Project Cost Control – 1 Day
$650.00 – $1,900.00
WINTER 2023 – IN-PERSON (April 13; 8:30am – 4:30pm)
This course covers the life of cost controls on a project. Cost Control is defined as the application of procedures to monitor expenditures and performance against progress, to measure variance from authorized budgets, and allow effective action to be taken to achieve minimum costs. Sound cost control begins with a budget built from an estimate that is quantified from a defined scope of work.
This course examines the entire Project Cost Control process starting with transitioning of the cost estimate into a cost budget baseline to measure performance; establishing a cost trend program; collection and analysis of costs including commitments, expenditures, and incurred costs for performing analysis; and project cost forecasting. This seminar explains the variations to analyzing contingency and risk and discusses performing contingency and risk calculations and how to capitalize project costs. The differences between project cost control for cost plus contracts and firm fixed contracts are explored.
The topics covered include: Baseline Budget Development, Tracking Commitments and Actual Costs, Progress Measurement and Earned Value, Effective Change Management, Evaluating Progress and Identifying Trends, Cost Forecasting, Contingency / Risk, and Project Closeout. Examples and work problems in each of the topics addressed in this seminar are presented and worked through.
Each participant receives a comprehensive workbook prepared by ACM.
ACM offers quantity discounts, please contact ACM for 4 or more attendees.