Dates & Fees
Course Description
According to the PMBOK Guide, Project Cost Management focuses on the costs associated with the resources needed to complete project activities.
This course equips learners with the skills necessary for planning, estimating, budgeting, funding, managing, and controlling costs, ensuring the project can be completed within the approved budget.
The course content is applicable to project management across various industries and sectors, enabling the application of Project Cost Management across different project application areas.
Course Objectives
After completing this course, learners will be able to demonstrate an understanding of the following Project Cost Management processes:
- Plan Cost Management. The process that establishes the policies, procedures, and documentation for planning, managing, expending, and controlling project costs.
- Estimate Costs. The process of developing an approximation of the monetary resources needed to complete project activities.
- Determine Budget. The process of aggregating the estimated costs of individual activities or work packages to establish an authorized cost baseline.
- Control Costs. The process of monitoring the status of the project to update the project costs and managing changes to the cost baseline.
Key Concepts
The key concepts for Project Cost Management include:
- Project Cost Management is primarily concerned with the cost of the resources needed to complete project activities, but it should also consider the effect of project decisions on the subsequent recurring cost of using, maintaining, and supporting project deliverables.
- Different stakeholders will measure project costs in different ways and at different times. Stakeholder requirements for managing costs should be considered explicitly.
- Predicting and analyzing the prospective financial performance of the project's product may be performed outside the project, or it may be part of Project Cost Management.
Who is the Training Aimed at?
This course is tailored for project management practitioners who wish to gain in-depth knowledge of the Project Cost Management Knowledge Area.
Entry Requirements:
- Grade 12 or Equivalent, OR
- Basic Project Management Experience, OR
- Project Management for Beginners Course