Project Controls: Budgeting and Estimating – It’s ALWAYS about the money…or is it?
Now that you know the basics of projects and project management, Senior Consultant Paul Falding takes a deeper dive into budgeting and cost management. No matter what a company tells you, at the end of the day, it’s ALWAYS about the money. There is a caveat though, any deliverable in any project must first ensure they deliver what the client actually needs and at the required level of quality. Once that basic threshold is met – yeah, it’s always about the money.
Are your estimates good? 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? Tune in to find out all of the answers to these questions!
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.