Managers and customers expect to get value for money. A significant number of projects have been cancelled or are seen as a failure because they ran too far over budget. This Project Budgeting & Cost Management training course will present the participants with straightforward approaches to developing a cost baseline and setting up a cost tracking system so that the budget is well managed during the project’s life cycle.
This Energy Training Centre training course will cover:
- The PMI PMBoK global standard for managing projects
- Estimating cost techniques, including the Work Breakdown Structure, Work Packages and risk management considerations
- The S-curves for risk and cost estimates
- Control accounts and change control
- Earned Value Management, performance variances and management recovery options
This training course will provide participants with a proven set of methods, processes, tools and techniques to develop a systematic and dynamic project plan to ensure progressive monitoring control and reporting of project cost.
This Project Budgeting & Cost Management training course will enable participants to:
- Understand the benefits of good project cost control for successful project outcomes
- Use best practice to minimise costs and negative impacts
- Describe a typical project cost management life cycle
- Explain the action required at each phase of the project cost management life cycle and understand the significance of each phase
- List the key attributes of cost necessary to understand and manage cost effectively
- Explain the key steps required to improve project estimates, budget and cost baselining, perfomance measurement and analysis, cost monitoring and control during project execution and interpreting and reporting project performance throughout a technical project life cycle
- Specify key quantitative measures for determining the project performance using Earned Value Management (EVM)
- Provide meaningful project progress reports using EVM together with forecasts of likely outcomes and management options to correct where necessary
- Apply this cost management process to a simple case study
Participants will develop advanced project management performance and control skills and knowledge through formal and interactive learning methods. This Project Budgeting & Cost Management training course includes case studies, group discussion and critical analysis of case material based on a fictional housing construction project.
Although this training course does not assume prior knowledge of the topics covered in the training course, some knowledge of or exposure to project management training will be an advantage. New concepts and tools are introduced gradually to enable delegates to progress from the fundamental to the more advanced concepts of project cost planning, monitoring and control.
This Project Budgeting & Cost Management training course helps organisations to benefit from:
- Increased organizational maturity due to the application of consistent cost governance procedures with regard to projects
- Increased visibility into sources of cost
- Improved employee skills around the cost implications of determining and scheduling project activities
- Improved control over project outflows through professional budget management techniques
- Improved customer relationships by using project costs to effectively control project implementation
Participants will benefit from:
- Applying generally accepted practices that apply to diverse projects in multiple industries
- Gaining insights into the power of a project framework to approve and control expenditure
- Project management experience can open up the doors to rapid promotion
- Programme Managers and other Senior Personnel responsible for the governance of projects
- Finance Personnel that are interested in expanding their understanding of how project cost data is used to manage the entire life-cycle of projects.
- Project Managers and Project Team Leaders who wish to build upon and consolidate their project management skills
- Project Planning Engineers and Heads who need to develop their project management skills
- Senior Project Control and Business Services Professionals who have the responsibility for planning, monitoring and controlling, and reporting on project budget and cost performance
- Project Management Professionals
Day One: An Overview of Project Management
In this module the participants will learn the PMI PMBoK® globally accepted standard approach to managing projects. This will provide the context for developing and managing the project budget. This module will cover:
- Basic Project Management Definitions
- The PMI PMBoK® Project Management Processes
- Project Phases and Life Cycles
- Typical Project Terminology
- Setting-up for Success
- The Project Cost Management Processes – estimate costs, determine budget and control costs
Day Two: Developing the Project Schedule – Estimating Cost
The basis for good cost control is the development of an accurate Work Breakdown Structure (WBS) on which the work packages depend for accurate estimation. In this module, we will create the overall project schedule and learn how the project cost is tied to each individual project activity. This module will cover:
