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).
- 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?
- 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