Project Management Course Description:

This course empowers project managers to master project cost management. Best practices for cost estimating, budgeting, and variance tracking are explored using the latest Microsoft Project tools and techniques.

Course Prerequisite:

Experience working on or leading projects. Experience using Microsoft Project and spreadsheet software such as Microsoft Excel. College-level mathematical ability.

Format: 1 six-hour day

Project Management Course Objectives:

After completing this course, each student will know how to:

• Apply the PMI cost management processes
• Create a project cost model using Microsoft Project
• Define work and material resources
• Differentiate between full accrual and prorata accrual methods, and learn best practices for applying each
• Perform cost estimating
• Authorize overtime work and balance cost vs. schedule trade-offs
• Define a cost budget using custom cost accounting codes
• Baseline a cost budget
• Control fixed and variable costs
• Model material consumption rates, contract fees, cost rate increases, and variable cost rates
• Track cost variances
• Interpret earned value reports
• Export time-phased cost data for spreadsheet analysis and graphing

Project Management Course Outline:  

Module 1: Cost Management in the Project Management Body of Knowledge

Learn best practice for cost estimating, cost budgeting, and cost control. Develop a cost management plan with appropriate details concerning units of measure, organizational cost budgeting dependencies, control thresholds, earned value assumptions, and reporting formats.

Module 2: Cost Modeling in Microsoft Project

Explore the power of Microsoft Project's resource sheet. Learn best practice with respect to resource types and cost accrual methods. Complete hands-on exercises in cost estimating, resource assignment, resource usage, overtime authorization, cost code definition, and budget baselining.

Module 3: Fixed Costs and Variable Costs

Learn how to classify costs correctly. Develop cost estimating models in Microsoft Project using custom views and tables. Predict cost overruns requiring corrective action.