Foundations in Cost Management for Project Managers

The ability to estimate, budget, and control costs is essential to the success of a project. If costs are not managed properly, the project could suffer overruns and, ultimately, failure. Implementing key concepts, tools, and techniques can help to ensure the project does not collapse due to financial mismanagement. Cost Management Plans can help address the policies, processes, and procedures on how the costs will be estimated, managed, and controlled throughout the project’s lifecycle.

Join us to learn about estimating, budgeting, and controlling costs, as well as how to develop and implement Cost Management Plans. Applying these key tools and techniques can help project managers better manage costs and, in turn, increase the likelihood of their projects being completed successfully

After completing this course, participants will be able to:

Describe the key concepts associated with cost management

Explain estimating techniques and the situations in which they should be applied

Describe the project manager’s role in managing project costs, applying specific tools and techniques –Work

Breakdown Structure, Expected Monetary Value, and the Statement of Works – and measuring project performance

Demonstrate how to establish a budget and total cost baseline for measuring project performance

Apply change control for building an audit trail and tracking cost changes throughout the project’s life cycle