An Intensive 10-Day Training Course
Project Scheduling, Cost Planning
& Value Engineering Skills
We currently have no scheduled session for this Course. If you are interested in running this course, please contact our Training Department at info@petroknowledge.com
What are the Goals?
What are the Goals?
By the end of this 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?
Who is this Course for?
This 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
How will this Training Course be Presented?
How will this be Presented?
This course will utilise a variety of proven adult learning techniques to ensure maximum understanding, comprehension and retention of the information presented.
The course is highly interactive and presents knowledge through formal and interactive learning methods. The course includes individual exercises, team projects, applicable case studies and group discussions. The material has been designed to enable delegates to apply all of the material with immediate effect at the office.
In addition, the course will take delegates through the systematic step-by-step VE methodology through interactive speaker input, case studies and practice exercises. The exercises will provide participants with hands on experience of applying the techniques to a simple project and will facilitate group discussion.
Daily Agenda
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 the Project Scope
- Cost & Schedule Estimation, cost Budgeting & Control
- Project Schedule Planning and Critical Path Method
Day Two: Developing Project Budget & Schedule Control
- Project management inputs to cost budgeting
- 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
- Balanced Project Schedule without Buffers (Finish-Start) and Inserting 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: Improving Performance & Profitability
Day Six: Framework for Applying Value Engineering in Projects
- Defining Value and Value Engineering concepts and principles
- How and when is Value Engineering applied?
- Project definition through stakeholder analysis and management
- Team player styles
- Identifying relationships between Value, Cost and Worth
- Overview of Different Value Engineering Phases
Day Seven: The Function Analysis Phase - Expressing Project Functional Needs and Constraints
- The Information Phase – steps and procedures
- Developing Value Engineering Job Plan
- Defining project constraints
- What is function analysis and Function-Cost-Worth Analysis
- Developing FAST Diagrams to identify critical project components
- Cross-Functional Project Team Approach
Day Eight: The Creative Phase - Inspiring Creativity in Your Project Team
- Creativity and Creative thinking within the project environment
- Creative thinking techniques
- Reaching consensus and leveraging the power of project team collaboration
- Project risk perception and identification
- Identifying priorities through paired comparison
- Output of the Creative Phase
Day Nine: The Evaluation Phase -Making Informed Project Decisions
- Project evaluation methods
- Performing project risk and scenario analyses
- Life-cycle costing techniques
- Incremental benefit-cost analysis for project evaluation
- Effective Decision-making in project environment
- Output of the Evaluation Phase
Day Ten: The Planning and Reporting Phases -Getting Results through Effective Communication
- Develop and assess VE proposals to optimize project value
- Action planning roles and responsibilities
- Reporting VE findings to Senior Management and project stakeholders
- Incorporating VE into the early project phases
- Integrating VE with Continuous Improvement Techniques
Project Management Institute, A Guide to the Project Management Body of Knowledge (PMBOK® Guide), Fifth Edition, Project Management Institute, Inc. 2013
Certificate
- On successful completion of this training course, a PetroKnowledge Certificate will be awarded to the delegates
