In order to control project costs, the estimate on which the budget is based must be reasonably accurate. Many project budgets are under estimated or inadequate to address the project objective. During this 6 part webinar series you will learn:
- Keys to Accurate Cost Estimating: explores the key causes of underestimating, the need to understand the project objective, importance of a complete work breakdown structure, need for an adequately detailed scope of work, and usefulness of involving the QC team in reviewing the quality and adequacy of information on which the estimates will be based
- Get Started Right: identify the purpose of the estimate and the level of accuracy that is needed; find sources of project data for cost estimating; use the risk register and lessons-learned database; and understand the sponsor’s priority among scope, schedule and budget, and the expectations for quality
- Cost Estimating Methods: compares the effectiveness of common estimating techniques: top-down versus bottom-up, analogous, expert judgment, Delphi, and parametric. It also addresses reconciling estimates with funding limits and project constraints
- Pitfalls in Estimating: common mistakes made by Project Managers like choosing the wrong estimating units, using incomplete information, making assumptions that can’t be tested, omitting the less obvious project activities, confusing duration with effort, ignoring team productivity, and setting contingency amounts that fail to reflect the level of risk in the project
- Avoiding Budget Overruns: examines how to improve estimates by involving the right people, matching the estimating technique to the level of accuracy required, converting padding into manageable contingency, allocating costs to interim deliverables, and avoiding common budgeting pitfalls
- Budgeting for Success: an estimate is not a budget. it is just one input to the budget. Examine how to improve cost control by developing the budget in a way that it can be more effectively managed. It explores matching the budget format to the organization’s accounting system, budgeting in proportion to the importance of an activity, facilitating meaningful monitoring points, preparing a spending plan (S curve), and establishing a baseline from which variance can be measured.
All webinars in this series align to the PMI Talent Triangle – Technical