Petroleum Companies Cost Control Systems & Cost Reduction Skills

ICTD International Centre for Training and Development

How long?

  • 5 days
  • in person

ICTD International Centre for Training and Development

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Who should attend

This course is designed primarily for those managers/supervisors within the finance function who need to strengthen their cost control and management capabilities. Those who are responsible for budgeting, financial planning, financial control, credit management, accounting as well as any finance professional who has an interest in controlling the cash flow for their organization will certainly benefit.

About the course

This course is generated from a light engineering building development case study. Although the process is universal, this particular application will focus on petroleum companies related functions. Project leaders and technical staff who are charged with delivering tangible results in their areas of responsibility require objective cost assessments for funding and control decisions on an ongoing basis.

The business purpose of this course function is to provide these assessments early and reliably, for better and effective decision making. This workshop examines the key concepts of this systems including estimating, risk analysis, cost control, scheduling and change management to achieve best value. It provides methodologies, procedures and tools (e.g. tables, forms) to do the work, along with hands-on experience on their use. Participants will be in a position to use these tools and procedures starting immediately to meet success criteria of current activities.

## Course Objectives

  • To provide an understanding of the key concepts of cost control systems and where they should be applied.
  • To provide proven, effective cost estimating and control methods.
  • To enable participants to prepare estimates and assess/mitigate risk by utilizing appropriate sources and to use these techniques for cost control.1) Apply planning and scheduling principles to petroleum companies.

## Course Outline

Overview of Cost Management

  • Ten fundamentals for cost control
  • Project and process models for development
  • Roles and responsibilities
  • CIQS and AACE mission statements
  • Budgeting benchmarks
  • Budgeting/cost management template

Cost Engineering Practices

  • Definition and types of work breakdown structures
  • Outputs from the process
  • Data gathering
  • Comparing elemental costs to a model
  • Quantity surveyor training
  • Changes in the workplace

VE Workshop Process

  • Overview of five step consensus building approach
  • Optimum times to have a value engineering workshop
  • Taking wants to possible solutions to best value selection
  • Using paired comparison technique

Risk Management

  • Categories of risk
  • Measurement for risk contingencies
  • Phases for risk assessment
  • Mitigating risk
  • Template/sample risk management presentation

Cost Control and Management

  • Explaining constant and escalated dollars
  • Cost tracking historical costs
  • Forecasting and trending
  • Authorization for cost control and expenditure
  • Cost reporting at checkpoints
  • Fixed asset/replacement and insurance values
  • Change requests; instructions and orders
  • Schedule impacts
  • Close-out procedures

Computer Based Estimating

  • Software and databases
  • Measuring
  • Pricing
  • Historical data
  • Consultant/contractor approaches
  • Contract files

Cost Estimating

  • Capital, operating and cyclical estimates
  • Estimating perspectives
  • Hard and soft costs
  • Selection and preparation of templates
  • Checklist for a good estimate
  • Cost monitoring
  • Total Cost Management (TCM) technique

Life Cycle Costing

  • Overview
  • The basic elements
  • Benefits and uses
  • Life cycle cost worksheet
  • LCC Case Study
  • Presentation/Templates

Videos and materials

Petroleum Companies Cost Control Systems & Cost Reduction Skills at ICTD International Centre for Training and Development

From  $3,300

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