A great quality estimate is the first step in keeping the cost of your project within budget. But any first step needs a follow up to be successful. Cost control is the natural follow up for your estimates. As technical solutions are being implemented, well executed cost control gives you a greater grip on the success factors of your projects.
During the Cost Control course you will learn about the position of cost control in your projects. After you have gained a basic understanding of specific terminology and methods that are used in cost control, you will look at the cost control cycle and how it fits in the life cycle of your project. After these basics are covered, it is time to go into cost control in depth and talk about the best way to execute cost control for your projects.
After this course you will understand that cost control is cost management rather than cost reporting. You will be able to apply the principles of cost control on your projects. You can determine what factors you need to take into account when doing cost control. And you will understand what information your report needs to contain. You will also be able to read and interpret cost control reports made by others.
Budgetary control is the most widely used tool for planning and monitoring organizational activities. Importantly, the budgets are inextricably linked with both strategy formulation and cost analysis. For these reasons, it is crucial to interpret how costs behave so that realistic budgets and plans can be produced, and appropriate financial and non-financial resources can be made available to the business. Knowing some of the limitations of budgetary control, it is also imperative to complement and integrate the budgets with other organizational techniques, such as the balanced scorecard. Therefore, this course will allow you to explore the traditional tools of budgeting as well as new dynamic approaches which reflect and respond to the current complex and volatile business environment.
This course enables participants to:
This course is designed for: