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Project Cost Management
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Project Cost Management Course Introduction
Welcome to our comprehensive Project Cost Management course, an essential program designed specifically for professionals in project management, including team members, managers, and individuals aiming for PMP certification. This course is meticulously structured to equip you with vital skills in the realm of cost management.
As you progress, you will explore and master the intricacies of cost estimation, budgeting, and conducting in-depth variance analysis. These skills are critical for ensuring the financial viability and success of any project you undertake.
In this course, we dive deeply into the core methodologies and processes that are aligned with the PMI’s (Project Management Institute) standards, focusing on Integration, Cost, Scope, and Risk Management Knowledge Areas. You will develop a thorough understanding of how to create accurate Project Cost Estimates, Budgets, and Budget Baselines.
Additionally, the course places a strong emphasis on the practical application of Earned Value Management techniques, a pivotal tool in the project management field. Through a balanced blend of theoretical knowledge and hands-on exercises, this course ensures that you are well-prepared to manage project budgets effectively, guaranteeing that your projects are not only completed within their financial constraints but also adhere to the highest standards of quality and timeliness.
Course Objectives
Upon course completion, you will:
- Acquire expertise in cost estimating methods.
- Demonstrate proficiency with tools for creating project cost estimates.
- Develop competence in establishing and managing the Cost Baseline.
- Achieve mastery in ongoing cost baseline management and control.
Audience
This course is suitable for:
- Project team members looking to enhance their skills in cost estimating and budgeting.
- Project managers seeking to improve their abilities in cost management.
- Professionals aiming to grasp best practices for on-budget project delivery.
- Individuals progressing towards PMP certification.
Project Cost Management Course Outline
Strategic Course Goals and Objectives
- Financial term and concepts
- Fixed and variable costs
- Sunk costs
- Direct costs
- Indirect costs
- Project evaluation techniques
- Payback
- Benefit: Cost ratios
- Rate of return
- Net Present Value
Introduction to Cost Management processes
- Triple Constraint
- Project Management Plan
- WBS
- Resource Estimates
- Time-Phased Budget
Introduction to Cost Management processes
- Triple Constraint
Plan Cost Management
- Purpose
- Cost Management Plan
Estimate Costs
- Context
- Purpose of Estimate Costs
- Cost estimating tools and techniques
- Analogous estimates
- Parametric estimates
- Bottom-up estimates
- Three-point estimates
- Reserve analysis
- Cost of quality
Determine Budget
- Context
- Purpose of Determine Budget
- Determine Budget tools and techniques
- Cost aggregation
- Reserve analysis
- Funding limit reconciliation
- Reserves
- Contingency reserve
- Management reserve
- Cost baseline
Control Costs
- Context
- Monitoring and Controlling the project
- Integrated Change Control
- Purpose of Control Costs
- Calculating variance analysis
Earned Value Management
- Purpose
- Introduction
- Earned value rules
- Earned value formulas and calculations
- Earned value graph
- Forecasting
- To Complete Performance Index
Project Closure
- Purpose
- Lessons learned
Audience
This course is intended for both project team members and project managers wishing to gain a fluent working knowledge of commonly accepted best practices for planning and management of the project cost baseline.
Team members and managers looking to improve their project cost estimating and cost budgeting skills and looking to improve their understanding of how to deliver their projects within budget should take this course.
Students on a track to take the PMP examination should take this course.
$1195.00
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2 Days Course |