A Project Management Institute, Inc. (PMI)®Registered Training Course
Project Budgeting & Cost Management
Establishing and Controlling Your Project's Planned Expenditures
Course Overview
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 GLOMACS 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
Training Outline
DAY 1: 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 2: 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 3: 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 4: 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 5: 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
Certificates
- On successful completion of this training course, GLOMACS Certificate with eligible Continuing Professional Education credits (CPE) from National Registry of CPE Sponsor and Professional Development Units (PDUs) / Contact Hours from Project Management Institute (PMI®), will be awarded to the delegates
Accreditation
GLOMACS is proud to be an Authorized Training Partner (ATP No. 2759) with PMI®. As an ATP, GLOMACS is authorized to issue applicable Professional Development Units (PDUs) and Educational Contact Hours to participants of any of its PMI® approved training courses for PMI® Certification and Re-Certification.
GLOMACS is registered with NASBA as a sponsor of Continuing Professional Education (CPE) on the National Registry of CPE Sponsors. NASBA have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.learningmarket.org.
All Training Seminars delivered by GLOMACS by default are eligible for CPE Credit.
Providers and Associations
About Saudi Glomacs
At Saudi GLOMACS, we specialize in delivering world-class training courses in Saudi Arabia and across various international locations. Our training courses are tailored to meet the unique demands of Saudi Vision 2030 and the Human Capability Development Program, focusing on empowering Saudi citizens and enhancing workforce skills. We offer diverse courses spanning leadership, management, engineering, and technical disciplines to cultivate expertise and drive professional growth. Our flexible learning options—whether in-person, online, or in-house—ensure accessibility and convenience for individuals and organizations alike.
With over 30+ years of experience through the GLOMACS global network, we are committed to delivering innovative, results-driven training solutions. Our expert instructors combine industry knowledge with dynamic teaching methods, fostering practical skill development and long-term career success. By choosing Saudi GLOMACS, you're investing in personal excellence and contributing to the Kingdom’s sustainable economic growth and vision-driven transformation.
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