This course provides industry best practices and methodologies for estimating costs and managing budgets for turnarounds and capital projects. It helps to eliminate gaps in the budget which could cause overruns later. It aligns the team on cost terminology and deepens team competency through the assimilation of tools, methodologies and processes for formulating composite rates, earned values, managing contingency and properly forecasting budget at completion.
Who Should Take This Class:
Cost professionals, those who would like to pursue the cost profession and those who supervise cost professionals.
What You Will Learn
Students learn cost terminology, tools of the cost profession and techniques used by cost professionals to prepare budgets, manage contingency, accurately forecast completion budget and what data sources are necessary for cost management. Students learn how cost management is integrated into the phase gated process and what deliverables are required during each phase.