Day 1:
Introduction to Project Budgeting
Overview of project budgeting principles and frameworks.
Importance of aligning budgets with organizational objectives.
Common pitfalls in project budgeting and how to avoid them.
Case study: Lessons learned from high-profile budget failures.
Day 2:
Fundamentals of Cost Estimation
Types of cost estimates: Order-of-magnitude, preliminary, and definitive.
Techniques for gathering reliable cost data.
Role of historical data in improving estimation accuracy.
Group activity: Developing a basic cost estimate.
Day 3:
Advanced Cost Estimation Methods
Analogous, parametric, and bottom-up estimation techniques.
Software tools for automating cost estimation processes.
Validating and refining cost estimates through peer review.
Workshop: Applying estimation methods to real-world scenarios.
Day 4:
Principles of Value Engineering
Definition and purpose of value engineering.
Steps in the value engineering job plan.
Identifying opportunities for cost reduction without sacrificing quality.
Case study: Successful implementation of value engineering in manufacturing.
Day 5:
Integrating Value Engineering into Projects
Aligning value engineering with project lifecycle phases.
Collaborative approaches to implementing value engineering.
Measuring the ROI of value engineering initiatives.
Group discussion: Challenges in adopting value engineering.
