Project Budgeting and Financial Control

Introduction

Project budgeting ensures that initiatives are delivered within financial limits while meeting performance expectations. This course offers practical techniques for creating, monitoring, and adjusting project budgets. Participants learn how to manage scope, timelines, resources, and financial risks using structured project budgeting tools.

Course Objectives

Build accurate and realistic project budgets.
Identify resource needs and cost breakdown structures.
Monitor and update budgets throughout project lifecycles.
Evaluate financial risks and prevent cost overruns.
Communicate project financial performance effectively.

Target Audience

Project managers and coordinators.
PMO teams and planners.
Construction, IT, engineering, and operations teams.
Finance professionals supporting project portfolios.
Anyone managing project expenses.

Course Outline

5 Sections
0 Lessons
5 Days

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Day 1: Project Budgeting Foundations
• Project costing and financial planning basics.
• Work Breakdown Structure (WBS) and cost estimation.
• Identifying cost categories and dependencies.
• Case example: Budgeting failures in major projects.
• T&T: WBS templates, cost estimation tools.
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Day 2: Creating the Project Budget
• Developing cost baselines and resource plans.
• Building time-phased budgets.
• Understanding contingency and reserve analysis.
• Activity: Build a project budget.
• T&T: Gantt-budget integration tools, resource allocation sheets.
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Day 3: Monitoring Project Costs
• Earned Value Management (EVM) fundamentals.
• Cost performance indicators: CPI, SPI, etc.
• Forecasting final project costs (EAC, ETC).
• Workshop: EVM interpretation on real projects.
• T&T: EVM calculators, performance dashboards.
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Day 4: Controlling Project Financial Risks
• Identifying project financial risks.
• Managing changes in scope, schedule, and cost.
• Contract and procurement considerations.
• Case study: Cost overrun prevention.
• T&T: Risk registers, change control forms.
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Day 5: Reporting & Closing the Project Budget
• Preparing project financial reports for stakeholders.
• Conducting post-project financial reviews.
• Group presentations: Project financial review.
• Course wrap-up and certification.
• T&T: Project closure templates, review scorecards.
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