This is the seventh course in the PMP® series, focusing on the Project Cost Management knowledge area. Topics discussed include planning cost management, developing cost estimates, determining project budgets, controlling project costs, and more.
Casey has experience leading projects in many fields, including healthcare, digital media, mobile app development, consumer product design, education, and event management. He's constantly in pursuit of new challenges and loves to share what he learns along the way with others.
Planning Cost Management Hello and welcome. This is Project Cost Management, the seventh course in our series helping you prepare for the PMP exam. I'm Casey Ayers. Thus far, we've covered Introduction to Project Management & the PMP Exam, Organizational Influences & the Project Management Lifecycle, Project Integration Management, Project Scope Management, and Project Time Management spread between that course and Project Schedule Management. This, the seventh course in the series, is Project Cost Management. In this course, we're going to look at Planning Cost Management first and foremost. After that, we'll look at how to estimate project costs, some of the different techniques that you can use in order to derive what your budget should be. Of course, this leads into determining the budget at large as you have estimates for each project activity or work package. And then, perhaps most importantly, controlling project costs, how to make sure that we stay in line with what it is we said we were going to spend on the project, and how to bring ourselves back into alignment when we find costs beginning to overrun. Beginning with this module, we'll first introduce the project cast management knowledge area at large. After that, we'll look at planning cost management, what it is that we need to do to set a framework for success in all topics related to budgeting. Then, we'll look at the process components for plan cost management, the official process found in the PMBOK guide. We'll look at the inputs, tools and techniques, and outputs that you need to be familiar with in order to make a successful cost management plan. Let's get started.
Estimating Project Costs In this module, we'll look at Estimating Project Costs. First, we'll look at the Estimate Costs Process as seen in the PMBOK guide. Then, we'll discuss various Cost Estimating Techniques that you can use. Finally, we'll look at the Estimate Costs Process Components. The inputs, tools and techniques, and outputs that you need to be familiar with for the PMP exam. Let's get started.
Determining Project Budgets In this module, we're going to discuss what it takes to determine a project budget. First, we'll take a look at the Determine Budget process at a broad level. Then, we'll look at the concepts of contingency and management reserves in more detail. After that, we'll look at developing a baseline budget and then explore the process components for Determine Budget as found in the PMBOK guide. Let's get started.
Controlling Project Costs In this module, we're going to discuss controlling project costs. First we'll introduce the Control Costs Process and what goes into it according to the PMBOK Guide. Then, we'll look at Earned Value Management in more detail, followed by how we forecast costs moving forward as project work is underway. After that, we'll look at the process components, the inputs, tools and techniques, and outputs as found in the PMBOK Guide. Let's get started.