Online Training - Project Cost Estimation

DESCRIPTION Project cost estimation is the process that takes direct costs, indirect costs and other types of project costs into account and calculates a budget that meets the financial commitment necessary for a successful project. To do this, project managers and project estimators use a cost breakdown structure to determine all the costs in a project. Project cost estimation is critical for any type of project, from building a bridge to developing that new killer app. Everything costs money, so the clearer you are on the amount required, the more likely you and your project team will achieve your objective. Project cost estimating is a critical step during the project planning phase because it helps project managers create a project budget that covers the project costs that are needed to achieve the goals and objectives of the project set forth by executives and project stakeholders. PURPOSE After completing the course, participants should have:

1. In-depth knowledge and understanding about project cost planning and control
2. To integrate and implement the ability. Various project management tool (WBS, Gantt Chart, Network, etc) with cost accounting concept and techniques (Job Order Costing, Variance Analysis, etc). In project planning and control
3. The ability to design a reliable, effective and efficient project cost accounting system
4. The ability and capacity to analyze and evaluate cost data and be able to prepare propose and decide action in order to control a preventive and corrective the project cost

OUTLINE MATERI

1. Project Management and Cost Accounting Review
   • Definition, Concepts, Technique and project planning and control tools
   • Cost Concept, Cost System and Accumulation
2. Project Cost Estimation
   • Definition, classification, journal and accumulation
   • Project Costing; Man Power, Material, Equipment, Overhead and Pre Project Costing
3. Project Cost Control
   • Standard Costing: Definition, Setting The Standard, Cost Variance Analysis, Man Power, Material and Overhead
   • Cost Control: Reporting, Analysis and Evaluation