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VAT on Virtual and Online Programmes

VAT is applicable on virtual programmes to delegates attending from the UK*. If participating from the EU, a valid VAT number is required to ensure VAT will not be charged under the reverse charge mechanism. VAT is not applicable to attendees from all other countries.
*For virtual courses ran through our Asia office, VAT may be applicable to HK and Singapore residents only. Find out more by contacting


Claiming Back Your VAT

All attendees of a London based course incur VAT as a part of the cost of attendance.

Euromoney Learning have partnered with VAT IT to allow you the unique opportunity to recoup the VAT incurred.

Using VAT IT's extensive experience and simple sign-up and refund process, every invoice can be turned into cash for your business.

Claim the VAT that's rightfully yours in four simple steps:

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3. VAT IT processes your claim

4. Receive your refund

Why choose VAT IT 

VAT IT have spent two decades identifying, researching and perfecting the foreign VAT Reclaim process and built the best back end technology in the industry. By partnering with Euromoney Learning, we can provide you with a fast and effective way to reclaim your VAT which helps reduce the cost of your training.

VAT IT will charge a percentage of the VAT refund if/when it is successful. 

Can I claim back the VAT myself?

You can claim back VAT directly from the UK Tax Authority (HMRC) by completing the following form. 
For European clients, please refer to form VAT 65
All other clients, please refer to form VAT 65A.


You may also be able to claim back your VAT against courses taking place outside of the UK, and we would recommend contacting VAT IT, our specialist partner, to discuss how to do this.

Managing Project Costs and Budgets

  • The achievement of successful project delivery is directly underpinned by focus and attention on the effective and efficient management of the financial dynamic. The project environment is uncertain and project teams must operate, not only within this uncertainty, but also subject to multiple constraints. Understanding that a project is subject to a complex series of interfaces between stakeholders and resources becomes critical. All project activities have a cost, which may be either direct or indirect. They will all impact upon a projects’ budget from the perspective of consumption – i.e. as the project moves through its lifecycle, resources are allocated and utilized and money is spent, the budget therefore is subject to depletion. It is always a difficult question to determine whether or not a project is a success when it is over budget and late, yet the deliverables far outlast the original expectation.

    This course will provide the participant with an effective set of skills and knowledge that will allow them to manage the dynamic project cost function. Through these skills and new knowledge, the delegate will acquire the ability to implement the application of techniques that will contribute directly to more efficient project financial management processes.

    The course does not focus on number crunching – it is designed to lead the participants on a journey of understanding of the centrality of the cost management function, to familiarize the participant with the interactions and processes that underpin and ultimately inform the cost based activities within projects. The delivery is completely interactive and there is a large element of practical exercise that allows participants to grasp the interrelationships between cost; project lifecycle and operational activities. This imparts to participants the wider or ‘holistic’ picture upon which the process of successful project delivery is built.

    Course Objectives

    • Become familiar with the integration of cost scheduling into project management processes and procedures
    • Understand the importance throughout a project lifecycle of the central role and importance of managing costs
    • Utilise such techniques as the Work Breakdown Structure (WBS); the Work Package and the Cost Breakdown Structure (CBS)
    • Estimate costs and deal with cost escalations and reductions
    • Apply the basics of managing a project budget
    • Have awareness of reporting responsibilities

    Training methodology

    Training sessions will be interactive and will involve delegates in practical exercises, case study analysis and discussions.



    Note - A good level of spoken and written English is required to attend this course. Delegates should be of an intermediate standard in English at a minimum. Please refer to the Common European Framework of Reference for Languages - as a guide the level required is B2.

  • Topic 1: Overview

    • Overview of the importance of managing project costs and budgets
    • Team exercise analysing the role/influence of costs on different project components

    Topic 2: The importance of project cost scheduling

    • Key features of projects
    • ‘Quick exercise’ – examination of areas of interface between project functions and project cost scheduling

    Topic 3: Project estimation

    • Definition of project estimation
    • The role of project estimation in stakeholder expectations
    • Key reasons for estimation error
    • Impacting factors on estimation
    • Cost components of the estimation process
    • Other key components of the estimation process
    • Team exercise – PESTLE analysis and the project estimation process

    Topic 4: Why manage project costs?

    • Overview
    • Significant behavioural factors of increased project costs

    Topic 5: The critical centrality of the project scope:

    • Overview of project scope
    • Common problems associated with project scope
    • Scope vs. cost
    • Project initiation and scope
    • The project business case and scope
    • Tangible/intangible benefits associated with the project scope
    • Project planning and scope
    • Project scope vs. project lifecycle

    Topic 6: The project lifecycle – it’s relevance to cost management

    • Overview
    • Cost and project initiation
    • Cost and project planning
    • Cost and project execution
    • Project closeout costs

    Topic 7: The Work Breakdown Structure

    • Overview
    • Uses of the WBS
    • Common WBS problems
    • Key roles of the project WBS
    • Creating a WBS
    • The WBS ‘dictionary’
    • The Work Package
    • Team Exercise – the WBS

