Course Description
Project management has a way of getting complicated, and especially when it comes to costs. The preparation for project cost management begins with writing a cost management plan, a document designed to specify how costs will be identified, estimated, and managed, including topics such as estimation techniques to be used, accuracy and precision of budgets, and tolerances for deviation from budgets.
In this Project Cost Management course, you’ll discover cost management best practices for successful projects, from the perspective of The Guide to the Project Management Body of Knowledge (PMBOK® Guide) to prepare learners for the PMP and CAPM exams. You’ll learn how to plan cost management and some estimation techniques. This course emphasizes estimating, budgeting, and controlling costs, such as estimating resource costs and assembling them into budgets. You’ll also learn how to effectively manage costs and the steps to take when a project is significantly over or under budget.
What You'll Learn
- Plan cost management and develop a cost management plan
- Estimate resource costs using established estimation techniques
- Assemble cost estimates into budgets and establish a cost baseline
- Manage and control project costs, including handling projects significantly over or under budget
- Apply Earned Value Management formulas and analyze variance, performance, and trends
- Forecast costs and adapt the plan to change
Key Takeaways
- Project cost management begins with writing a cost management plan that specifies how costs will be identified, estimated, and managed.
- The cost management plan covers estimation techniques, the accuracy and precision of budgets, and tolerances for deviation from budgets.
- The course presents cost management best practices from the perspective of the PMBOK Guide to prepare learners for the PMP and CAPM exams.
- The course emphasizes estimating, budgeting, and controlling costs, including estimating resource costs and assembling them into budgets.
- Earned Value Management concepts and formulas are used to analyze variance, performance, and forecast trends.
Frequently Asked Questions
Who is this course for?
It is designed for learners preparing for the PMP and CAPM exams who want to learn project cost management best practices from the perspective of the PMBOK Guide.
What does this course cover?
It covers planning cost management, estimation techniques, assembling estimates into budgets, establishing a cost baseline, controlling costs, and Earned Value Management, including what steps to take when a project is significantly over or under budget.
What skills will I gain?
You will gain skills in cost management, financial project management, project cost management, and the PMBOK methodology, including using Earned Value Management formulas.
What framework does the course follow?
It follows The Guide to the Project Management Body of Knowledge (PMBOK Guide) and is aligned to preparing for the PMP and CAPM exams.
Does the course explain how to handle budget problems?
Yes, it teaches how to effectively manage costs and the steps to take when a project is significantly over or under budget.
Professional Certifications and Continuing Education Units (CEUs)
Continuing Development Units (CDUs): 1.0
KnowledgeCity is an endorsed education approved provider for the International Institute of Business Analysis™ (IIBA®) for CCBA®, CBAP®. KnowledgeCity courses can assist learners with their continuing development units (CDUs).
Professional Development Units (PDUs): 1.0
KnowledgeCity has been reviewed and approved by the PMI® Authorized Training Partner Program. Users can maintain your PMI credentials by earning PDUs from KnowledgeCity qualified courses in Project Management, Business Management, Leadership and many others.
