network planning techniques to identify critical paths.
- Setting and celebrating project milestones.
- Implementing time-saving strategies for efficient project management.
Section 3: Risk Management and Project Control
- Fundamentals of Risk Management: types, tolerances, and planning.
- Identifying and assessing project risks systematically.
- Quantifying and developing strategies to mitigate project risks.
- Managing project teams effectively to ensure project success.
- Introduction to Earned Value Management (EVM) principles.
- Establishing project tracking mechanisms and control objectives.
- Implementing integrated change control processes.
- Ensuring quality assurance and quality control throughout the project lifecycle.
- Managing communication channels and documentation effectively.
- Introduction to Linear Scheduling Management (LSM) and Lean Project Management principles.
- Closing projects and conducting post-project evaluations.
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