Project Budgeting, Cost Estimating, Control and Life Cycle Costing - Certified Program

Course Dates :

08/09/25

5

Course ID:

250908001001279EGI

Course Duration :

5 Studying Day/s

Course Location:

Course Category:

Professional and CPD Training Programs

Subcategories: Construction Safety, Health and Wellbeing, Environmental Sustainability, Risk Management, Technical Skills Development, Leadership and Communication, Quality Assurance

Course Certified By:

* Projacs Academy

* Professional Training and CPD Programs

Leading to:
Executive Diploma Certificate
Leading to:
Executive Mini Masters Certificate
Leading to
Executive Masters Certificate

Certification Will Be Issued From : KSA

Course Information

Introduction

Project budgeting, cost estimating, control, and life cycle costing are foundational pillars of successful project management. These disciplines ensure that organizations can allocate resources effectively, minimize financial risks, and deliver projects within scope, time, and budget constraints. In industries ranging from construction to IT, aerospace to healthcare, the ability to manage costs while maintaining quality is a competitive advantage. The global emphasis on sustainability and efficiency has further elevated the importance of these practices, as stakeholders demand transparency, accountability, and long-term value for investments.

Despite their significance, many professionals struggle with the complexities of accurate cost estimation and effective budget control. A study by the Project Management Institute (PMI) revealed that poor cost management contributes to nearly 28% of project failures. Common challenges include inadequate historical data, over-reliance on manual processes, and insufficient understanding of life cycle costing principles. These gaps often lead to cost overruns, delays, and strained stakeholder relationships. This course addresses these issues by equipping participants with advanced tools, methodologies, and frameworks to enhance their financial acumen in project environments.

The benefits of mastering project budgeting and cost control extend beyond individual career growth. Organizations that invest in these competencies report higher project success rates, improved profitability, and enhanced client satisfaction. For instance, a case study of a multinational engineering firm demonstrated how implementing robust cost control measures reduced project costs by 15% while improving delivery timelines. Similarly, life cycle costing has proven invaluable in sectors like renewable energy, where upfront investments must be balanced against long-term operational savings.

This program draws on established theories such as Earned Value Management (EVM), Total Cost of Ownership (TCO), and Activity-Based Costing (ABC) to provide participants with a comprehensive understanding of cost dynamics. By integrating these frameworks with practical tools like Microsoft Project and Primavera P6, the course ensures that learning is both theoretical and actionable. Participants will also explore industry trends, such as the growing role of artificial intelligence in predictive cost modeling, preparing them for future innovations.

Real-world examples underscore the relevance of this training. Consider the Sydney Opera House, a project plagued by cost overruns due to inaccurate initial estimates and poor budget controls. Conversely, Tesla’s Gigafactory demonstrates how meticulous life cycle costing and cost control can drive innovation and sustainability. Such stories illustrate the dual impact of poor and exemplary financial management, reinforcing the need for structured training in this domain.

Ultimately, this course is designed to empower professionals to navigate the financial intricacies of modern projects confidently. Whether you are managing small-scale initiatives or overseeing large, multi-phase programs, the skills acquired here will enable you to make informed decisions, mitigate risks, and deliver measurable value to your organization.

Objectives

By attending this course, participants will be able to:

Analyze the principles of project budgeting and develop accurate cost estimates using industry-standard methodologies.
Evaluate the effectiveness of cost control measures and implement corrective actions to address variances.
Design comprehensive life cycle cost models that account for acquisition, operation, maintenance, and disposal phases.
Apply Earned Value Management (EVM) techniques to monitor project performance and forecast outcomes.
Implement risk-adjusted cost estimation strategies to anticipate and mitigate financial uncertainties.
Utilize software tools such as Microsoft Project and Primavera P6 to streamline budgeting and cost control processes.
Synthesize data-driven insights to communicate financial performance to stakeholders effectively.

Who Should Attend?

This course is ideal for:

Project managers, program managers, and team leaders seeking to enhance their financial management capabilities.
Cost engineers, estimators, and financial analysts responsible for budgeting and forecasting in project environments.
Consultants and advisors involved in feasibility studies, strategic planning, or organizational transformation initiatives.
Professionals in industries such as construction, engineering, IT, healthcare, and manufacturing, where cost management is critical.


These groups will find the course valuable as it bridges the gap between theoretical knowledge and practical application, addressing common pain points such as cost overruns and inefficient resource allocation. While prior experience in project management is beneficial, the course is suitable for intermediate learners who possess a foundational understanding of project workflows and terminology. Advanced practitioners will also gain insights into cutting-edge tools and methodologies.

Training Method

• Pre-assessment
• Live group instruction
• Use of real-world examples, case studies and exercises
• Interactive participation and discussion
• Power point presentation, LCD and flip chart
• Group activities and tests
• Each participant receives a 7” Tablet containing a copy of the presentation, slides and handouts
• Post-assessment

Program Support

This program is supported by:
* Interactive discussions
* Role-play
* Case studies and highlight the techniques available to the participants.

Daily Agenda

The course agenda will be as follows:
• Technical Session 08.30-10.00 am
• Coffee Break 10.00-10.15 am
• Technical Session 10.15-12.15 noon
• Coffee Break 12.15-12.45 pm
• Technical Session 12.45-02.30 pm
• Course Ends 02.30 pm