You are not yet enrolled in this course.
Course Description
Due to many risks and uncertainties associated with assumptions within any cost estimate, the objective of the Cost Contingency Management is not only to develop a range of possible cost estimates that reflect the project cost, but more importantly to help the project team to discuss, validate, better understand, modify and communicate the project estimate and its key areas of concern as well as key risks and uncertainties with potential cost impact.
Combined with good practice cost estimation practices, the Cost Contingency Management process will increase the likelihood of project success by ensuring a more realistic and achievable cost estimate that clearly identifies the scope of works and its key elements of scope with the most suitable cost breakdown structure (CBS) is generated and communicated.
For most students, the approximate duration of this Course is between 5.5 hours to 7.5 hours, including additional homework and/or independent study/research beyond the course materials. To fully support your learning in this subject, our complimentary offer of 30 days “Ask, All You Can” commencement is the date upon which you completes the course.
Developing your risk management and quantitative risk analysis capabilities is a journey, supported by experience and practical applications of methodologies on real projects. Hence we have tried to enhance the quality of this training material with a number of industry examples and discussion topics. At the successful completion of this course, you will be able to:
- Better understand the relationship between project management, cost management, risk management and cost contingency management
- Explain project risks and uncertainties in relation to cost contingency management
- Understand different approaches of cost contingency determination
- Understand the concept of contingency allocation and control
- Appreciate the concept of contingency management during project lifecycle, and
- Know about contingency management at the program and portfolio levels
Key concepts covered include:
- Project Cost Overrun & Schedule Delay
- Top Causes of Project Failure
- Project Cost Management
- Project Risk Management
- Contingency Management (Determination, Allocation, and Control)
- Contingency & Project Life-cycle, Portfolio/Program Contingency Management
- Contingency Guideline, 2nd Edition, Risk Engineering Society (RES)
- Practice Standard for Scheduling, PMI
- Time Management in Complex Projects, CIOB
- Practice Standard for Work Breakdown Structure (WBS), PMI
