Cost Control & Earned Value Management
A great quality estimate is the first step in keeping the cost of your project within budget. But any first step needs a follow up to be successful. Cost control is the natural follow up for your estimates. As technical solutions are being implemented, well executed cost control gives you a greater grip on the success factors of your projects.
- About the course
- Who should attend
About the course
During the Cost Control & Earned Value Management course of the Cost Engineering Academy you will learn to perform cost control on your projects, according to best practices in industry and our own decades long experience. After you have gained a basic understanding of specific terminology and methods that are used in the field, you will look at the project control cycle and how it fits in the life cycle of your project. After these basics are covered, you expand your skills using earned value management and talk about the best way to execute cost management on your projects and portfolio.
What you’ll learn
By the end of the course, you will have learned:
- The basics of cost control and how to report the project’s status.
- That cost control is cost management rather than cost reporting.
- How to use Earned Value Management to solve problems related to cost management & project controls.
- To setup real-time analytics and indicators to better measure project progress and performance.
- How to setup proper change- and risk management processes.
The Cost Engineering Academy is trusted by many industry leaders, such as:
“Explanations and elaborations in cost control & earned value management course were very satisfying. Also, the learning environment was very conducive. Cost Engineering took very special care of the attendee needs as well.”
– Imran Shamim, Sr. Manager at Byco Petroleum Pakistan Limited
“After participating in the Cost Control & Earned Value Management course at Cost Engineering Academy, I’ve been able to make an advanced implementation of Cleopatra Cost Management for one of our projects, about which I’m really satisfied. It was a process of learning, which is now giving perfect results and the whole team is happy to use Cleopatra.”
– Cecilia Ramos, Project Control Manager, Pannonia Ethanol
This course is suitable for everyone who is part of any team that executes industrial projects. If possible, groups will be composed of organizations that are supplementing each other to allow all participants to learn as much as possible.
This course is aimed at:
- Project manager/director;
- Finance project executive/manager;
- Project engineer;
- Cost estimator;
- Project cost engineer;
- Discipline leads;
- Members of the purchase department;
- Members of a tendering team;
- Work preparators;
- All who are involved in technical projects, cost estimation, cost control and planning and contract review in their organizations.
You will have to have a basic understanding of cost engineering and projects. No specific educational requirements are defined.
- Introduction to project cost control
- Project cost control as part of project management
- Estimating the cost baseline
- Project control cycle
- Estimating and managing productivity
- Monitoring project progress
- Extensive case study
- Project close-out
- Matching cost control with contract type
- Owner control vs contractor control
- Advanced progress measurement
- Reporting and rolling up progress
- Earned value management
- Metrics and forecasting using earned value
- Improving project cost control organization
- Change management process
- Project control as part of risk management
- Various case studies and quizzes during the day