Introduction
Economic Evaluation is critical when an organization makes any investment, keeping in mind the maximum return on investment is received. Technical Evaluation makes sure that the project meets the requirement for which it is initiated.
This Xcelerate training course will enhance your knowledge about Economic and Technical knowledge related to projects. This course is designed to cover all the aspects of projects and project management beginning from initiation to closing out of the project.
Course Objectives
The key objective of this Economic and Technical Evaluation of Projects Training course is to —
- Introducing the concepts of Economic and Technical related to projects
- Understand the types of the project life cycle and the different processes involved in the project
- Acquire the knowledge areas associated with a project and their integration
- Calculation of Project cost and its management throughout the project life cycle
- Various types of Contracts and their impact on the cost
- Obtain the knowledge of monitoring the actual cost of the project
- Clarify the concepts of Earned Value analysis
- Methods of Forecasting the project cost
- Work on the different challenges to make sure that the project has a balance between the triple constraints and is completed on time and within budget
- Emphasize the role and stakeholders in the projects and meet their requirements which is critical for the project’s success
- The best approach to communication to be carried out by the project team
- Exploring the diverse ways of identifying Risks, analyzing them, and managing the same
Training Methodology
Xcelerate Training Institute appoints incredibly qualified trainers from related domains to deliver the training with the help of audio-visual presentations. Xcelerate Training Institute places great stress on customized training solutions, the course content is thoroughly reviewed by the trainers before each session to form relevance to the training audience.
Trainee participation in group activities, assignments, role-plays, and case study discussions form an integral part of the training program. Experiential learning is additionally given equal importance within the format of training.
Xcelerate Training Institute follows the Do–Review–Learn–Apply Model.
Organizational Benefits
- A better understanding of the Economic and Technical Aspects of the projects
- The formulation of the project cost will be transparent, and the project team will also be involved in the same
- Project Finance will be controlled more professionally, and the cash flow will be better managed
- Adherence to the project management plan and on all the components related to it
- Enhanced and effective cost management which would increase the better management of finance
- Structured communication between different parties at all the stages of the project about the Project finances
Personal Benefits
- Understanding the strategic importance of the project to the organization
- A clear understanding of how the Project Estimate is prepared
- Project cost allocated at all stages of the project life cycle
- Improved consideration of the details of the costing and scheduling of the project
- Will be competent to manage the stakeholders better who are your projects
- A better understanding of different types of contracts
- Amplified knowledge about Earned value analysis and forecasting Cost
- Superior skillset and capabilities to identify, analyze, and manage risks in the project
Target Audience
- Any person who is a part of a project at any stage
- The senior Project Team member who wants to learn about the Project in more detail
Course Outline
Introduction
- Introduction to Project
- Project Life cycle
- Difference between Operations and Projects
- Importance of Project in the Strategic objective of the organization
Cost and Cost Elements
- What does the cost constitute?
- Cost categories
- Direct and Indirect Cost
- Fixed and Variable Cost
- Cost Accounting
- Cost Trending
- Life cycle costing
Pricing & Costing
- Tools for Pricing
- Pricing Strategy
- Return on investments
- Economic Cost
Cost Categories
- Material
- Labor
- Engineering Designs
- Tools, Machinery, and Equipment
Economic Cost
- Types of Cost
- Changes in cost
- Taxes
- Depreciation and Depletion
- Economic Analysis Techniques
Cost Estimation
- Different methods of Cost estimation
- Estimation Accuracy
- Structuring the Estimate
- Managing and Controlling resources
Cost Calculation for a Project
- Preparing Budget
- Controlling Cost
- Earned Value Analysis
Contracts
- Different types of Contracts
- Advantages and disadvantages of contracts
Economic Analysis
- Financial and Cash Flow Analysis
- Investment Decision Making