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, budgeting and procurement management 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.

The course provides an in-depth exploration of the financial aspects of project management, focusing on budgeting, cost estimating, capital budgeting, and procurement principles across various project lifecycle models. It also integrates advanced concepts and methods, building on knowledge from previous project management courses. 

The course focuses on the understanding of project financials and procurement, while gaining practical skills that can be directly applied to real-world projects. By integrating concepts and methods with the foundational knowledge from previous courses, students will be prepared to manage both simple and complex project budgets, as well as handle procurement challenges throughout a project lifecycle.

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.
• Obtaining a basic understanding of artificial intelligence (AI) in project management.  Explore different tools and applications for enhanced project outcomes and decision-making. 

ACQUIRED SKILLS

•  Executive Presentations Development:
  • Project Budgeting Presentation
  • Project Contracts and Procurement Presentation
• Ethical Decision Making
• Earned Value Analysis