Project Cost Management
The dollar, particularly in the area of keeping score, impacts all project activities, not just the financial ones. Poor estimates, unrealistic budgets, return on investment that falls short of expectations, poor change control and generally poor financial management are common problems. They usually reflect a lack of knowledge and awareness of the processes, tools, and techniques that are available for managing project costs effectively. This workshop provides you with a clear four-step process for managing costs: plan cost management, estimate costs, determine budget, and control costs. You will learn which tools to apply and the practical techniques for each step. The skills you will develop will enable you to resolve some problems before they occur and to respond quickly to the rest.
Prerequisites: participants must have taken the Comprehensive Project Management Basics workshop (formerly titled Project Management) or equivalent.
This workshop is recognized by the Project Management Institute (PMI)® and as such will provide 12 PDUs (Professional Development Units) / contact hours towards attaining or maintaining the Project Management Professional (PMP)® designation.
Professional Development Units are allocated according to the number of training hours completed by the student and may be granted by increments of 0.25 PDU for each 15 minutes of training. A participation certificate will be given to students who attend a minimum of 90% of the course.
*PMI is a registered mark of the Project Management Institute, Inc.
Cost Planning - Cost Management Plan - Initiation and project costs - Resource requirements as the base of costing
Cost estimating - Costing requires consultation and judgment - Costing, pricing, and funding are not the same things - Analyzing cost estimates
Cost budgeting - Types of cost - Contingency Reserves and management reserves - Contracts - Cost baseline
Controlling costs - Progress and performance measurement from a cost perspective - Earned Value principles - Analyzing the variance - Cost change controls - Applying corrective action - Accounting for anomalies
Closing — a financial perspective - Audits
- Project sponsors, project managers and project team members who need to understand project cost management and its associated challenges
- Individuals wishing to refresh or upgrade their knowledge, skills and application of project cost management
Francine Durivage is a bilingual Performance Enhancement Specialist with over 20 years of experience. She has worked internationally helping organizations and governments redefine and refine their high impact objectives and delivery. Francine holds a MPM (Master of Project Management), an MCOD (Master Certificate in Organizational Development) and a B.A. in Psychology. Her energy and effective leadership enable her to strategically address the needs of today's project manager, sponsor and team members in a practical and engaging way.
‘’Thank you for the wonderful workshop! Francine is a very strong instructor. ‘’
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PMP Certification = Earning Power
According to a new global survey by PMI, the Project Management Professional (PMP) certification brings its holders 20% more in salary than uncertified practitioners. Click here to read the complete report.