This course was designed as a supplemental study guide for the major content areas of Chapter 7 of A Guide to the Project Management Body of Knowledge (PMBOK Guide), Fifth Edition. In this course, you will consider the general approaches to cost management, such as the methods that are used to estimate and budget for project costs. You will also learn about the interrelationship of various cost control concepts and possible responses a project management team might make if a project is falling behind schedule or overrunning its budget.
After completing this course, you will be able to:
Define cost management and its associated cost management plan
Explain the various inputs of and methods for estimating activity cost
Understand how to aggregate activity costs in order to determine budget and both periodic and total project funding requirements
Understand the cost performance baseline and performance measurement baseline and their importance in earned value management
Calculate planned value, earned value, actual cost, schedule variance, cost variance, the schedule performance index, and cost performance index
Understand how baselines, planned value, earned value, and actual cost can be represented in graphic form
Calculate the budget at completion, estimate at completion, estimate to complete, and the to-complete performance index and use these concepts to forecast the cost requirements of a project
Identify the warning signs that a project is falling behind schedule or overrunning its budget and explain the various possible responses
Explain performance-reporting techniques and updates to project documentation
Understand the various approaches to project selection, including return on investment and internal rate of return
This course is self-paced and online. You will have access to this course for 30 days.
Target Audience: This course is designed for adult learners with some project management experience.
Prerequisites: Learners should have some experience in project management and will need to have access to the Project Management Institute's A Guide to the Project Management Body of Knowledge, Fourth Edition (PMBOK Guide).
Estimated time to complete: 3.5 hours of online course work