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Project Scheduling & Cost Management

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Project Scheduling & Cost Management

"We have time in the schedule, and money is not an issue."
Said NO ONE ever.
Discover how to keep both of these variables
under control with your project.

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This class meets in-person two

consecutive days -February 6 & 7, 2025

Cost management and a well-constructed schedule are the backbone of any successful project. A project’s schedule brings the entire picture of the project life-cycle into focus, giving clear and concise expectations of project milestones and completion date. Managing costs is more than tracking expenses; it considers how much work was done for the amount spent.

Hands-on exercises are used to help you understand the Project Management Institute, Inc. processes for project scheduling and cost management and the principles and techniques they use. This two-day program will equip you with the critical, working knowledge you need to put together winning projects that meet the constraints of your time and budget.

  • Understand the importance of a good work breakdown structure in managing cost and schedule.
  • Use Precedence Diagramming Method to develop a network diagram.
  • Practice estimating techniques that can help you create a realistic schedule and budget.
  • Use Critical Path Method to calculate project duration and flexibility.
  • Understand the importance of a time-phased budget and how to create it.
  • Understand techniques for collecting actual performance data and the impact on reports.
  • Calculate Earned Value Variance and performance index for schedule and cost.
  • Use these calculations to forecast end of project performance.
  • Understand the trade-offs between schedule, cost and scope.

Overview of Project Management Basics

  • PMI and the PMBOK® Guide processes
  • The project charter and stakeholder expectations
  • Competing demands – scope, schedule, cost


Project scheduling

  • Create a schedule management plan
  • Create a network diagram
    • Precedence Diagramming Method
    • Dependencies
    • Lead time and lag time
  • Estimating techniques
    • PERT, analogous, parametric, Delphi, bottom up, top down
    • Range estimates and confidence levels
    • Reserves
  • Estimate resources and duration’s
    • Labor Equipment, Materials, Supplies
    • Resource Assignment Matrix
    • Effort, availability and commitment
  • Create a baseline schedule
    • Critical Path Method
    • Critical Chain Method
    • Project duration and float
    • Schedule analysis and compression techniques


Cost Management

  • Create a cost management plan
  • Estimate costs
  • Create a time-phased budget


Controlling Schedule and Cost

  • Compare actual performance to planned
  • Collect actuals
  • Earned Value Management
  • Forecast and trend analysis
  • Manage changes

“Simple illustrations that were easy to follow and as a result I was able to grasp the concepts taught.”

Caroline Omoding, Textron Aviation, Wichita, Kansas

Let’s explore the possibilities of having this program at your facility.  Paula.Seiwert@wichita.edu  

Materials in this class are based on the A Guide to the Project Management Body of Knowledge, (PMBOK® Guide). 

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