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
1. What is the Cost Control?
- Types of Cost (direct, indirect, fixed & variable)
- Cost Control Cycle
- Role of Cost Control Engineer
2. Why Controlling the Cost?
- The impact of Cost Control in Company organization & decisions
3. Cost Control Reporting Techniques
- Earned Value Calculations
- How to build cost report?
- Trend Status & Invoicing status
4. Analysis & Forecasting
- Variance analysis
- Cashflow analysis
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 also students on a track to take the PMP examination should take this course