Project Scheduling, Cost Planning & Value Engineering Skills

Upcoming Sessions

Classroom sessions
Online sessions

Course Introduction

This training course is designed in two focused modules to strengthen your project planning, cost management, and value engineering skills. In the first week, you will learn how to prepare accurate and reliable cost and schedule estimates during the early concept and planning stages. This foundational knowledge is essential for setting realistic project expectations, ensuring better decision-making, and achieving project success from the beginning. The content is structured to support practical application in real-world scenarios, making it highly relevant for professionals involved in project estimation and control.

The second week is dedicated to Value Engineering (VE), a structured methodology that helps improve project value while reducing life-cycle costs and eliminating unnecessary expenses. You will explore techniques to enhance project outcomes by addressing financial inefficiencies and optimizing resources. The course follows a systematic step-by-step approach that supports all phases of project management, including initiation, planning, execution, monitoring, and closure. Key topics include roles and responsibilities, planning techniques, team management, stakeholder engagement, cost estimation, and life-cycle costing analysis. Through practical case studies and interactive sessions, you will be able to apply the concepts effectively and improve project performance.

This Project Scheduling, Cost Planning & Value Engineering Skills training course will help you manage, mitigate, and control schedule, cost, scope, and resource risks throughout the project lifecycle.

This training course includes:

  • Understanding techniques used in project estimating, from conceptual to detailed estimates
  • Learning different types of estimates to progressively forecast project costs and schedules
  • Identifying risk sources and reducing their impact with and without contingency
  • Developing effective team management, performance monitoring, and control systems
  • Integrating scope, time, resources, and cost management into a dynamic, manageable model

Modules

This training course is split into the following modules:

Module I - Project Scheduling & Cost Planning Skills

Module II - Value Engineering Skills

Objectives

By the end of this Project Scheduling, Cost Planning & Value Engineering Skills training course, participants will be able to:

  • Manage and mitigate schedule, cost, scope, and resource risks associated with the project
  • Develop a project recovery plan for budget and schedule overruns
  • Identify value mismatches using whole life costing ratio analysis
  • Capture and incorporate stakeholders’ input in the development of the project charter and plan
  • Apply fundamental concepts of Value Engineering and Value Analysis
  • Improve cost planning and project control techniques to support better project delivery

Training Methodology

This training course adopts a highly practical and interactive methodology, combining theoretical concepts with real-world case studies. Each module is delivered through structured lectures, followed by hands-on exercises that reinforce learning. The course is designed to help participants apply the techniques directly to their own projects, enhancing the learning experience through practical application and immediate relevance.

Throughout the training course, participants will work on a detailed case study that spans both modules. This allows learners to practice cost estimation, scheduling, risk management, and value engineering in an integrated project environment. Group discussions and collaborative activities encourage knowledge sharing and help participants gain insights from different industry perspectives. The training is suitable for professionals from various sectors, including construction, manufacturing, petrochemical, healthcare, education, and public services.

Who Should Attend?

This training course is suitable for a wide range of professionals involved in project planning, estimating, and control. It is ideal for individuals who need to enhance their ability to produce accurate cost and schedule estimates, manage project risks, and improve project value. The course is also valuable for those who want to understand value engineering techniques and apply them to achieve cost-effective project outcomes.

This course will greatly benefit:

  • Cost estimators, project schedulers, and project planners
  • Project designers and engineering staff involved in project development
  • Contracts, procurement, and purchasing professionals
  • Project control and business services professionals
  • Individuals involved in project initiation, engineering design, and project assessment
  • Project sponsors, project managers, engineers, and project staff responsible for budgets and planning
  • Professionals aiming to deliver better value in sectors such as construction, manufacturing, petrochemical, healthcare, education, legal, and public services

Course Outline

Module I: Project Scheduling & Cost Planning Skills

Day 1: Project Estimating Basics

  • Basic project management definitions
  • Triple constraints – Time, Cost, Scope
  • Project selection methods
  • Defining project scope
  • Cost & schedule estimation, Cost budgeting & control
  • Project schedule management using the Critical Path Method

Day 2: Developing Project Budget & Schedule Control

  • Resource requirements
  • Direct & indirect project costs
  • Planning and scheduling limited resources
  • Options for accelerating the schedule
  • Crashing the schedule - How?

