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Project Cost Management

Duration

5 hours

Overview

Audience

This course is suitable for anyone who needs to develop an understanding of Project Cost Management principles aligned to the PMBOK® Guide-Sixth Edition.

Prerequisites

Successful completion of the “Introduction to Project Management and PMBOK® Guide-Sixth Edition” module.

Objectives

    After completing this course, the student will be able to:
  • Describe the four Project Cost Management Process Groups and associated project cost management processes
  • Use tools and techniques to prepare project costs and determine budget
  • Understand the relationship between time, cost, and quality
  • Identify the differences between ‘top down' and ‘bottom up' budgeting methods
  • Identify and differentiate between cost monitoring procedures
  • Use projected final cost analysis to monitor project costs
  • Understand the concepts of earned value analysis (EVA)
  • Determine value of work completed
  • Identify project variances and performance indices
  • Forecast cost and time needed to complete projects

Course Content

An Introduction to Cost Management and Estimation

Budgeting
Estimating Costs

Controlling Cost

Cost Control
Estimate at Completion Cost Analysis
Predicted Final Cost

Controlling Cost with Earned Value Management Part 1

Cost Breakdown Structures
Earned Value
Project Value

Controlling Cost with Earned Value Management Part 2

Introduction to Earned Value Analysis
Limitations of Resource Management
Value of Work Done

Analyzing Project Variances Part 1

Project Variances

Analyzing Project Variances Part 2

Performance Indices

Forecasting for Cost Control

Control Cost Tool
Forecasting

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