Advanced Cost Estimating and Control for Projects RILS

Project Management Overview

• Key Challenges to O&G projects
• Project Management Processes
• Review of Project Planning Workshop Deliverables
• Integration of the project management lifecycle with O&G project phases

Participants will understand the unique challenges to O&G Projects and the importance of using project management best practices to enable organizations to realize the business benefits of their projects.

Front End Loading (FEL) and the Project Execution Plan (PEP)

• Front End Loading (FEL) and its importance to O&G projects
• Project Execution Plan Elements
• Communications & Stakeholder Management
• Estimation Techniques

Based on the class case study, participants will identify and analyze project stakeholders, as well as develop a communication plan for each. Afterwards, the attendees will develop a Scope Management Plan and WBS for their case study prior to producing a bottom-up cost estimate and Cost Management Plan.

The Project Execution Plan, continued

• Schedule and Schedule Execution Management
• Contractor Selection and Management
• Risk Management
• Quality Management

Participants will learn how to create realistic project schedules developed from the WBS and create a Schedule Management Plan.  In addition students will learn best practices for procurement, risk, and quality management.

Project Monitor/Control

• Key concepts impacting cost control
• Earned Value
• Milestones, Performance Reporting, and Replanning

Participants are provided with an overview of cost index, price mechanisms, escalation and environmental factors that may impact project/program costs.  

Project Closing

• Replanning

• Lessons Learned

• Project Close

The course will wrap up with an overview of cost index, price mechanisms, escalation and environmental factors that may impact project/program costs.  There will be several hands-on EVA exercises, discussions on re-planning techniques to bring projects back on-track, and effective status reporting in addition to a simple methodology on how to conduct lessons learned.