Creating a Project Budget (PMBOK® Guide Fifth Edition)

Existing project managers pursuing certification in recognition of their skills and experience, or others training to become accredited project managers


Expected Duration
64 minutes

Accurately forecasting the cost of future projects is vital to the success of projects and the survival of any business. Project managers must have the ability to not only identify what work is required at the onset of a project, but precisely forecast how much that work is going to cost throughout the duration of the project. This course provides an overview of estimating and budgeting project costs in the Project Cost Management Knowledge Area, and introduces best practices outlined in A Guide to the Project Management Body of Knowledge (PMBOK® Guide) – Fifth Edition, published by the Project Management Institute (PMI®). Specifically, this course covers planning how to manage project costs, gathering cost information from numerous sources and then utilizing that information, and using tools and techniques such as bottom-up estimating and reserve analysis for estimating costs. Learners will also determine the project budget by calculating reserves and funding requirements. This course provides a foundational knowledge base reflecting the most up-to-date project management information, so learners can effectively put principles to work in their own organizations. This course will assist in preparing the learner for the PMBOK® certification exam. This course will assist in preparing learners for the PMI® certification exam. This course is aligned with the PMBOK® Guide – Fifth Edition, published by PMI®, Inc., 2013. Copyright and all rights reserved. Material from this publication has been reproduced with the permission of PMI®.


Developing Your Budget

  • identify activities that are part of the Project Cost Management knowledge area
  • identify the inputs, tools and techniques, and outputs of the Plan Cost Management process
  • identify inputs to the Estimate Costs process
  • recognize how tools and techniques of the Estimate Costs process are used
  • describe how to use the bottom-up estimating technique to estimate project costs
  • match the outputs of the Estimate Costs process to their descriptions
  • identify inputs of the Determine Budget process
  • recognize how the tools and techniques of the Determine Budget process are used
  • identify the outputs of the Determine Budget process
  • demonstrate your understanding of the Estimate Costs and Determine Budget processes





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