This two day course will focus on the Capital Project Cost Control process. The course covers the approaches, methods, techniques, and tools suitable to plan, monitor, control, and assess project performance. The seminar is intended to cover both owner and contractor issues, a variety of project types, and all phases of the project life-cycle.
SC-002: Cost Management Tools & Techniques
About Instructor
Introduction
Workshop Description
The objective of the course is for each participant in the capital project process to understand the TCM Cost Control Process. The course is organized to match the TCM concepts of Plan-Do-Check-Assess. Each participant will gain an understanding of the skills, methods, best practices and tools that support effective planning, monitoring, and control of capital project costs.
Who Should Attend
This course will be beneficial to those involved in one or more functions related to managing and controlling capital projects; including project management, project controls, cost engineering, estimating, scheduling, etc.
Learning Objectives
Upon completion of the 2-day workshop, participants will be able to:
- Understand what makes up cost — i.e. the basic resources (material, labour, etc.) that are needed to perform an activity or create an asset.
- Understand the distinction between cost elements that are directly applied to an asset and those that are indirectly applied
- Relate the cost elements to the life cycle of the asset: acquisition, use, and disposal.
- Use the understanding of cost elements to further understand how cost is measured, applied, and recorded to arrive at the total activity and/or asset cost.
- Establish the Cost Baseline by recasting the estimate into a project budget
- Understanding the Control Cycle by incorporating commitments and expenditures and analyzing the effects which will be reflected in the forecast
- Understand the Control Cycle by incorporating change orders & budget shifts and analyzing the effects which will be reflected in the forecast
Delivery Approach and Methodology
A combination of lecture, examples, and interactive sessions will be utilized; providing the attendees with an opportunity to engage in discussions and to participate in an effective learning experience.