Course Modules
This training course is split into the following modules:
This comprehensive training course consists of two modules which can be booked as a 10-Day Training event, or as individual, 5-Day training courses.
Why Choose Project Scheduling, Cost Planning & Value Engineering Skills Training Course?
This Project Scheduling, Cost Planning & Value Engineering Skills Training Course equips professionals with practical tools and techniques to manage the entire lifecycle of a project. The course is divided into two focused modules. The first module addresses the critical aspects of project scheduling and cost planning, teaching how to create reliable cost estimates and project schedules during the early stages of a project.
The second module delves into Value Engineering (VE), offering a systematic approach to improving project value. VE emphasizes reducing life-cycle costs, optimizing project performance, and eliminating unnecessary expenditures, providing stakeholders with practical strategies to achieve financial success.
The training follows a step-by-step approach, providing actionable insights into project initiation, planning, execution, and closure. You will gain knowledge on risk management, stakeholder involvement, and cost control techniques to create high-level project plans. Case studies and practical applications allow participants to master the content and apply it immediately in their work.
This course offers a comprehensive overview of project management, with key elements such as:
- Estimating costs and schedules from conceptual planning to detailed implementation
- Managing risks with and without contingency
- Integrating cost, time, scope, and resources into a dynamic model for project success
With its practical focus and structured approach, this training ensures you are equipped with the right tools to succeed in any project environment.
What are the Goals?
By the end of this Project Scheduling, Cost Planning & Value Engineering Skills Training Course, participants will be able to:
- Effectively manage and mitigate risks related to project cost, scope, and schedule
- Develop recovery plans for projects experiencing budget or schedule overruns
- Identify value mismatches using life-cycle costing ratios
- Capture stakeholder input for project charters and plans
- Understand and apply Value Engineering (VE) concepts to optimize project value
Who is this Training Course for?
This Project Scheduling, Cost Planning & Value Engineering Skills Training Course is designed for a variety of professionals, particularly those involved in project planning, budgeting, and execution.
Ideal for:
- Cost Estimators and Project Schedulers
- Project Planners, Engineers, and Designers
- Contract and Procurement Professionals
- Project Control and Business Services Professionals
- Project Managers and Project Sponsors
- Individuals involved in project initiation and critical assessment
- Professionals working in diverse industries like construction, manufacturing, healthcare, and more
This training is especially beneficial for those responsible for cost/schedule estimates, managing multi-disciplinary teams, and those looking to implement better control measures in complex project environments.
How will this Training Course be Presented?
This Project Scheduling, Cost Planning & Value Engineering Skills Training Course will be delivered using a blend of proven learning techniques designed for maximum engagement and retention. The course structure emphasizes practical, hands-on learning.
Course Delivery:
- Interactive Sessions: Knowledge sharing through formal and interactive methods.
- Case Studies: Real-life case studies to contextualize the theory.
- Team Projects: Collaborative exercises to apply learning in a group setting.
- Group Discussions: Opportunities for participants to discuss challenges and solutions.
- Practical Application: Immediate application of learned techniques on real projects.
The course follows a systematic, step-by-step methodology, allowing participants to apply VE concepts and project scheduling techniques to a variety of projects. In addition, practice exercises will help participants grasp core principles and make informed decisions about project scheduling, cost control, and value engineering.
The Course Content
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
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?
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
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
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
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
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
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
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
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
Certificate
- AZTech Certificate of Completion for delegates who attend and complete the training course
- The applicable PMI Professional Development Units/Contact Hours will be reflected in the Certificate of Completion
Accreditation
AZTech is an official PMI Authorized Training Partner (ATP). All applicable project management courses are pre-approved by the Project Management Institute, allowing participants to earn the necessary PDUs and Contact Hours for certification and recertification.
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