- Understanding Project Management Inputs to Estimating Cost
- Creating the Work Breakdown Structure (WBS)
- Work Packages as Building Blocks
- Estimation Techniques
- Optimising the Schedule
- Estimating the Overall Project Cost
Day Three: Developing the Project Budget – Determining Budget
Whether working on a simple or complex project all project managers need to develop an accurate budget based on the total resources required for their project. Here the participants will learn how to create the detailed budget and the cost baseline necessary for project control. This module will cover:
- Understanding Project Management Inputs to Determining Budget
- Estimating Personnel, Materials and Equipment Costing including Overheads Cost Aggregation
- Considering the Risk Management Process, Risk Response Planning and Risk Reserves
- Estimating Risk Response Costs, and Reserve or Contingency Cost
- The S-Curve for Risk and for Cost
Day Four: Utilising Control Accounts and Effectively Controlling Project Costs
In this module, the participants will learn about setting up Control Accounts, the Project Cost Performance Baseline and the necessary steps to monitoring and controlling the project budget. This module will cover:
- Control Accounts and the Control Account Plan (CAP)
- Understanding What Measures are Required
- Change Control Processes and Re-baselining the Cost Performance Baseline
- Understanding Project Management Inputs to Controlling Costs
- Identifying and Managing Hours Worked
- Tracking Costs
Day Five: Project Performance Measurement, Interpreting and Reporting EVM Results
Whether or not the project manager is familiar with Earned Value Management, it is rapidly becoming the favoured means of tracking project performance. In this module, the participants will learn that for large, complex projects the most accurate way to track progress and performance is through Earned Value Management. Participants will learn about measuring and interpreting EVM results and how to report project status to senior management and customers. This module covers:
- What is Earned Value Management (EVM)?
- What are the main measures used for EVM?
- Analysing Results – variances, performance indices and forecasting
- Interpreting Results and Considering Options to Redress Unacceptable Variances
- Forecasting and Developing Response Plans
- Reporting EVM to Senior Management and Customers
We offer two main training formats to cater to different preferences and needs:
- Classroom Training Delivery – Our traditional classroom-based training courses provide a face-to-face learning experience with subject matter experts. You’ll benefit form in-person interactions, hands-on exercises, and a structured classroom environment.
- Online Training Delivery – We also offer convenient live/online training courses that you can access from anywhere with a stable internet connection. These courses provided flexibility and allow you to learn anywhere, making them suitable for busy schedules or remote learning.
The Energy Training Centre Certificate of Completion with corresponding learning hours who has successfully completed the training course.
Yes, we provide assistance by issuing a Letter of Invitation stating that you are confirmed to attend our training.
We value transparency and are happy to provide our instructor’s profiles upon request. If you would like to learn more about our instructor’s’ qualifications, expertise, and experiences, please email us at info@energytraining.ae.
Yes, we do. We provide tailored training courses designed to meet the specific requirement of larger group of individuals. These customized training courses can be conducted both classroom and online formats, allowing you the flexibility to choose you preferred dates and duration.
Please contact us at inhouse@energytraining.ae to discuss your group’s training needs, and we’ll work with you to create a personalized training course that aligns with your objectives.
We have multiple international training venues. You may find this through our website link: https://energytraining.ae/training-locations
Our training courses are held at our partnered hotels within the city included within our training
Yes, here are the following options we can offer to assist you:
- Corporate Discount – We can extend our corporate discount to participants staying at the same hotel, if we have any. Please enquire about the availability of this discount when you register for the training course.
- Nearby Hotel Suggestions – If you prefer other accommodations, we can provide a list of nearby hotels to suit your needs and budget.
Feel free to go through hotel booking platforms on the internet to find the most cost-effective for you.
No, we do not provide job placement services after the training course. However, we are confident that our training course equips you with the necessary tools and knowledge to enhance you career prospects and promote career growth. Our training course are designed to empower you with valuable skills and expertise to excel in your chosen field.