    Topic 8: The Cost Breakdown Structure

    • Overview
    • Examples of project costs
    • Key elements of a CBS
    • Key benefits of utilising a CBS
    • Team Exercise – the CBS

    Topic 9: Integrating project cost and schedule

    • Overview
    • Why integrate?
    • Advantages of an integrated cost and schedule
    • Ideas for achieving integration
    • Structuring an integrated cost/schedule on a project
    • Cost/schedule integration and risk
    • The project control system
    • Individual exercise – the project control system

    Topic 10: Cost Engineering

    • Some basic concepts – cost overruns; cost escalations; contingency costs
    • Factors that cause cost overruns
    • Some inputs into determining contingency budgets

    Topic 11: The Cost Estimation Process

    • Developing an initial cost estimate
    • The cost estimation process
    • Inputs into the cost estimation process

    Topic 12: Developing a Base Estimate

    • Overview
    • The development process
    • Writing a well prepared base estimate
    • The basis of costs

    Topic 13: Cost Escalation and Cost Reduction

    • Overview
    • The concept of the price escalation clause in a contract
    • Methods for cost reduction

    Topic 14: The Project Budget

    • Key aspects of a project budget
    • The budgetary process
    • Factors that impact on the budgetary process
    • Common methodologies of creating a project budget

    Topic 15: Costing out Work Elements

    • Overview
    • Key considerations for costing out work elements
    • The advantages of standardisation
    • Budget overruns
    • Team Exercise – the project budget

    Topic 16: Project Variation and Change Orders

    • Overview
    • Reasons for variation/change orders
    • Other impacting factors
    • Case study – ‘The dangers of doing someone a favour’

    Topic 17: Tracking Costs and Project Performance

    • The importance of information
    • The tracking elements of a project plan
    • Key questions to ask relative to project performance
    • Using the WBS to determine current project status
    • Project status – budget and expenditure
    • Planned vs. actual costs
    • Determining costs
    • An overview of Earned Value Management

    Topic 18: Forecasting costs

    • Why forecast costs?
    • Updating baseline estimates
    • A suggested framework for forecasting costs

    Topic 19: The Relationship between Cost Estimate Accuracy and Contingency Allocations

    • Overview
    • Some useful ‘tips’ for cost estimate accuracy
  • Our Tailored Learning Offering

    Do you have five or more people interested in attending this course? Do you want to tailor it to meet your company’s exact requirements? If you’d like to do either of these, we can bring this course to your company’s office. You could even save up to 50% on the cost of sending delegates to a public course and dramatically increase your ROI.

    If you want to run this course at a location convenient to you or if you want a completely customised learning solution, we can help.

    We produce learning solutions that are completely unique to your business. We’ll guide you through the whole process, from the initial consultancy to evaluating the success of the full learning experience. Our learning specialists ensure you get the maximum return on your training investment.

  • We have a combined experience of over 60 years providing learning solutions to the world’s major organisations and are privileged to have contributed to their success. We view our clients as partners and focus on understanding the needs of each organisation we work with to tailor learning solutions to specific requirements.

    We are proud of our record of customer satisfaction. Here is why you should choose us to help you achieve your goals and accelerate your career:

    • Quality – our clients consistently rate our performance ‘excellent’ or ‘outstanding’. Our average overall score awarded to us by our clients is nine out of ten.
    • Track record – 10/10 of the world’s largest banks have chosen us as there training provider and we have delivered training across the largest banks and have trained over 25,000 professionals.
    • Knowledge – our 100+ strong team of industry specialist trainers are world leading financial leaders and commentators, ensuring our knowledge base is second to none.
    • Reliability – if we promise it, we deliver it. We have delivered over 25,000 events both in person and online, using simultaneous translation to delegates from over 99 countries.
    • Recognition – we are accredited by the British Accreditation Council and the CPD Certification Service. In an independent review by Feefo we scored 4.2/5 on service and 4.7/5 on Coursecheck
This course can be run as an In-house or Tailored Learning programme


  • Christopher Lennon


    Christopher Lennon has 30 years’ experience within the oil and gas industry – initially working offshore on rigs in the UK and Norway before becoming involved with projects and supply chain issues. He helped establish an anti-corrosion production facility in Aberdeen for casing tubulars – running the production facility initially before going on to create and manage the supply chain. He has set up distribution networks supporting the North Sea E&P industry within Aberdeen. He has managed (and continues to do so) a variety of ‘special projects’ internationally – normally strategic or change management focused. He has worked/consulted extensively within the field of supply chain management – is a contracts specialist and an international commercial arbitrator. Chris is empanelled as both an Arbitrator and a Mediator at the Asian International Arbitration Centre (AIAC); has the Freedom of the City of London; is a Fellow of the Chartered Institute of Arbitrators; a Liveryman of the Worshipful Company of Arbitrators and a member of the Association of International Petroleum Negotiators.He holds an MBA and LLB from the University of Aberdeen, as well as the Chartered Institute of Arbitrators DipICArb. He has over 20 years teaching experience including a number of universities across a wide range of subjects. Chris works internationally consulting/training. He is the Author of ‘The Silver Bullets of Project Management,’ published by Taylor and Francis, release date 30 September 2021.