Project Budgeting & Procurement

The course covers a broad range of cost-related uses, ranging from basic budgeting to cost estimating to capital budgeting. It also covers the basic contract and procurement principles as applied in predictive, adaptative, and hybrid project lifecycle models. The course adds new concepts and methods to those learned in previous project management courses and integrates and expands the topics of project budgeting and procurement using case studies, exercises, and real-world experiences.

UPON COMPLETION OF THE COURSE, THE STUDENT WILL BE COMPETENT IN:

• Applying ethical decision-making and moral leadership in project budgeting and procurement.
• Defining and discussing project budgeting and estimating to determine project costs.
• Defining and discussing the various terms that are integral to project budgeting and procurement.
• Understanding the differences between fixed costs and variable costs and how they impact a project’s execution and success.
• Understanding and applying earned value methods and tools to measure project performance and performance forecasting.
• Understanding procurement processes and methods including the bid process and seller contracting.
• Discussing how to analyze and facilitate “make” versus “buy” decisions.
• Discussing the benefits of and the differences between centralized and decentralized procurement.
• Understanding agreements and contract types including fixed price, cost reimbursable and time and materials.
• Understanding the establishment of effective measures, including objectives and key performance indicators.
• Understanding business and stakeholders' value and applicable measurements.
• Understanding, applying and presenting budget and cost information, including dashboards, and other information radiators.