Project Management – How to Cost Management Plan
Learn the essential skills of project cost management with this comprehensive course. Perfect for project managers and business analysts.
What you’ll learn
- Overview of PMs responsibilities
- Project management process overview
- What is Cost Management Plan
- Cost Management Play Process
- Cost Management Planning exercise
This course is a result of 25 years of consulting project and portfolio management experience, including costing exercises on major projects. We will start this course with a brief overview of project manager’s responsibilities and the role of the cost management plan in the overall project plan.
We will then discuss the subsections of the Project Cost Management Plan including Cost Management Approach, Measuring Project Costs, Reporting Format, Cost Variance Response Process, Cost Change Control Process and Project Budget.
Subsequently we will analyze two Cost Management Approaches including cost variances and Earned Value Management (EVM). Also we will discuss Project Cost Measurement either according to the formula Variance = Budgeted Expense minus Actual Cost or using EVM metrics like Schedule Variance (SV), Cost Variance (CV), Schedule Performance Index (SPI), Cost Performance Index (CPI) and Estimate at Completion (EAC).
We will then discuss Cost Reporting Format and Cost Variance Response Processes.
Furthermore, we will analyze Cost Change Control Process including Change Requests and assessing the impact of the Change Request.
Finally, we will focus on the Project Budgets and examine several budget approaches including by team, by department, by vendor vs. internal costs, by Fixed vs. Variable costs, by type of expense and by Capex vs. Opex.
Who this course is for:
- You are a project manager who runs medium to large-size projects
- You are a business analyst who is responsible for interactions with stakeholders on medium or large-size projects
- You are a technical resource who is planning on participating in a project
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