Day 3: Managing the Risk

  • Risk identification, analysis & management
  • Contingency reserve
  • PERT, probability and standard deviation formulae
  • Network activity risk profiles
  • Application: Estimating project duration
  • Project risk strategies

Day 4: Measuring Project Performance

  • Critical chain analysis and use of buffers
  • Comparison of unbalanced with balanced schedules
  • Measuring planned progress on schedule
  • Risk distribution in contracting
  • Actual progress and work conditions
  • Managing variable conditions

Day 5: Managing and Recovering Project Estimates

  • Schedule variances & cost variances
  • Progress control charts -trend analysis
  • Schedule and cost variance forecasting
  • Schedule and cost recovery analysis
  • Schedule and cost recovery plan
  • Project recovery baselines and controls

Module II: Value Engineering Skills

Day 6: Understanding Value Engineering and its Application

  • Course Introduction and Post-Course Assessment
  • What is value? What is Value Engineering (VE)? Why is it important?
  • Defining Value Engineering concepts and principles
  • VE Study definition, scope and project phases
  • VE team and stakeholders’ analysis and management
  • Introducing the case study

Day 7: The Information and Function Analysis Phase – Expressing Project Needs and Constraints

  • The VE Job Plan
  • The Information Phase – steps and procedures
  • The need for Function Analysis in projects
  • Identifying functions and selecting Function Diagrams
  • Function Analysis System Technique (FAST)
  • Workshop: FAST Diagram

Day 8: The Creative Phase - Inspiring Creativity in Your Team

  • Function Cost and Worth
  • Finding value mismatches
  • Facilitation skills and overcoming creativity blockers
  • Creativity and Creative thinking within the project environment
  • Data collection and Creativity Output
  • Workshop: Brainstorm Case Study Alternatives

Day 9: The Evaluation Phase - Making Informed Project Decisions

  • Effective Decision-making in project environment
  • Project evaluation methods: Subjective evaluation and quantitative evaluation
  • Paired comparison and Analytical Heretical Process (AHP)
  • Project life-cycle costing and Net Present Value
  • Output of the Evaluation Phase
  • Workshop: Cost estimating Techniques

Day 10: The Presentation and Reporting Phases – Getting Results through Effective Communication

  • Selection of alternatives and action planning
  • Reporting VE findings to Senior Management and project stakeholders
  • Oral presentation techniques & interpersonal skills
  • Study Levels of the VE Certification by SAVE International
  • Review of VE Case study Reports and Wrap-up discussions
  • Post-Course Assessment

Accreditation

PMI Approved Training Courses

Certificate

  • COPEX Certificate of Attendance will be provided to delegates who attend and complete the course

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Whats Makes Copex Courses Unique?

COPEX Training is your gateway to professional growth, with over 20 years of experience turning potential into success. Each year, we deliver over 1,000 courses in 50+ countries, earning a stellar 98% satisfaction rate. Trusted by global giants like BP, the United Nations, and HSBC, we partner with top certification bodies to provide career-focused training that empowers individuals and drives organizational breakthroughs. Our mission? To transform the way professionals learn and grow in today’s fast-changing industries. Through expert insights, cutting-edge methods, and hands-on approaches, we equip you with the skills and confidence to tackle challenges, seize opportunities, and thrive in your career.

Led by a passionate leadership team and supported by a network of world-class trainers, COPEX Training connects professionals worldwide with life-changing opportunities. We are committed to excellence, ensuring every participant leaves with the tools, expertise, and confidence to conquer an ever-evolving world.

Related Categories

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Related Certificates

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Frequently Asked Questions

This FAQ section provides quick answers to the most common questions about our services, procedures, and policies. We aim to make your experience with us as straightforward as possible. For further assistance, our support team is ready to help.

Yes, and we'd love to make that happen. COPEX  specialises in fully customised in-house training, adapting course content to align with your organisation's unique goals, culture, and industry demands. Get in touch with us directly and we'll craft the right solution for your team.

Yes, the choice is yours. The Project Scheduling, Cost Planning & Value Engineering Skills Training Course  runs in a traditional classroom setting across various international locations, and it's also available as a live online programme for those who prefer to learn from wherever they are. Pick the format that fits your lifestyle and schedule best.

Not at all. The Project Scheduling, Cost Planning & Value Engineering Skills Training Course doors are open to everyone, regardless of your background or how many years you've been in the industry. That said, having some familiarity with the subject area can help you get even more out of the experience.

Our team is available around the clock — 24 hours a day, 7 days a week — ready to answer any question you have. Whether you need help choosing the right course, completing your registration, or sorting out logistics, we're here for you.

Expect an engaging, hands-on journey — not a room full of slides and passive listening. COPEX’s delivery blends presentations with group discussions, real-world case studies, practical exercises, and collaborative workshops. The goal is simple: everything you learn, you can use immediately back at work.

You'll be in good hands. COPEX hosts its courses in premium 4-star and 5-star hotels, with professional, fully equipped training spaces designed for focus and comfort. Throughout each day, you'll enjoy refreshment breaks with coffee and snacks, plus a complimentary lunch following every session.

This Project Scheduling, Cost Planning & Value Engineering Skills Training Course welcomes professionals from all walks of corporate life — whether you're a seasoned manager, an emerging team leader, a subject-matter specialist, or simply someone driven to grow in their field. If you're serious about advancing your career and deepening your expertise, this course was built with you in mind.

Absolutely. Every participant who successfully completes the Project Scheduling, Cost Planning & Value Engineering Skills Training Course earns an COPEX Certificate of Completion — a recognised mark of professional achievement. Depending on the specific course, it may also qualify for Training credits, which will be clearly noted in the course details.

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