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Planning Project Costs (PMBOK® Guide Fifth Edition)


Overview/Description
Target Audience
Expected Duration
Lesson Objectives
Course Number



Overview/Description
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®.

Target Audience
Existing project managers wishing to get certified in recognition of their skills and experience, or others who wish to train to become accredited project managers

Expected Duration (hours)
2.0

Lesson Objectives

Planning Project Costs (PMBOK® Guide Fifth Edition)

  • recognize how each process in Project Cost Management is used
  • identify the inputs, tools and techniques, and outputs of the Plan Cost Management process
  • recognize how the inputs to the Estimate Costs process are used
  • recognize how the tools and techniques of the Estimate Costs process are used
  • review and correct the bottom-up estimate for a given project
  • match the outputs of the Estimate Costs process to their descriptions
  • recognize how the inputs to the Determine Budget process are used
  • recognize how the tools and techniques of the Determine Budget process are used
  • determine whether a cost baseline was correctly established, given a scenario
  • match the outputs of the Determine Budget process to their descriptions
  • Course Number:
    proj_23_a01_bs_enus

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