Cost Estimation, Budgeting & Earned Value Management (EVM)

Introduction

Cost Estimation, Budgeting, and Earned Value Management (EVM) are essential competencies for delivering projects on time, within budget, and according to scope. Across Oil & Gas, Petrochemical, Energy, Construction, EPC, Manufacturing, Government, and Corporate sectors, cost control is a critical success factor for project performance and organisational profitability.

This course equips participants with globally recognised cost estimation techniques, budgeting methodologies, cost control tools, and Earned Value Management practices aligned with PMI and AACE standards. It provides hands‑on training in developing cost estimates, building budgets, analysing variances, forecasting performance, and reporting project financial health.

The GTMCS Cost Estimation, Budgeting & EVM course delivers a practical, industry‑aligned, and simulation‑based learning experience designed for planners, schedulers, cost controllers, project managers, engineers, and PMO professionals.

This Training Course Will Highlight

Cost estimation principles & AACE‑aligned methodologies

Budget development, cost baselines & financial planning

Earned Value Management (EVM) concepts & calculations

Cost control, variance analysis & forecasting

Schedule‑cost integration & performance reporting

Real‑world cost challenges & best practices

Course Benefits

Strengthen capability in cost estimation & budgeting

Improve ability to apply EVM for project performance control

Build confidence in analysing cost & schedule variances

Enhance financial decision‑making & forecasting accuracy

Increase project cost efficiency & organisational profitability

Improve alignment between planning, cost control & execution teams

Tools & Techniques Covered

AACE cost estimation classifications

Bottom‑up, top‑down & parametric estimation

Cost baselines & budgeting techniques

Earned Value Management (EVM)

Variance analysis (CV, SV, CPI, SPI)

Forecasting (EAC, ETC) & performance dashboards

Practical Workshops

Cost estimation & budgeting exercises

EVM calculation & performance analysis

Variance analysis & corrective action planning

Schedule‑cost integration simulation

Cost performance reporting practice

Real‑World Case Studies

EPC megaproject cost overruns & recovery strategies

Petrochemical shutdown/turnaround cost control

Construction project budgeting & financial risks

Government infrastructure project cost governance

Corporate PMO cost reporting & performance improvement

Industry Relevance

This course is essential for:

Cost controllers, planners & schedulers

Project managers, engineers & supervisors

Contract, procurement & commercial teams

PMO leaders & project governance units

EPC, construction & industrial project professionals

Future Skills Alignment

Cost estimation & financial planning capability

Analytical thinking & data‑driven decision‑making

EVM proficiency & performance forecasting

Cost‑schedule integration & project governance

Financial reporting & project performance monitoring

Objectives

By the end of this training course, participants will be able to:

Develop accurate cost estimates using AACE methodologies

Build project budgets & cost baselines

Apply Earned Value Management (EVM) effectively

Analyse cost & schedule variances with confidence

Forecast project performance using EAC & ETC

Strengthen cost control, reporting & financial governance

Training Methodology

Instructor‑led cost management workshops

Hands‑on EVM & budgeting exercises

Case study analysis & group discussions

Scenario‑based cost control simulations

Daily reflection & practical assignments

Organisational Impact

Stronger cost control & financial discipline

Improved cost, schedule & resource performance

Enhanced project governance & decision‑making

Better alignment between planning & execution teams

Increased project profitability & efficiency

Personal Impact

Strong cost estimation & EVM skills

Improved analytical & financial capability

Enhanced confidence in project control roles

Greater professional credibility in project delivery

Career advancement in cost control, planning & PMO roles

Who Should Attend

Cost controllers, planners & schedulers

Project managers, engineers & supervisors

PMO & project governance units

Contract, procurement & commercial teams

Anyone involved in project cost management

Certificates

Upon successful completion of this training course, participants will receive a GTMCS Certificate of Completion.