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Project Time and Cost Estimating

Code:
PTCT
Days:
1 Day
Price:
POA
Code:
PTCT
Days:
1 Day
Price:
POA
Overview:
Two key winning features of a project are on-time and on-budget delivery. The project manager can only meet these objectives if the estimates that create the project schedule and budget are accurate.
Download Course Outline
Course Outline (PDF)

Objectives:

After completing this course, students will be able to:

  • Understand the importance of accurate estimates, estimating biases, Hofstadter's law, Parkinson's Law, Murphy 's Law, Klipstein's law, and common estimating mistakes.
  • Understand estimating terminology, the continuum of estimate ranges, levels of accuracy and types of costs.
  • Apply cost estimating techniques - analogous, parametric and bottom-up.
  • Understand the difference between elapsed time, duration and work effort, and apply learning curve and productivity principles.
  • Prepare a bottom-up estimate using an estimating spreadsheet.
  • Use Net Present Value (NPV) techniques.
  • Prepare cashflow estimates.
  • Use network diagrams to estimate project duration and undertake "what if" time sensitivity analyses.
  • Allow for the cost and time implications for variations.
  • Calculate and allow for risk and determine estimate confidence levels and contingency reserves.
  • Apply three-point and PERT formulas, and the Delphi technique for time and cost estimates. 
  • Apply the Pareto principle (80:20 rule) to estimating. 
  • Apply Earned Value Management (EVM) to monitor cost and time performance, detect variance, and predict total expendure and time to completion.
  • Resolve schedule slippage and over-expenditure issues.
  • Appreciate the time and cost relationship and complete trade-off calculations.
  • Compare estimates and actuals to validate or improve estimating.   

Target Audience:

The course is ideal for new project managers who wish to enhance their project time and cost estimating knowledge and skills. 

Register now for this course

Please take special note of the course prerequisites as it is important that you meet these requirements before attending the course. If you have any questions about dates or locations please dont hesitate to make an enquiry contact us on 0800 835 835.

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