Project Cost Management

Updated to align with the 6th Edition of the PMBOK® Guide, this course introduces project budgeting principles. After learning to effectively plan cost management, you'll look at how costs are estimated, budgets developed, and costs controlled.
Course info
Level
Intermediate
Updated
Mar 19, 2018
Duration
2h 45m
Table of contents
Description
Course info
Level
Intermediate
Updated
Mar 19, 2018
Duration
2h 45m
Description

Updated to align with the 6th Edition of the PMBOK® Guide, this course, Project Cost Management, is the seventh course in Pluralsight’s series preparing you for the newest version of the PMP® exam. This course explores the Project Cost Management knowledge area, beginning with a discussion on how cost management can be effectively planned, before moving on to estimating project costs. Thereafter, development of project budgets and topics related to budget control, including earned value analysis, will be explored, helping ensure you are prepared for the PMP® exam. By the end of this course, you'll understand how to estimate your project's costs, prepare adequate contingency funding, and develop a budget that facilitates your project's success.

About the author
About the author

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.

More from the author
So You Want to Be a Business Analyst
Beginner
1h 50m
5 Oct 2018
Delivering Value Quickly with ICAgile
Intermediate
2h 36m
20 Jul 2018
Aligning IT and Business Strategies
Beginner
1h 31m
26 Apr 2018
More courses by Casey Ayers
Section Introduction Transcripts
Section Introduction Transcripts

Course Overview
Hi, everyone. My name is Casey Ayers and welcome to my course Project Cost Management. This course is the seventh entry in our newly updated series, helping you prepare for the latest version of the PMP Exam based on the sixth edition of the Project Management Body of Knowledge. By completing this course and others in our PMP Prep series, you'll not only be better prepared to ace the certification exam, but, critically, we'll also completely fulfill the mandatory training requirement that must be met before taking the exam. The PMP, or Project Management Professional Certification, is consistently listed as one of the top five most valuable certifications for IT professionals and it's also broadly applicable to a wide range of industries. Given how much new value can be created from successful projects, businesses in all sectors and of all sizes need capable project managers today. A PMP builds the skills needed to succeed and opens new doors for those with the certification. In this course, we'll look at how to plan for cost management, explore tools and techniques for estimating cost and complete project activities, learn how to develop project budgets, see how earned value analysis techniques can help us keep our project costs in check, and more. By the end of this course, you'll be ready to start applying your new knowledge to the development and management of budgets for your project team. This course and others in the series can not only help you learn more about project management and prepare for the PMP Exam, but also serve as a great refresher for established project managers and as an opportunity to earn Continuing Education credit. I hope you'll join me on this journey to prepare for the PMP Exam and learn more about project cost management here at Pluralsight.

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 began our journey with Introduction to Project Management and the PMP Exam. Before moving on to Organizational Influences and the Project Management Lifecycle. From there, we began the exploration of all 10 of the knowledge areas found in the PMBOK Guide, beginning with Project Integration Management before moving on to Project Scope Management, and then two courses dedicated to Project Schedule Management, both that course as well as Developing Schedules. This course is Project Cost Management and it's our seventh stop on our journey to prepare for the PMP exam. 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 cost 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 success 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 cost 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 cost 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 analysis 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.