In any project, regardless of size or complexity, sound financial management is the bedrock of success. This "Money Matters: Budgeting and Cost Estimation Training Course" is crafted to provide you with the essential skills and knowledge needed to create accurate project budgets and reliable cost estimates. We will explore practical methodologies for financial planning, from the early stages of a project to its completion, ensuring that you can make informed decisions and maintain fiscal discipline. This training is ideal for professionals who need to bring greater predictability and control to their projects' financial health.

Over the course of 10 days, this program will demystify the process of financial planning, transforming it from a daunting task into a strategic advantage. We will cover a range of techniques, from top-down and bottom-up estimating to contingency planning and earned value management. By the end of this course, you will not only be able to prepare comprehensive budgets but also effectively track and control project costs. This training will empower you to manage resources more efficiently, communicate financial status with confidence, and ultimately, deliver projects on time and within budget.

Duration: 10 days

Target Audience:

• Project Managers
• Team Leads
• Business Analysts
• Financial Analysts
• Program Managers
• Department Heads
• Small Business Owners
• Anyone involved in project planning
• Professionals in IT and engineering
• Anyone responsible for managing a budget

Objectives:

• Understand the fundamentals of project budgeting
• Differentiate between cost estimation and budgeting
• Apply various cost estimation techniques
• Create a detailed project budget
• Identify and manage budget risks
• Use budgeting tools and software
• Understand contingency and management reserves
• Track and report on project costs
• Implement earned value management (EVM)
• Learn how to control and adjust a budget

Course Modules:

Module 1: The Basics of Project Finance

• The importance of financial control
• Key financial terms and concepts
• The difference between cost and price
• The role of a budget in a project
• Common budgeting myths

Module 2: Types of Costs

• Direct vs. indirect costs
• Fixed vs. variable costs
• The concept of sunk costs
• Understanding overhead and administrative costs
• The importance of a cost breakdown structure

Module 3: Top-Down Estimation

• The concept of analogous estimating
• The benefits of expert judgment
• When to use a top-down approach
• The role of historical data
• The limitations of top-down methods

Module 4: Bottom-Up Estimation

• The concept of detailed task estimation
• The importance of WBS integration
• When to use a bottom-up approach
• The benefits of team involvement
• The precision of a bottom-up estimate

Module 5: Parametric Estimation

• What is parametric estimating?
• Using historical data and variables
• The importance of a reliable model
• When to apply this method
• The benefits of quick, scalable estimates

Module 6: Finalizing Your Estimate

• The importance of a detailed breakdown
• The role of assumptions and constraints
• Documenting your estimation process
• Gaining approval from stakeholders
• The concept of a budget baseline

Module 7: Creating the Project Budget

• How to use your cost estimate to create a budget
• The role of a budget spreadsheet
• Allocating funds to project activities
• The importance of a formal budget document
• The relationship between budget and schedule

Module 8: Contingency and Reserves

• The difference between contingency and management reserves
• How to calculate contingency
• The purpose of a management reserve
• When to use each reserve
• The importance of a clear reserve policy

Module 9: Budget Reporting

• The importance of regular financial reports
• Key metrics to track and report on
• Creating simple visual reports
• Communicating budget status to stakeholders
• The role of a dashboard

Module 10: Budget Control

• The importance of monitoring expenses
• The role of a change control process
• How to adjust the budget
• Dealing with unexpected costs
• The importance of fiscal discipline

Module 11: Earned Value Management (EVM)

• What is earned value management?
• Key EVM metrics: PV, EV, and AC
• How to calculate schedule variance (SV) and cost variance (CV)
• The importance of a clear baseline
• Using EVM to predict project performance

Module 12: Forecasting and Trending

• The importance of forecasting
• Using past performance to predict future outcomes
• Techniques for trend analysis
• The role of rolling forecasts
• The benefits of a predictive approach

Module 13: Budgeting Tools and Software

• An overview of common tools
• The benefits of specialized software
• How to use spreadsheets effectively
• The importance of a centralized system
• The role of collaboration in tools

Module 14: Risk and Budget

• The relationship between risk and budget
• Identifying financial risks
• Developing a financial risk response plan
• The importance of a risk reserve
• The benefits of a proactive approach

Module 15: Auditing and Closing

• The importance of a budget audit
• The role of a final financial report
• The benefits of a lessons learned session
• Archiving financial documents
• The importance of a formal sign-off

Training Approach

This course will be delivered by our skilled trainers who have vast knowledge and experience as expert professionals in the fields. The course is taught in English and through a mix of theory, practical activities, group discussion and case studies. Course manuals and additional training materials will be provided to the participants upon completion of the training.

Tailor-Made Course

This course can also be tailor-made to meet organization requirement. For further inquiries, please contact us on: Email: info@skillsforafrica.org, training@skillsforafrica.org Tel: +254 702 249 449

Training Venue

The training will be held at our Skills for Africa Training Institute Training Centre. We also offer training for a group at requested location all over the world. The course fee covers the course tuition, training materials, two break refreshments, and buffet lunch.

Visa application, travel expenses, airport transfers, dinners, accommodation, insurance, and other personal expenses are catered by the participant

Certification

Participants will be issued with Skills for Africa Training Institute certificate upon completion of this course.

Airport Pickup and Accommodation

Airport pickup and accommodation is arranged upon request. For booking contact our Training Coordinator through Email: info@skillsforafrica.org, training@skillsforafrica.org Tel: +254 702 249 449

Terms of Payment: Unless otherwise agreed between the two parties’ payment of the course fee should be done 10 working days before commencement of the training.