Master Pmp Cost Management: Plan, Budget, Estimate & Control

Unlock the secrets to staying within budget and boosting project success with expert strategies in PMP Cost Management

What you'll learn

Understand the process of cost management within the project lifecycle.

Identify the key components of project cost management, including estimation, budgeting, and control.

Learn various techniques for estimating project costs accurately.

Develop skills in creating and managing project budgets effectively.

Explore methods for tracking and controlling project costs throughout the project lifecycle.

Understand the importance of cost baseline and its role in project management.

Learn how to analyze and manage cost variances to ensure project financial health.

Gain insights into cost management tools and software used in project management.

Explore strategies for managing and optimizing project costs without compromising quality.

Understand the implications of cost management decisions on overall project success and stakeholder satisfaction.

Requirements

Foundational Knowledge of Project Management: Students should have a basic understanding of project management principles, terminology, and processes as outlined in the PMBoK Guide.

Understanding of Project Scope Management: A clear grasp of project scope management is essential, as project costs are closely tied to project scope. Students should understand how changes in scope can impact project costs.

Familiarity with Project Integration Management: Project cost management is integrated with other project management knowledge areas such as schedule management and quality management. A solid understanding of how these areas intersect is beneficial.

Numerical and Analytical Skills: Proficiency in basic arithmetic, financial calculations, and data analysis is necessary for accurate cost estimation, budgeting, and cost control activities.

Knowledge of Industry Standards and Best Practices: Familiarity with industry standards and best practices related to cost estimation, budgeting techniques, and cost control methodologies is helpful for applying PMBoK principles effectively in real-world projects.

Description

Embark on a journey to master the art of Project Cost Management with our comprehensive PMP-focused course designed to empower project professionals to excel in the financial aspects of project management. This course, "Master PMP Cost Management: Plan, Budget & Control," offers an in-depth exploration of the principles and practices essential for managing project costs effectively, ensuring projects are delivered within budget and financial objectives are met.Structured around the Project Management Institute's (PMI) guidelines, this course covers the entire spectrum of cost management, including cost estimation, budgeting, and control. You will delve into the processes of planning cost management to establish the framework and policies for cost planning, estimation, and control. Through a mix of theoretical concepts and practical applications, students will learn to identify the key components of project cost management, develop skills in creating and managing project budgets, and explore methods for tracking and controlling costs throughout the project lifecycle.Our curriculum is designed not only to impart theoretical knowledge but also to provide practical tools and techniques. You'll engage with on-demand video lectures, interactive quizzes, and real-world case studies that bring to life the challenges and solutions in cost management. The course is enriched with detailed sections on estimating costs using various techniques, determining budgets with precision, and mastering earned value management for performance measurement and control.Whether you're a seasoned project manager, a member of a project team, or an executive overseeing project portfolios, this course offers valuable insights and skills to enhance your cost management capabilities. You'll learn about the importance of the cost baseline, strategies for managing and optimizing project costs without compromising quality, and the implications of cost management decisions on overall project success and stakeholder satisfaction.Course Content Breakdown:Plan Cost Management - Introduction & Beyond: Kickstart your journey with a foundational understanding of planning for cost management, including essential inputs, tools, techniques, and a specialized quiz to test your knowledge.Estimate Costs - From Introduction to Outputs: Delve into the intricacies of cost estimation, learning about vital inputs, methodologies, and the outputs that guide financial planning in project management, complemented by a quiz.Determine Budget - Comprehensive Coverage: Explore the components of project budgeting, from introduction to determining budget inputs, tools, and outputs, ensuring you're equipped to allocate financial resources effectively, including a quiz for self-assessment.Earned Value Management - Principles & Practices: Gain insights into the principles of Earned Value Management (EVM), understanding variance analysis and forecasting techniques like Estimate at Completion (EAC) and Variance at Completion (VAC), enriched with problem-solving exercises.Control Costs - Introduction to Outputs: Master the final phase of cost management by learning how to control costs effectively, from understanding inputs to analyzing outputs, with a quiz to consolidate your learning.PMP Quiz - Project Cost Management: Test your knowledge and readiness with a comprehensive PMP quiz focused on Project Cost Management, designed to challenge and refine your understanding.

Overview

Section 1: Introduction & Understanding the Project Cost Management Knowledge Area

Lecture 1 Introduction

Lecture 2 Project Cost Management - Introduction

Section 2: Planning for Project Costs

Lecture 3 Plan Cost Management - Introduction

Lecture 4 Plan Cost Management – Inputs

Lecture 5 Plan Cost Management - Tools & Techniques

Lecture 6 Plan Cost Management - Outputs

Section 3: How is the Estimation of the Cost of a Project Achieved?

Lecture 7 Estimate Costs - Introduction

Lecture 8 Estimate Costs - Inputs

Lecture 9 Estimate Costs - Tools & Techniques

Lecture 10 Estimate Costs - Outputs

Section 4: Determine the Budget of Your Project

Lecture 11 Determine Budget - Introduction

Lecture 12 Project Budget Components

Lecture 13 Funding Limit Reconciliation

Lecture 14 Determine Budget - Inputs

Lecture 15 Determine Budget - Tools & Techniques

Lecture 16 Determine Budget - Outputs

Section 5: Understanding Earned Value Management

Lecture 17 Earned Value Management – Introduction

Lecture 18 Principles of Earned Value Management

Section 6: The ever-elusive Earned Value Analysis

Lecture 19 Variance Analysis - Schedule Variance

Lecture 20 Variance Analysis - Cost Variance

Lecture 21 Variance Analysis - Schedule Performance Index

Lecture 22 Variance Analysis - Cost Performance Index

Section 7: Determining the Forecasting Techniques

Lecture 23 Forecasting – Estimate at Completion (EAC)

Lecture 24 Forecasting – Variance at Completion (VAC)

Lecture 25 Forecasting – Estimate to Complete (ETC)

Lecture 26 Forecasting – To Complete Performance Index - BAC Method

Lecture 27 Forecasting – To Complete Performance Index - EAC Method

Lecture 28 Earned Variance Analysis – Problems and Solutions

Section 8: How are Costs of a Project Controlled?

Lecture 29 Control Costs - Introduction

Lecture 30 Control Costs – Inputs

Lecture 31 Control Costs – Tools & Techniques

Lecture 32 Control Costs – Outputs

Section 9: PMP Exam - Project Cost Management

Lecture 33 PMP Quiz - Project Cost Management

Project Managers: Project managers can benefit significantly from understanding project cost management principles to effectively plan, budget, and control project expenditures. Mastery of cost management techniques enables project managers to ensure projects are delivered within budget constraints.,Project Team Members: Members of project teams, including team leads, coordinators, and specialists, can benefit from learning project cost management to contribute effectively to cost estimation, budgeting, and monitoring activities within their respective roles.,Executives and Senior Management: Executives and senior management personnel, including directors and business unit heads, can benefit from understanding project cost management principles to make informed decisions regarding resource allocation, investment prioritization, and financial risk management across projects within the organization.,Finance and Accounting Professionals: Finance and accounting professionals can benefit from learning project cost management principles to better align project costs with organizational financial objectives, improve cost forecasting accuracy, and enhance financial reporting capabilities related to project expenditures.,Project Stakeholders and Clients: Project stakeholders, including clients, sponsors, and regulatory authorities, can benefit from understanding project cost management principles to assess project feasibility, evaluate investment returns, and monitor project financial performance throughout the project lifecycle.