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A highly interactive training course on
Project Scheduling, Cost Planning & Value Engineering Skills
Training course overview
This Project Scheduling, Cost Planning & Value Engineering Skills training course is structured into two distinct modules. The first week focuses on mastering the delivery of accurate cost and schedule estimates during the initial concept and planning phases of project development. Participants will learn essential techniques to ensure precise estimation, laying a strong foundation for effective project planning.
In the second week, the course delves into the concept of Value Engineering (VE). This structured approach aims to optimize project value by systematically reducing life-cycle costs, addressing financial concerns, and eliminating unnecessary expenditures. It provides project stakeholders with strategies to enhance project efficiency and maximize returns on investment.
Throughout the training, a systematic, step-by-step methodology guides participants through the entire project lifecycle: from initiation and planning, through execution and monitoring, to control and closure. Key aspects covered include defining roles and responsibilities, employing advanced planning techniques, forming and managing multi-disciplinary project teams to foster innovation and recommend alternatives, capturing stakeholder requirements and expectations, developing conceptual cost estimates and models, conducting comprehensive life-cycle costing analyses, and crafting high-level project plans to effectively guide execution and ensure successful project outcomes.
The course emphasizes practical applications, with detailed case studies presented to deepen understanding and facilitate mastery of the course materials. Participants will gain invaluable skills in integrating project scheduling, cost planning, and value engineering principles to effectively manage projects and meet organizational objectives with confidence and proficiency.
Key features of this training course include:
- Techniques for project estimating from conceptual to detailed stages.
- Understanding various types of estimates to confidently manage project costs and schedules.
- Identifying and mitigating risks with and without contingency plans.
- Developing effective team management strategies and performance monitoring systems.
- Integrating scope, time, resources, and cost management into a dynamic and manageable project model.
What are the goals?
By the end of this Coventry Academy training course, participants will be able to:
- Manage and mitigate schedule, cost, scope, and resource risks associated with the project
- Develop a project recovery plan for budget and schedule overruns
- Identify value mismatches through the ratio of whole life costing
- Capture & incorporate stakeholders’ input in the development of the project charter & plan
- Know the fundamental concepts of Value Engineering and Analysis
Who is this training course for?
This Coventry Academy training course is suitable to a wide range of professionals but will greatly benefit:
- Those who have a role in various projects such as cost estimators, project schedulers, project designers, project planner, contracts professionals, project procurement and purchasing staff, and project control and business services professionals who have the responsibility for preparing cost / schedule estimates and project proposals in client and contracting companies
- Those who are interested in knowing more about estimation and control in a project environment
- Anyone involved in project initiation, engineering design, and critical assessment of projects
- All those responsible for making significant decisions concerning plans and budgets for large and complex projects
- Project or Program Sponsors, Project Managers, Cost Estimators, Cost Controllers, Engineers, Designers and Project Staff
- All those aspiring to deliver better value in all sectors of the economy from major projects in construction, manufacturing, petro-chemical, healthcare, education legal and public services
Course Outline
Module 1: Project Scheduling & Cost Planning Skills
Day One: Project Estimating Basics
- Basic project management definitions
- Triple constraints – Time, Cost, Scope
- Project selection methods
- Defining project scope
- Cost & schedule estimation, Cost budgeting & control
- Project schedule management using the Critical Path Method
Day Two: Developing Project Budget & Schedule Control
- Resource requirements
- Direct & indirect project costs
- Planning and scheduling limited resources
- Options for accelerating the schedule
- Crashing the schedule - How?
Day Three: Managing the Risk
- Risk identification, analysis & management
- Contingency reserve
- PERT, probability and standard deviation formulae
- Network activity risk profiles
- Application: Estimating project duration
- Project risk strategies
Day Four: Measuring Project Performance
- Critical chain analysis and use of buffers
- Comparison of unbalanced with balanced schedules
- Measuring planned progress on schedule
- Risk distribution in contracting
- Actual progress and work conditions
- Managing variable conditions
Day Five: Managing and Recovering Project Estimates
- Schedule variances & cost variances
- Progress control charts -trend analysis
- Schedule and cost variance forecasting
- Schedule and cost recovery analysis
- Schedule and cost recovery plan
- Project recovery baselines and controls
Module 2: Value Engineering Skills
Day Six: Understanding Value Engineering and its Application
- Course Introduction and Post-Course Assessment
- What is value? What is Value Engineering (VE)? Why is it important?
- Defining Value Engineering concepts and principles
- VE Study definition, scope and project phases
- VE team and stakeholders’ analysis and management
- Introducing the case study
Day Seven: The Information and Function Analysis Phase – Expressing Project Needs and Constraints
- The VE Job Plan
- The Information Phase – steps and procedures
- The need for Function Analysis in projects
- Identifying functions and selecting Function Diagrams
- Function Analysis System Technique (FAST)
- Workshop: FAST Diagram
Day Eight: The Creative Phase - Inspiring Creativity in Your Team
- Function Cost and Worth
- Finding value mismatches
- Facilitation skills and overcoming creativity blockers
- Creativity and Creative thinking within the project environment
- Data collection and Creativity Output
- Workshop: Brainstorm Case Study Alternatives
Day Nine: The Evaluation Phase - Making Informed Project Decisions
- Effective Decision-making in project environment
- Project evaluation methods: Subjective evaluation and quantitative evaluation
- Paired comparison and Analytical Heretical Process (AHP)
- Project life-cycle costing and Net Present Value
- Output of the Evaluation Phase
- Workshop: Cost estimating Techniques
Day Ten: The Presentation and Reporting Phases – Getting Results through Effective Communication
- Selection of alternatives and action planning
- Reporting VE findings to Senior Management and project stakeholders
- Oral presentation techniques & interpersonal skills
- Study Levels of the VE Certification by SAVE International
- Review of VE Case study Reports and Wrap-up discussions
- Post-Course Assessment
The certificate
- Coventry Academy Certificate of Attendance will be provided to delegates who attend and complete the course
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