Project Management

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  • Understand the fundamental concepts of Value Engineering and Analysis
  • Appreciate the level and nature of the information needed to develop a project scope
  • Gather and organize information and cost relevant to key elements of the project
  • Learn how to capture and incorporate stakeholders’ input in the development of the project charter and plan.
  • Demonstrate proficiency in applying life-cycle costing principles
  • Present a convincing case in support of certain project alternatives.
  • Compare the costs of alternatives to ensure the most economical project at the desired level of quality
  • Manage the interface between many value-adding project phases and management expectations
  • Apply systematic and innovative methodology with a multi-disciplinary approach to achieve better value and cost optimization for projects.
  • Focus on function and thereby develops creative thinking towards project cost reduction
  • Project or Program Sponsors
  • Project Managers
  • Cost Estimators
  • Cost Controllers
  • Engineers
  • Designers and Project Staff
  • Anyone Involved in Project Initiation, Engineering Design, and Critical Assessment of Projects

 

  • What is Value Engineering? Why is it important?
  • Defining Value Engineering concepts and principles
  • Purpose of Value Engineering and Value Analysis
  • Strengths and Weaknesses of Value Engineering
  • How and When is Value Engineering applied?
  • Project definition and initiation
  • Project scope and charter development
  • Life-cycle costing techniques
  • Project stakeholders analysis and management
  • Identifying relationships between Value, Cost and Worth
  • Initiating Value Engineering Process
  • Overview of Different Value Engineering Phases
  • The Information Phase – steps and procedures
  • Developing Value Engineering Job Plan

  • The need for Function Analysis in projects
  • Defining project constraints – relationships and tradeoffs
  • Conceptual project cost estimating techniques
  • Function-Cost-Worth Analysis
  • Developing FAST Diagrams to identify critical project components
  • The Technical FAST Model to perform project value analysis
  • Case Study
  • Cross-Functional Project Team Approach

 

  • Creativity and Creative thinking within the project environment
  • Individual vs. Group thinking to improve the quality of project decisions
  • Creativity techniques as applied to optimize project value
  • Blocks to creativity within the project team
  • Brainstorm project solutions
  • Reaching consensus and leveraging the power of project team collaboration
  • Project risk perception and identification
  • Project prioritization process using the Delphi technique
  • The use of Force-field analysis in project problem solving
  • Output of the Creative Phase

 

  • Project ideas screening
  • Project evaluation methods
  • Quantitative evaluation using objective data
  • Subjective evaluation – project-related criteria weighting
  • Revisiting project life-cycle costing analysis
  • Incorporating inflation in project economic analysis
  • Performing project risk and scenario analyses
  • Risk Life-cycle simulation modeling - best and worst project cost scenarios
  • Pitfalls associated with the use of existing economic models
  • Incremental benefit-cost analysis for project evaluation
  • Effective Decision-making in a project environment
  • Output of the Evaluation Phase

  • Develop and assess VE proposals to optimize project value
  • Develop action plans and assign project roles and responsibilities
  • Reporting VE findings to Senior Management and project stakeholders
  • Mastering oral presentation techniques & interpersonal skills
  • Strategies for project plan execution
  • Incorporating VE into the early project phases
  • Integrating VE with Continuous Improvement Techniques

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