An Intensive 5-day Training Course
Project Budgeting & Cost Management
Establishing and Controlling Your Project's Planned Expenditures
Course Introduction
Many projects run into trouble for two core reasons - they fall behind and miss their deadline or they overspend and break their budget. Why? This course explores the management of project costs and project cashflow. Delegates get to grips with project cost management from financial feasibility through managing project cost expectations at project outset and on to detailed cashflow planning. Not only that, but as projects are executed, this course explains how cost variances may be identified and used to forecast overruns and suggest corrective actions.
This OXFORD Management Centre training course presents generally accepted standard project management practices that enable a project manager to focus on project costs, establish a project budget and use it to report and control project performance.
Objectives
By attending this course you should learn how to:
- Understand the benefits of good project cost control for successful project outcomes
- Perform the action required at each phase of the project cost management lifecycle
- Establish a cost baseline that incorporates all aspect of project work including the contingency needs typically associated with project uncertainty
- Specify key quantitative measures for determining the project performance using Earned Value Management (EVM)
- Provide meaningful project progress reports using EVM together with forecasts of likely outcomes and management options to correct where necessary
Training Methodology
Participants will develop advanced project management performance and control skills and knowledge through formal and interactive learning methods. This Project Budgeting & Cost Management training course includes case studies, group discussion and critical analysis of case material based on a fictional housing construction project.
Although this Oxford Management Centre training course does not assume prior knowledge of the topics covered in the training course, some knowledge of or exposure to project management training will be an advantage. New concepts and tools are introduced gradually to enable delegates to progress from the fundamental to the more advanced concepts of project cost planning, monitoring and control.
Organisational Impact
By implementing the knowledge gained from this Project Budgeting & Cost Management training course, organizations will:
- Enhance organizational maturity by applying standardized cost governance procedures in project management.
- Gain greater transparency in identifying and managing cost sources.
- Strengthen employee capabilities in understanding the cost implications of project scheduling and activities.
- Exercise better control over project expenditures through professional budget management techniques.
- Improve customer relationships by utilizing project cost management to ensure smooth and controlled project execution.
Personal Impact
By attending this Project Budgeting & Cost Management training course, participants will:
- Apply widely recognized project management practices adaptable to various industries.
- Gain insights into the importance of a structured project framework for effective expenditure approval and control.
- Leverage project management expertise to accelerate career advancement and promotion opportunities.
Who Should Attend?
The following roles will find this course particularly useful:
- Programme managers and other senior personnel responsible for the governance of projects
- Finance personnel that are interested in expanding their understanding of how project cost data is used to manage the entire lifecycle of projects. These participants will gain insights into how cost data influences financial feasibility, project selection, detailed budgeting and cashflow planning as well as change management and other mechanisms that leverage costs to control project execution.
- Project managers and project team leaders who wish to build upon and consolidate their project management skills
- Project planning engineers and heads who need to develop their project management skills
- Senior project control and business services professionals who have the responsibility for planning, monitoring and controlling, and reporting on project budget and cost performance
Course Outline
Day One
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 Two
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 Three
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 Four
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 Five
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
Certificate
Oxford Management Centre Certificate will be provided to delegates who successfully completed the training course.
Accreditation
In association with
Related Courses
Project Quality Management Workshop
Date: 26-30 May 2025 Location: Dubai Fee: $5,950
Workshop on Feasibility Studies
Date: 06-08 Jul 2025 Location: Sharm El – Sheikh Fee: $3,900
Maintenance Audit and Site Inspection
Date: 26-30 May 2025 Location: Dubai Fee: $5,950
Certificate in Strategic Project Management
Date: 14-18 Jul 2025 Location: Munich Fee: $5,950
The 10-Day Advanced Project Economics & Risk Management
Date: 08-19 Sep 2025 Location: Dubai Fee: $11,900
Advanced Project Economics, Risk & Decision Analysis
Date: 07-11 Jul 2025 Location: London Fee: $5,950
Artificial Intelligence in Contract and Project Management
Date: 18-29 Aug 2025 Location: London Fee: $11,900
FREQUENTLY ASKED QUESTIONS
To check on availability please call Registrar’s Office at +971 50 985 0174. If you have any questions or enquiries please feel free to contact us
- Telephone: +971 50 985 0174
- E-mail: [email protected]
Yes, we provide assistance in securing both hotel reservations & entry visa on all our international training venues, for delegates attending our training courses. For further information / assistance, please contact our Customer Service at:
- Telephone: +971 50 985 0174
- E-mail: [email protected]
Yes, Oxford Management Centre is accredited by the following professional bodies;
National Association of State Board of Accountancy (NASBA)
The Oxford Management Centre 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.
Yes, discounts are available. For further information please call +971 50 985 0174 or email, [email protected]
Note: Discounts are not applicable with any other special offer that may be available.
There are 2 easy ways to register:
- Online: Select the training course you want to register for, Click the “Book Your Place” button on the course page, complete the form and click submit.
- E-mail: Send your details to [email protected]
We request that all cancellations be made at least one week before the class start date. You may reschedule this class without any penalty. If not, a $250 fee will be charged for cancellations received less than one week before a class begins and for no-shows. Cancellation penalties and any fees incurred by Oxford Management Centre will be deducted from refunds.
For more information request, email [email protected] or call +971 50 985 0174.
The classroom training fees include course presentation, relevant materials, physical & digital documentation, lunch and refreshments served during entire training. Accommodation and transportation are not included in the training course fees.
While, online training fees cover the course presentation and digital documentation and relevant materials.
The Oxford Management Centre Certificate of Completion with corresponding CPE credits shall be awarded to delegates who has successfully completed the training course.
Payment must be received before the training course commences. You can make payment by bank draft, cash, credit card or wire transfer.
Note: If the payment is not received, Oxford Management Centre has the right to refuse admission.
Upon receipt of your registration form, we will send you the following by e-mail:
- Registration Confirmation
- Invoice/Receipt (where appropriate)
If you register online you will receive an e-mail within 24 hours confirming your registration.
