The Business & Technology Of Project Evaluation

Course overview

What does it mean to evaluate projects economically and technically? In order to achieve the organization’s strategic goal, a project that is started by an organization must meet certain technical and financial requirements.

When a company makes an investment, it does so with the goal of maximizing return on investment, which makes economic evaluation essential. The purpose of technical evaluation is to ensure that the project fulfills the needs that led to its start.

Participants will learn more about the technical and economic aspects of projects after taking this Training Bee training session. Beginning with project initiation and ending with project closure, this course is intended to cover every facet of project management.

Introduction

In the field of project management and decision-making, the Economic and Technical Evaluation of Projects is an essential procedure. This complex evaluation entails a thorough examination of a project’s technical and financial feasibility prior to implementation. Ensuring that initiatives are financially sound, technically feasible, and in line with organizational goals are the main objectives. A comprehensive understanding of the possible difficulties, opportunities, and overall sustainability of a project is made possible by the combination of technical and economic evaluations.

A project’s financial components are thoroughly examined as part of the economic review process. This include projecting revenues, predicting expenses, and evaluating the total economic impact. Cost-benefit analysis, net present value, internal rate of return, and other financial measures are important elements of economic appraisal. The goal is to ascertain the project’s financial viability by taking into account several aspects such the project’s expected return on investment, necessary investments, and economic worth to the business.

Technical evaluation, on the other hand, is concerned with whether the project can be implemented technically. This entails assessing the technological needs of the project, the availability of resources, technical hazards, and the viability of achieving project goals within the specified limitations. Technical review guarantees that the project can be carried out with the resources, knowledge, and technology at hand.

We are The Training Bee, a global training and education firm providing services in many countries. We are specialized in capacity building and talent development solutions for individuals and organizations, with our highly customized programs and training sessions.

To sum up, the process of Economic and Technical Evaluation of Projects is essential as it blends technical feasibility with financial prudence, providing a thorough framework for efficient project management and decision-making.

Learning Objectives

Upon completing Economic and Technical Evaluation of Projects, participants will be able to:

• Describe the economic and technical concepts as they apply to projects.
• Recognize the various project life cycle types and the processes that are involved.
• Obtain the project-related knowledge domains and their integration.
• Project cost calculation and management along the course of the project
• Work on techniques to comprehend how a project’s price is determined and how it differs from the project’s cost.
• Different Contract Types and Their Effect on Cost
• Acquire the understanding necessary to track the project’s actual cost.
• Make the Earned Value analysis concepts clear.

Our Unique Training Methodology

This interactive course comprises the following training methods:

• Journaling – This consists of setting a timer and letting your thoughts flow, unedited and unscripted recording events, ideas, and thoughts over a while, related to the topic.
• Social learning – Information and expertise exchanged amongst peers via computer-based technologies and interactive conversations including Blogging, instant messaging, and forums for debate in groups.
• Project-based learning
• Mind mapping and brainstorming – A session will be carried out between participants to uncover unique ideas, thoughts, and opinions having a quality discussion.
• Interactive sessions – The course will use informative lectures to introduce key concepts and theories related to the topic.
• Presentations – Participants will be presented with multimedia tools such as videos and graphics to enhance learning. These will be delivered engagingly and interactively.

Training Medium

This Economic and Technical Evaluation of Projects training is designed in a way that it can be delivered face-to-face and virtually.

Course Duration

This training is versatile in its delivery. The training can be delivered as a full-fledged 40-hour training program or a 15- hours crash course covering 5 hours of content each day over 3 days

Pre-course Assessment

Before you enroll in this course all we wanted to know is your exact mindset and your way of thinking.
For that, we have designed this questionnaire attached below.

• Give a brief explanation of discounted cash flow.
• What are the main benefits of applying DCF techniques to economic analysis?
• Explain what Net Present Value (NPV) is and how to use it to evaluate projects.
• How do NPV values—both positive and negative—affect the choices made about project investments?
• Describe the relationship between the Internal Rate of Return (IRR) and NPV.
• What effect does technical feasibility have on a project’s overall viability?
• Talk about the significance of risk assessment in project technical evaluation.
• How may such uncertainties and risks be handled during the project planning stage?
• What effects does the addition of new technology have on the technical assessment of projects?

Course Modules

This Economic and Technical Evaluation of Projects covers the following topics for understanding the essentials of the Agile Workplace:

Module 1 – Introduction

• Overview of the Project
• Cycle of a project
• The distinction between projects and operations
• Project’s importance in relation to the organization’s strategic purpose

Module 2 – Price as well as Cost Components

• What is the definition of cost?
• Cost divisions
• Costs, Both Direct and Indirect
• Costs, Both Fixed and Variable
• Expense Reporting
• Trends in Costs

Module 3 – Costing and Pricing

• Resources for Pricing
• Cost-Management Plan
• Yield on investments
• Monetary Cost

Module 4 – Cost Groups

• Content
• Work
• Technical Designs
• Instruments, Devices, and Hardware

Module 5 – Monetary Cost

• Cost Types
• Variations in price
• Taxes
• Both Depletion and Depreciation
• Methods of Economic Analysis

Module 6 – Estimating Costs

• Various approaches to cost estimate
• Calculation Precision
• Putting the Estimate in Order
• Organizing and Supervising Resources

Module 7 – Compute the Cost of a Project

• Setting Up a Budget
• Managing Expenses
• Analysis of Earned Value

Module 8 – Agreements

• Various Contract Types
• Benefits and Drawbacks of Contracts

Module 9 – Financial Evaluation

• Analysis of Finance and Cash Flow
• Making Investment Decisions

Post-course Assessment

Participants need to complete an assessment post-course completion so our mentors will get to know their understanding of the course. A mentor will also have interrogative conversations with participants and provide valuable feedback.

• Describe sensitivity analysis as it relates to economic evaluation.
• How can the robustness of project investment decisions be evaluated using sensitivity analysis?
• Analyze the benefits and drawbacks of the cost-benefit analysis approach critically.
• When may it be especially difficult to apply cost-benefit analysis?
• Give an example of a project where effective use of available resources was essential to the project’s success.
• How can project managers retain technical competence while optimizing resource usage?
• Talk about how crucial it is for projects to be flexible in the face of evolving technical specifications.

Lessons Learned

Combining Technical and Economic Factors: When evaluating a project, take into account the interconnectedness of the technical and economic factors. The successful integration of these components is frequently critical to a project’s success.

Comprehensive Project Evaluation: Stress the value of approaching project evaluation from a comprehensive perspective. Think about the technical opportunities and difficulties in addition to the financial ones. Making well-informed decisions is aided by having a thorough grasp.

Risk Control: Recognize and manage risks related to both technical and economic aspects. Create effective risk management plans to reduce any possible problems that can occur when implementing the project.

Reasonable Presumptions: Make sure that technical assumptions and economic forecasts are based on solid facts. Excessively optimistic projections may result in poor choices and exaggerated expectations.

Extended Durability: Examine initiatives with an eye toward sustainability over the long run. Take into account the project’s technical and financial sustainability throughout its whole existence, taking into account upkeep, improvements, and any prospective new innovations.

Adaptability and Flexibility: Acknowledge the necessity of flexibility in the design and execution of projects. The project should be flexible enough to adjust to shifting market conditions, technological breakthroughs, and other outside influences. Economic and technological landscapes are subject to change.