Cost Control And Financial Management In Fidic Projects Training Course

Introduction

Empower construction professionals to effectively manage project finances and control costs within the FIDIC contractual framework with our comprehensive Cost Control and Financial Management in FIDIC Projects Training Course. This program equips you with the essential knowledge and skills to develop accurate project budgets, monitor expenditures, and implement effective cost control measures to ensure financial success. Mastering cost control and financial management is increasingly vital for professionals seeking to optimize project profitability, mitigate financial risks, and maintain fiscal responsibility. Our FIDIC financial management training course offers in-depth guidance and actionable strategies for effectively managing project finances and controlling costs.

This Cost Control and Financial Management in FIDIC Projects training course delves into key areas such as project budgeting, cost estimation, cost control techniques, financial reporting, and risk management, all within the context of FIDIC contracts. You will gain expertise in developing and managing project budgets, tracking project expenditures, and implementing corrective actions when necessary. Whether you are a project manager, contract administrator, or cost controller, this Cost Control and Financial Management in FIDIC Projects course will provide you with the tools and knowledge to confidently manage project finances, control costs, and ensure financial success.

Target Audience:

• Project Managers
• Contract Administrators
• Cost Controllers
• Quantity Surveyors
• Finance Managers
• Project Sponsors
• Employers' Representatives

Course Objectives:

• Understand the principles of cost control under FIDIC.
• Develop accurate project budgets.
• Perform cost estimation
• Implement cost control techniques.
• Prepare financial reports for FIDIC projects.
• Manage project cash flow.
• Control project expenditures.
• Identify and mitigate financial risks.
• Understand contractual requirements related to cost.
• Utilize cost management software.
• Perform value engineering.
• Manage project contingencies.
• Ensure financial success in FIDIC projects.

Duration

5 Days

Course content

Module 1: Principles of Cost Control under FIDIC

• Understanding the principles of cost control under FIDIC.
• Exploring the project lifecycle and its financial implications.
• Understanding the importance of cost control in FIDIC projects.
• Examining the contractual requirements for cost management.
• Developing a cost management plan.

Module 2: Project Budgeting

• Developing accurate project budgets.
• Understanding the different types of project budgets.
• Creating a Work Breakdown Structure (WBS) for cost control.
• Estimating project costs and allocating budgets to activities.
• Establishing budget baselines.

Module 3: Cost Estimation

• Performing cost estimation
• Understanding different cost estimation methods.
• Estimating direct and indirect costs.
• Considering factors affecting project costs.
• Using historical data and industry benchmarks.

Module 4: Cost Control Techniques

• Implementing cost control techniques.
• Tracking project costs and expenditures.
• Monitoring cost performance using Earned Value Management (EVM).
• Identifying cost variances and trends.
• Implementing corrective actions and change control.

Module 5: Financial Reporting

• Preparing financial reports for FIDIC projects.
• Understanding the different types of financial reports.
• Communicating cost information to stakeholders.
• Presenting financial data clearly and concisely.
• Utilizing reporting tools and techniques.

Module 6: Project Cash Flow Management

• Managing project cash flow.
• Understanding the importance of cash flow management.
• Developing a project cash flow forecast.
• Monitoring cash inflows and outflows.
• Managing payment applications and certificates.

Module 7: Controlling Project Expenditures

• Controlling project expenditures.
• Approving and authorizing project expenditures.
• Managing procurement and payments to contractors.
• Tracking expenses against the budget.
• Implementing cost-saving measures.

Module 8: Financial Risk Management

• Identifying and mitigating financial risks.
• Performing risk assessments and developing risk response plans.
• Monitoring and controlling financial risks.
• Using risk management tools and techniques.
• Understanding contractual provisions related to financial risk.

Module 9: Advanced Cost Management Techniques

• Utilizing cost management software.
• Performing value engineering.
• Managing project contingencies.
• Applying advanced forecasting methods.
• Conducting cost audits and reviews.

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 21 working days before commencement of the training.