- Tuition fee for a 5-day training course
- Provision of a world-class subject matter expert to deliver this training
- Meeting at a hotel venue corresponding to your chosen session
- Welcome food and drinks, AM / PM snack, and Lunch
- Digital course materials (e-Tablet)
- Course completion certificates
- Designing and administration of Pre-& Post Course Assessments
- Preparation of participant’s Performance and Appraisal Report, if required
- Issuance of Letter of Invitation for delegates needed visa processing, if required
- Tuition fee for a 5-day online training course
- Provision of a world-class subject matter expert to deliver this training through live/virtual delivery
- An electronic copy of the training manual and relevant hand-outs
- Issuance of The Energy Training Centre e-Certificate of Completion
- Administration of Pre-& Post Workshop Assessments
- Link access of online platform acceptable to both parties
Certainly, we do provide corporate rates tailored for organizations seeking to enrol multiple employees in our training programs. To facilitate this, we encourage you to make a formal request via email addressed to info@energytraining.ae. We’ll be delighted to discuss and offer a suitable arrangement for your corporate needs.
Yes, special discounts are available upon request if you have more than one registrant for a course. For further information please email us at info@energytraining.ae
We offer two convenient payment options:
- Bank Transfer – You can make payment via bank transfer. Once your registration is confirmed, you will receive an invoice with the banking details for the transfer. We would require you to supply a swift copy for us to confirm receipt of funds.
- Payment Link – Alternatively, we provide a secure payment link that you can use to complete your payment after your registration has been confirmed.
Upon receipt of your registration details sent via email at reg@energytraining.ae, we will send you the following by e-mail within 24-48 hours of registration.
- Joining Instructions
- Invoice/receipt (where appropriate)
If you register online, you will receive an e-mail on the same day confirming your registration.
There are two convenient options to register for a training course:
- Online Registration Form – Register for your desired training course by completing the online registration form available on our website. Simple click on the registration button or select your preferred dates and provide the requested information.
- Email Registration – You can email us your intention to register at info@energytraining.ae. Our team will guide you through the registration process and provide assistance you may need.
Yes, we do allow registration transfers in the event that you are unable to attend the training course. To initiate a transfer, please send us an official email requesting the change. We’ll guide you through the transfer process and ensure a smooth transition of your registration to another eligible participant.
Our training course sessions are scheduled and posted on our website for your convenience. However, we understand that there may be specific requirement for your group. If you have a preferred venue and specific training dates in mind, please feel free to propose them to us by clicking on the button “Propose you preferred location & date” of your preferred training course.
Our course timings slightly vary between the cities we offer our training courses. Please let us know of your preferred course and session (dates/venue) through email at info@energytraining.ae. Alternatively, you may call/WhatsApp us at +971 50 746 0956.
We understand that time zones may be different between our Senior Consultants and our delegates. Our standard online course timings (11:00 AM to 4:00 PM, GMT+4 – Dubai, UAE) may be adjusted upon confirming the programme. Our team shall communicate between the confirmed registered delegates and suggested a suitable course timing for all.
Our standard course duration for our classroom programmes is 6 hours per day while our online session is 5 hours per day.
Our training programmes are designed to be concise yet comprehensive, focusing on professional development. The duration varies based on the specific course content and objectives – we normally offer programmes between 5 – 10 days. However, our emphasis lies in delivering interactive and engaging sessions that prioritize depth of learning within a condensed timeframe. This approach ensures participants acquire substantial knowledge and skills efficiently.
We have been assessed by TUV Rheinland Middle East FZE and comply with Quality Management System standards – ISO 9001:2015 and ISO 29993:2017, ensuring a commitment to quality and excellence in our operations and services.
Our training courses span across diverse industries, encompassing sectors such as but not limited to:
- Power & Utilities
- Oil & Gas
- Financial Institutions
- Government and Regulatory bodies
- Manufacturing & Production Industry
Our commitment lies in continuously refining and expanding our training course offerings to align with evolving industry landscapes. We encourage individuals to explore our website or engage with our dedicated support team for the latest information on available courses, ensuring access to the most pertinent and current educational resources.
Yes, Energy Training Centre is an ILM Recognised Provider (ID# 002398B), authorized to register learners and offer training courses recognized by ILM. Participants seeking ILM Recognised Certification would need to complete an assessment post the ILM Recognised courses. ILM is a renowned provider of leadership and management qualifications, part of the City and Guilds Group. Additionally, our company is a CPD Certified Training Company, ensuring our commitment to continuous professional development standards.
