Cost Control & Earned Value Management Training Course In Engineering Projects

Introduction

Effective cost control and Earned Value Management (EVM) are paramount for the financial success and overall health of engineering projects, ensuring delivery within budget and maximizing profitability. This essential training course is meticulously designed for engineering professionals, project managers, and financial analysts seeking to master advanced techniques for monitoring, analyzing, and forecasting project costs. Participants will gain a robust understanding of EVM principles, learn how to establish performance baselines, calculate key metrics, and implement proactive cost management strategies to keep complex engineering initiatives on track. Our comprehensive curriculum emphasizes hands-on application and real-world case studies relevant to the dynamic Kenyan engineering and construction sectors, empowering you to drive financial discipline and achieve superior project outcomes.

This engineering project cost control course is crucial for organizations in Kenya striving for greater financial predictability and efficiency in their operations. Mastering project cost management techniques and understanding the nuances of Earned Value Analysis (EVA) are indispensable skills for mitigating budget overruns and optimizing resource utilization. This program offers an unparalleled opportunity to elevate your expertise in project financial forecasting and performance measurement for engineering projects, ensuring your investments yield maximum value and contribute directly to organizational profitability and sustainable growth in the East African region.

Target Audience

• Engineering Project Managers
• Project Control Specialists
• Cost Engineers
• Quantity Surveyors
• Financial Analysts in Engineering Firms
• Program Managers
• Project Coordinators

Course Objectives

• Understand the fundamental principles of project cost management.
• Master the concepts and benefits of Earned Value Management (EVM).
• Develop effective cost baseline plans for engineering projects.
• Learn to calculate and interpret key EVM metrics (PV, EV, AC, CV, SV, CPI, SPI).
• Perform accurate project cost forecasting (EAC, ETC) using EVM data.
• Implement proactive cost control measures to prevent budget overruns.
• Identify and analyze cost variances and their root causes.
• Integrate cost and schedule management for comprehensive project control.
• Develop robust cost reporting and communication strategies for stakeholders.
• Utilize project management software for EVM implementation.
• Apply advanced techniques for cost risk analysis and mitigation.
• Drive continuous improvement in project cost performance.
• Enhance decision-making capabilities based on reliable cost data.

DURATION

10 Days

COURSE CONTENT

Module 1: Foundations of Project Cost Management

• Introduction to project cost management principles
• Project lifecycle and cost considerations
• Types of project costs: direct, indirect, fixed, variable
• Cost estimation techniques and methodologies
• Developing the project budget and cost baseline

Module 2: Introduction to Earned Value Management (EVM)

• What is Earned Value Management and its benefits
• Key EVM terms: Planned Value (PV), Earned Value (EV), Actual Cost (AC)
• The power of integrated scope, schedule, and cost performance measurement
• Benefits of EVM for engineering projects
• Historical context and evolution of EVM

Module 3: Calculating Key EVM Metrics

• Calculating Cost Variance (CV) and Schedule Variance (SV)
• Interpreting CV and SV for project health
• Calculating Cost Performance Index (CPI) and Schedule Performance Index (SPI)
• Understanding the implications of CPI and SPI values
• Practical exercises in calculating EVM metrics

Module 4: Project Forecasting with EVM

• Forecasting Estimate at Completion (EAC) using different methods
• Calculating Estimate To Complete (ETC)
• Variance at Completion (VAC) and its significance
• Tools and techniques for reliable cost forecasting
• Predicting future project performance based on EVM trends

Module 5: Advanced Cost Control Strategies

• Identifying cost drivers and cost reduction opportunities
• Implementing proactive cost control measures
• Managing change requests and their cost impact
• Cost aggregation and disaggregation techniques
• Developing a robust cost management plan

Module 6: Integrated Cost and Schedule Management

• Aligning work breakdown structure (WBS) with cost accounts
• Establishing control accounts for integrated performance
• Data collection and reporting for integrated control
• Analyzing integrated cost and schedule performance
• Best practices for seamless integration

Module 7: Reporting and Stakeholder Communication

• Designing effective EVM reports and dashboards
• Communicating EVM results to project stakeholders
• Presenting performance trends and forecasts clearly
• Tailoring reports for different audiences (e.g., executives, team leads)
• Using EVM data for informed decision-making

Module 8: Practical Application and EVM Software

• Hands-on exercises using project data for EVM analysis
• Utilizing project management software (e.g., Primavera P6, MS Project) for EVM
• Case studies of EVM implementation in engineering projects
• Troubleshooting common EVM challenges and data issues
• Developing an EVM implementation plan for your organization

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.