The Cost Management course addresses the identification, elaboration, planning, and management of the project budget. Including selected processes from the PMI Integration, Cost, Scope and Risk Knowledge Areas, this class addresses the development of a Project Cost Estimate, Project Budget, and the Project Budget Baseline. In addition it addresses the preparation of a spending profile that supports variance analysis and corrective action using Earned Value Management. Using a combination of theory based lecture and hands on exercises, students are provided with an effective skill set for developing and controlling the project budget baseline.
1. Fluency in cost estimating methods
2. Skills and tools allowing the development of a project cost estimate
3. Development and management of the Cost Baseline
4. Ongoing cost baseline management and control
Unit 1 Introduction
Skills & knowledge of cost engineering
1.1 Understanding the basic definitions
1.2 Cost elements ( Material, labor & Equipment)
Unit 2 Planning & Scheduling
2.1 Planning Techniques
2.2 Critical Pass Method (CPM) Schedule Calculation
2.3 Scheduling Concepts
Unit 3 Cost Estimate methods
3.1 types of Cost ( direct, indirect, fixed & variable)
3.2 How Do you Estimate Costs?
3.3 Basis of Estimate
3.4 Estimate tools & Techniques
Unit 4 Cost Control & Earned Value measurements
4.1 How to measure the Cost performance index (CPI)?
4.2 Variance analysis
4.3 How to determine the Forecast figures?
Unit 5 Project Management Overview
5. 6 Quality & HR
Economic Analysis & Statistics
6.2 Types of Cash flow series
6.3 Breakeven Analysis
6.4 Basics of Statistics
6.5 Probability & Simulation
Value Engineering & Strategic Assest Management
Exam & technical paper preparation
This course 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 also students on a track to take the PMP examination should take this course.