Cost control within the realm of the construction industry is an intricate procedure aimed at administering and curbing the expenditures linked to a specific project. This multi-faceted process necessitates the recognition and in-depth examination of costs, comprehensive preparation and projection of cash flows, timely alerting of clients regarding potential financial issues, harmonizing with financial departments, and creating strategies to decrease or wholly eradicate unnecessary or exorbitant costs.
Playing an integral role in the sphere of project management, cost control enables clients to strategically plan, predict, and fine-tune their expenditures associated with construction endeavors. Effective cost control mandates meticulous planning, constant monitoring, and thorough analysis of costs. In some cases, to counter potential cost overruns, it may be necessary to employ mitigation strategies, such as value engineering (a systematic method to improve the "value" of goods, products, or services), implementing cost-cutting measures, and evening out expenditures over the course of the project to avoid financial peaks and troughs.
Our carefully designed workshop aims to arm participants with the fundamental competencies, understanding, and instruments necessary to successfully and sustainably manage costs. This educational initiative is particularly beneficial for those overseeing clients' financial responsibilities in the context of construction and engineering projects. The insights and skills gained from this workshop will enable participants to more effectively navigate the economic complexities of managing building and engineering projects, ensuring more predictable and controlled financial outcomes for their clients.
Identify areas where costs can be reduced
Develop cost control strategies
Improve financial management skills
Promote collaboration and teamwork
Increase awareness of the importance of cost control
Finance and Accounting Teams
The training topics will run as VILT (virtual instructor led training) via Microsoft Teams.
Introduction to Cost Management: An Overview of its Significance and Applications
Understanding the General Principles of Cost Management
Cost Reporting for Projects and Programmes: Techniques and Best Practices
Cashflow Forecasting: Anticipating and Managing Financial Flows
Interrelation between Cost Management and Financial Functions: Integration and Collaboration
Reflecting on Experience: Learning from Real-World Cost Management Scenarios
Key Takeaways: Essential Lessons Learned in Cost Management