Project Budgeting Realities: Seeing Beyond the Numbers
The course, led by Senior Consultant Paul Falding, delves into the critical aspects of project budgeting and cost management. Participants will gain foundational knowledge of projects and project management. The course emphasizes the importance of balancing quality and deliverables with budget constraints.
Target Audience
This course is for individuals interested in project management who want to deepen their understanding of budgeting and cost management. It is ideal for:
Project Managers
Financial Analysts
Consultants
Business Managers
Anyone involved in the financial planning and execution of projects
Course Prerequisites
This course does not require prior experience or knowledge, but previous experience with project planning and execution can be beneficial.
Objectives
By the end of this course, you’ll be able to
- Develop accurate project estimates and validate them with actual data.
- Create detailed project plans and budgets using reliable estimates.
- Monitor and control project costs to stay within budget.
- Align project budgets with annual cash-flow demands.
- Communicate budgetary and financial information effectively to stakeholders.
Topics Covered
The course provides a thorough understanding and insights into project budgeting and cost management. Every session you receive will offer practical knowledge and strategies for effectively handling the financial aspects of project management.
- Importance of Accurate Estimates
- Bringing a Product to Market
- Project Budgeting and estimating
- Financial Control
- Project Control
- Project vs Program
- Budget Creation – Starts with Scope
- Budget Creation – Business Case
- Stage-Gate Process
- Brilliant Basics
- Budget
- Commitment
- Actuals
- Forecast
- Six Steps of Project Control
- Fundamental 4 Control Mechanisms of Project Control
- Personal Examples & Earned Value
Course Modules
The course comprises seven modules designed to equip you with the necessary skills and knowledge to manage project budgets effectively. These modules give you the answer to these questions – Are your estimates reasonable? Did you validate them with real data? Did you budget it correctly using estimates? Did you stay on target through the project? Did you stay within annual cash-flow demands? How do you know, and how do you communicate all of this? You will get a better understanding of project budgeting.
By the End of This Course
You will thoroughly understand the complexities of project budgeting and how to manage costs effectively. You will be equipped with practical skills to develop accurate budgets, monitor financial performance, and communicate budgetary information effectively, ensuring project success within economic constraints.
Enroll Now
Take the next step in your project management career by mastering the financial aspects of projects. Enroll in “Project Budgeting Realities: Seeing Beyond the Numbers” to enhance your budgeting skills and ensure your projects meet both quality and financial goals.
Welcome
Paul outlines his background as a Senior Project Controls Manager who received his education in quantity surveying.
Agenda & Introduction
This lesson covers the agenda of the course.
Financial Decisions: Bringing a Product to Market
Paul uses the four stages of drug development to show a product's route to market.
This lesson explores time to construct, and what a typical example of that is like for a pharma facility.
Paul sums up his example of the pharma industry for bringing a product to market.
Project Budgeting and Estimating
Paul highlights the lessons ahead, including budget creation and the Stage Gate Process.
Paul dives into scope, including a personal example of a client budget.
This lesson explores what's included in the business case.
Learn about the Stage Gate Process, including what's involved in each stage and how much of the project is defined.
Financial Control
In this section, discover the four “brilliant basics” you need to know and understand to control project financials across the board.
This lesson discusses budget, including what hard costs and soft costs are.
Paul explains purchase orders and the second Brilliant Basic of commitment.
This lesson explains where actuals come from, and briefly touches on earned value.
Discover the fourth and most important Brilliant Basic of the bunch - forecast.
Project Controls
This lesson sets the stage for the discussion on project controls.
Learn the differences between project and program in this lesson.
Delve into the six steps of project control in this brief lesson.
Paul reveals the Key 4 Control Mechanisms of Project Control.
This lesson shows a real-life example of project control for a pharma client.
Tips & Closing
Paul closes with his personal tips for success in finances and at work.