Competition around precious organizational resources and funding means that project managers need to be ever-cognizant of efficiently managing and spending money.
Effective project cost control supports the savvy utilization of organizational resources, establishes accountability, and provides justification for a project's financial needs.
This course covers the basics of project estimating, budgeting, financial justification and cost control for projects, including:
- Processes and techniques for cost management planning, estimating, budgeting and control
- Earned value management, a technique commonly employed on larger projects to track progress and performance
Course content follows the Project Management Institute's (PMI®) Guide to the Project Management Body of Knowledge (PMBOK® Guide).
At the end of the course, you will be able to:
- Understand what drivers are present today that lead to project selection and financial justification
- Correctly understand and use some key financial terms such as direct vs. indirect costs, ROI, and NPV
- Develop a project cost management plan
- Implement effective cost management analysis techniques
- Facilitate team-oriented cost management and estimating processes
- Lead effective cost management throughout the project lifecycle
- Know various historical and current approaches to cost estimating
- Develop a project budget
- Know how a project budget is used as a baseline for establishing cost control and reporting
- Apply Earned Value Management (EVM) techniques to understand and communicate project status
- Effectively make cost-related corrective action decisions based upon project priorities
Who Should Take this Class?
Prerequisites: You should have attended at least a basic course in project management tools and techniques or have equivalent knowledge and experience, especially in the areas of schedule and cost control, risk management and managing project stakeholders. Experience with MS Windows and Office products. 2 or more years of experience in a project management environment is helpful, but not required
- Students who are interested in continuing to build upon what they learned in Foundations of Project Management
- Project managers, program managers, executives, sponsors, and team members who desire to understand how to successfully manage the estimating, funding, and budgeting processes in a project environment
- Functional managers who support project resources
- Professionals who desire a career in project management
- Instructor: Jim O'Donnell
- When: This class is offered during Fall quarter each year. Please bookmark this page and check back for updates, or sign up for our email list to receive news on upcoming classes. Thank you!
- Total Number of Hours: 13
- Where: Online
- Fee: $289
- Additional Notes: This instructor-led online class requires your participation during the specific dates and times listed above. This course is also part of our Project Management Certificate program.