Project Management Specialist: The A to Z of Project Management

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COURSE OVERVIEW

The late delivery of projects has become the scourge of project managers worldwide. Countless numbers of projects undertaken by organizations in the private and public sectors significantly overrun the project schedule and budget and, as a consequence, fail to achieve the organization’s financial and strategic objectives, often with sizable increases in costs and with substantial financial losses to the organization.

The Project Management Specialist training course will significantly enhance the skills and knowledge of delegates and improve their ability to plan, manage, and control projects.   Additionally, the course deals with the systematic identification and quantification of project risks, as well as the development of detailed risk treatment strategies to mitigate all relevant risks that may threaten the intended outcomes of the project. This is essential to the achievement of project success.

IMPORTANT FEATURES

The Project Management Specialist training course covers several integrated skill-areas that are critical to project success and will enable delegates to:

  • Integrate scope, time, resources and cost management into a dynamic, manageable plan
  • Develop project network diagrams for CPM and advanced PERT calculations to identify schedule and cost risks
  • Measure, forecast, and control project performance by employing earned value techniques
  • Use qualitative and quantitative methods to assess the exposure of the project to particular risks in real and measurable terms
  • Manage and mitigate schedule, cost, scope, and resource risks associated with the project
  • Identify the most appropriate contract arrangement for the work to be performed on the project  

LEARNING OBJECTIVES

By attending the Project Management Specialist training course, delegates will learn how to:

  • Master the techniques required for effective project planning and control
  • learn to integrate scope, time, resources and cost management into a dynamic, manageable plan
  • Develop project network diagrams (CPM) to identify schedule and cost risks
  • understand the trade-off between time and cost to ensure project success
  • Learn to measure, forecast and control project performance by employing earned value techniques, and
  • Produce clear and concise project progress reports and administer project documentation and reporting

TARGET AUDIENCE

The Project Management Specialist training course is designed for:

  • Project Managers and Project Leaders
  • Project Planners and Scheduling Staff
  • Production Engineers
  • Other Project Professionals

TRAINING METHODOLOGY

Delegates will develop fundamental project management performance and control skills and knowledge through formal and interactive learning methods. The training course includes team projects, applicable case studies, group discussion and critical analysis of video material based on actual large construction projects.

Additionally, the training does not assume prior knowledge of the topics covered in the course. New concepts and tools are introduced gradually to enable delegates to progress from the fundamental to the more advanced concepts of project management

Pre & Post course assessments will be used to measure the effectiveness of this training.

COURSE CONTENTS

Module 1 -Project Frameworks, Work Breakdown Structures & Critical Path

  • Description:

    Day One will highlight the importance of aligning projects with corporate strategy and objectives and will cover the fundamentals of project planning, scheduling and Critical Path analysis.

  • KeyTopics:

    • Corporate Strategy and Organizational Projects
      • Setting the Stage for Project Alignment with Strategy
      • The Strategic Management Process
    • Environmental Analysis and Portfolio Development
    • Project Classification & Characteristics
    • Project Development Life Cycle
    • The Triple Constraint
    • Scope Planning
    • Work Breakdown Structures (WBS)
      • Work Packages
      • Statement of Work (SOW) – Technical Baseline
      • Scope Execution Plan
    • Precedence Network Diagramming
      • Job Logic Relationship Chart
      • Critical Path Analysis
      • Project Float/Slack Analysis
      • Lead and Lag Scheduling

Module 2 - Monitoring Project Progress and Cost

  • Description:

    Day Two will cover the estimation of project costs based on the identified activities and allocated resources. This provides the basis for Earned Value Management a technique used to measure progress and costs against the contractual baseline in order to analyse deviations and make accurate projections of final cost and completion dates.

  • KeyTopics:

    • Bid Documents Development
      • Technical Scope & Quantity Survey
      • Summaries for Bid Items
      • Project Overhead & Recap Sheet
      • Resource Unit and Rates
      • Unit Price Schedule
    • Project Resource Table & Budget
    • Project Cost Baseline Management
    • Project Management Reporting
    • Earned Value Control Process
    • Progress Control Charts – Trend Analysis
    • Schedule and Cost Variance Forecasting
      • Schedule Variance (SV)
      • Cost Variance (CV)
      • Schedule Performance Index (SPI)
      • SPI Run Chart
      • Cost Performance Index (CPI)
      • CPI Run Chart
    • Estimated Cost at Completion
    • Estimated Duration of Completion
    • Progress Tracking and Monitoring

Module 3 -Aligning the Contract Type with Cost and Progress Monitoring

  • Description:

    Day Three will cover the range of contractual arrangement typically applied to project management activities. This will enable delegates to decide on the most appropriate type of contract for the various elements of the project, and provides the basis for project progress and cost monitoring.

  • KeyTopics:

    • The Pricing Arrangement
      • Pricing Strategies
    • Costs to Provide Engineering Services
      • Salary Costs
      • Payroll Burden
      • Other Direct Costs
      • General Overhead
      • Salary Cost with Multiplier
    • Fixed Price Compensation
      • Firm Fixed Price
      • Fixed Price with Economic Adjustment
    • Incentive Compensation
      • Fixed Price Incentive
      • Cost Plus Incentive
    • Cost-Plus Compensation
      • Cost Sharing
      • Cost Reimbursement
      • Cost Plus Award Fee
      • Cost Plus Fixed Fee

Module 4 - Project Risk Management Planning and Mitigation

  • Description:

    Day Four will cover the fundamental principles of Project Risk Management and discuss various methods used for qualitative and semi-quantitative risk analysis.

  • KeyTopics:

    • Overview of the Risk Management Process
    • Risk Management Model
      • Establish risk context
      • Risk Context and Risk Types
      • Typical Project Risk contexts
    • Risk identification & Risk Characteristics
      • Descriptions of Likelihood
      • Descriptions of Consequence
    • Risk Mitigation Strategies
    • Risk Scenario Description
      • Triggers and Indicators
      • Receptors and Stakeholders
      • Impact or Consequences
      • Identified Risk Receptors and Impact
    • Most likely monetary impact
    • Plotting the probability and impact
    • Expected Monetary Value (EMV)
    • Risk Quantification and EMV
      • Scenario Planning
      • Best case scenario
      • Base case scenario
      • Worst case scenario
    • Decisions Under Conditions of Uncertainty
      • Risk mitigation costs
      • Optimal point on j-curve

Module 5 - Project Risk Scenario Planning & Mitigation

  • Description:

    Day Five will cover the more advanced application of Risk Scenario Planning to project cash flows based on three-point scenario analyses of risk impact projections.

  • KeyTopics:

    • Cash flow projections – Tunnel Case Study
      • Base Case Scenario
      • Best Case Scenario
      • Worst Case Scenario
    • Risk Profile EMV Calculation before Mitigation
    • Identification of Risk Triggers & Probability
      • Plotting the Event Probability
    • Identification of Risk Receptors & Impact
      • Plotting the Financial Impact
    • Combined EMV Risk Profile before Mitigation
    • Developing Probability Mitigation Strategies
    • Developing Impact Mitigation Strategies
    • Replotting the Projected Risk Profile after Mitigation
    • Examining the J-Curve to Derive the Most Economic Mitigation Point
    • Final Risk EMV and Project Feasibility Calculations after Mitigation

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