Controlling Project Risks and Costs: How to Stay within Budget... Even with Unplanned Events
A critical part of project management is the control of costs even when uncertainty prevails. The tight connection between costs and risks forces the project manager to plan and respond decisively. Any failure to appropriately respond to risks can make the project run over budget, run behind schedule, or be mired in litigation. With effective use of the costs and risks management process, a Project Manager can deliver project objectives, even in a severely constrained environment.
Gain a practical understanding of "Project Risk Management" knowledge areas of the Project Management Body of Knowledge (PMBOK® Guide, 2000). Learn to use the Earned Value Management (EVM) to measure and control project progress.
Review essential project management skills and discover how to:
- Create a costs management plan
- Develop costs baseline and control account plan (cap)
- Apply the EVM technique
- Establish estimate at completion
- Identify risks
- Analyze risks qualitatively and quantitatively
- Develop a risks response plan
- Manage contract-based project
- Measure schedule and costs performance
- Know what, when, and how to take a corrective action
Who can benefit most from this seminar?
You can benefit if you are: a director of project management, finance manager, project office manager, project manager, project cost accountant, process improvement manager, project team member, or a candidate for the Project Management Professional (PMP) accreditation.
SEMINAR OUTLINE
- Project Management Essentials
- Essentials of project management (PM):
Overview of the Project Management Body of Knowledge (PMBOK) - Identifying the cost management processes
- Identifying the risk management processes
- Critical components of a project plan:
work breakdown structure (WBS), schedule and scope statement - Assess your project cost and risk approach
- Project Cost Management
- Resource planning:
Define what resources at what quantities and when for each work package - Costs estimating:
Using WBS, rates, estimates and chart of accounts,
Develop costs estimates and create costs management plan - Costs budgeting:
Using costs estimates, WBS, and schedule,
develop costs baseline and Control Account Plan (CAP) - Costs control:
Using costs baseline, apply earned value management technique to
establish estimate at completion - Project Risk Management
- Risks management planning:
Project principles about how risks will be managed - Risks identification:
Experience brainstorming, Delphi technique, interviewing,
checklists, and diagramming techniques to develop triggers of risks - Qualitative risks analysis:
Assess impact and likelihood of risks;
prioritize risks with probability and impact matrix - Quantitative risks analysis:
Numerically analyze probability of risks with
sensitivity analysis, decision tree analysis, and simulation - Risks response planning:
Developing options and determining actions - Risks monitoring and control:
Perform audits, risks reviews, perform earned value analysis, and take corrective action - Balancing Costs and Risks
- Understand relationship between risks and costs
- Developing a learning organization from costs and risks lessons
Course Information:
- Dec 11-12 • Thu/Fri • 8:00am-3:00pm • 2 mtgs • UHM Krauss 012 (Yukiyoshi Room) • $995 (General), $895 (with Managing Project Teams), $795 (with Sep 16-18 Project Management series and Managing Project Teams) • (12 PDU)
with Amanda Dietz
Click here to register for this course
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