Project Management - How to Cost Management Plan
Cost management is a critical aspect of professional project leadership, learn the skills to get the job done well.
Ratings 4.42 / 5.00
What You Will Learn!
- Overview of PMs responsibilities
- Project management process overview
- What is Cost Management Plan
- Cost Management Play Process
- Cost Management Planning exercise
Description
Join Jamal, an esteemed project management consultant with over 25 years of experience, in this comprehensive course on cost management planning. Benefit from his extensive expertise in costing exercises for major projects and gain the skills needed to develop effective cost management plans.
Begin with a concise overview of the project manager's responsibilities and the pivotal role of the cost management plan within the broader project plan. Dive into the subsections of the Project Cost Management Plan, including the Cost Management Approach, Measuring Project Costs, Reporting Format, Cost Variance Response Process, Cost Change Control Process, and Project Budget.
Explore two distinct Cost Management Approaches: cost variances and Earned Value Management (EVM). Discover how to measure project costs using either the variance formula (Budgeted Expense minus Actual Cost) or EVM metrics such as Schedule Variance (SV), Cost Variance (CV), Schedule Performance Index (SPI), Cost Performance Index (CPI), and Estimate at Completion (EAC).
Delve into the intricacies of Cost Reporting Format and learn about effective Cost Variance Response Processes. Gain valuable insights into the Cost Change Control Process, encompassing Change Requests and the assessment of their impact on the project.
Lastly, focus on Project Budgets and explore various budgeting approaches, including team-based, department-based, vendor vs. internal costs, fixed vs. variable costs, expense types, and Capital Expenditure (Capex) vs. Operational Expenditure (Opex).
By enrolling in this course, you'll equip yourself with practical knowledge and techniques to develop robust cost management plans, measure project costs accurately, and implement effective cost control strategies. Don't miss this opportunity to enhance your project management skills. Enroll now and take your cost management expertise to new heights.
Who Should Attend!
- You are a project manager who runs medium to large-size projects
- You are a business analyst who is responsible for interactions with stakeholders on medium or large-size projects
- You are a technical resource who is planning on participating in a project
