Description
In this course, participants will learn the general approaches to cost management as well as the methods that are used to estimate and budget for project costs. Participants will also learn about the interrelationships of various cost control concepts and how to respond to project budget overruns. This course is taught through hands-on activities led by an experienced project manager and is based on both the PMBOK® Guide version 6 and version 7 incorporating best practices of project management from PMI®.
Details
Length
6 hours
PDU
5.5
Delivery Method
In Person | Live Virtual
Prerequisites
None, but recommend: Project Management Primer (if new to project management).
Building Block for
Project management courses; Ongoing education; Leadership/Essential skills
Materials
- Access to the Solarity LMS including the recording for the training
- Various resources including recordings and materials
- Project management templates
Who should take this course
- Anyone wishing to enhance their cost management skills.
- Project managers and team members who want to gain better control over the conditions on their projects.
- Experienced managers who wish to enhance their skills.
Objectives
- Define cost management and its associated cost management plan;
- Explain the various inputs of and methods for estimating activity cost;
- Describe how to aggregate activity costs to determine budget and both periodic and total
project funding requirements; - Identify the cost baseline and performance measurement baseline and their importance in earned value management;
- Calculate planned value, earned value, actual cost, cost variance, and cost performance index;
- Calculate the budget at completion, estimate at completion, estimate to complete, and the to-complete performance index and use these concepts to forecast the cost requirements of a project;
- Identify the warning signs that a project is falling behind schedule or overrunning its budget and explain the various possible responses; and
- Learn performance-reporting techniques and updates to project documentation.