Keeping Your Project on 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

Prerequisite
None

Expected Duration
64 minutes

Description
Establishing the budget for a project is a vital process in project management, yet it means nothing if the budget is not adhered to. Controlling project costs is critical to meeting a project’s budget targets, and monitoring cost performance can mean the difference between the success and failure of a project. This course provides an overview of the Control Costs process. It introduces the 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, the course examines the inputs, tools and techniques, and outputs of the Control Costs process. In terms of the tools and techniques, it shows how to monitor cost performance through earned value management (EVM), forecasting, and other techniques such as to-complete performance index (TCPI) and reserve analysis. It also demonstrates how to calculate planned value, earned value, actual cost, schedule and cost variance, and schedule performance and cost performance indices. This course provides a foundational knowledge base reflecting the most up-to-date project management information so learners can effectively put principles to work at their own organizations. This course will assist in preparing the learner 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®.

Objective

Controlling Project Costs

  • identify the inputs to the Control Cost process
  • match earned value management values with their formulas
  • calculate cost performance index, given a project’s earned value management (EVM) figures
  • recognize the situations in which different estimate at completion (EAC) formulas are used
  • calculate a project’s estimate at completion (EAC), given earned value management (EVM) figures
  • calculate the to-complete performance index (TCPI) for a project given earned value management (EVM) figures
  • match tools and techniques of the Control Costs process with their descriptions
  • recognize how outputs of the Control Costs process are used
  • demonstrate your understanding of the Control Costs process

MONTHLY SUBSCRIPTION

$129/month
 

ANNUAL SUBSCRIPTION

$1295/year

Multi-license discounts available for Annual and Monthly subscriptions.