Project Costing Analysis & Control

Project Costing Analysis & Control

Course Description

Introduction

Welcome to the "Project Costing Analysis & Control" training course, brought to you by Cambridge for Global Training. This comprehensive course is designed to equip participants with the essential skills and knowledge required to effectively analyse and control project costs. In today's competitive business environment, the ability to manage project costs efficiently is crucial for the success of any project. Whether you're a project manager, finance professional, or involved in project planning and execution, this course will provide you with the tools and techniques needed to navigate through the complexities of project costing.

Course Objectives

By the end of the course, participants will be able to:

• Identify key components of project costing.
• Analyse project costs using appropriate methods and tools.
• Implement cost control measures to ensure project profitability.
• Interpret financial data to make informed decisions regarding project budgets.
• Develop strategies to mitigate cost overruns and manage project risks effectively.
• Utilise software applications for efficient project cost management.
• Apply best practices in project costing analysis and control.

Who Should Attend

• Project managers seeking to enhance their cost management skills.
• Finance professionals involved in project budgeting and analysis.
• Engineers and technical professionals engaged in project planning and execution.
• Business analysts interested in understanding project cost dynamics.
• Anyone responsible for managing or monitoring project budgets and expenditures.

Course Outline

Unit 1: Introduction to Project Costing

• Understanding project costing fundamentals
• Types of project costs
• Cost estimation techniques
• Importance of accurate cost forecasting
• Case study: Cost breakdown structure development

Unit 2: Cost Analysis Methods

• Variance analysis and its applications
• Earned value management (EVM)
• Cost-benefit analysis
• Activity-based costing (ABC)
• Practical exercises: Cost analysis using real-world data

Unit 3: Cost Control Techniques

• Budgeting and budget variance analysis
• Controlling project scope creep
• Resource allocation and optimisation
• Change management processes
• Simulation exercises: Cost control strategies in action

Unit 4: Financial Data Interpretation

• Understanding financial statements
• Key performance indicators (KPIs) for project costing
• Cash flow analysis
• Forecasting techniques
• Case study: Interpreting financial data for project decision-making

Unit 5: Tools and Software for Project Cost Management

• Introduction to project management software
• Spreadsheet applications for cost tracking
• Enterprise resource planning (ERP) systems
• Cloud-based solutions for collaborative cost management
• Hands-on workshop: Using software tools for project costing analysis