Course Description

Managing project cost is essential for organizations investing in technology and other projects and initiatives. Estimates are required to make informed decisions about which projects should be funded, changed, postponed or cancelled. During project execution the estimate provides a basis for tracking and controlling project costs. This course ensures that a comprehensive process is used to establish project scope and estimate project cost. Technical professionals are presented with financial concepts that will improve communication and teamwork with project clients, sponsors and the project team. Practice in developing estimates and evaluating potential projects ensures students leave the course ready to apply what they have learned. 

Course Outline

• Cost Management Life Cycle
• The Major components of project Estimates
• Degrees of Estimating Quality
• 5 Factors that influence Estimates
• Top Down and Bottom Up Estimating
• Estimating time and money contingency; Too much, too little, just right.
• Project Evaluation and Approval
• Project Controls
• Application - balancing “art” & “science”
• Estimating and Cost Management Improvement

Learner Outcomes

• Use a comprehensive and repeatable process to develop detailed project estimates
• Identifying and validating project requirements
• Link project selection to corporate strategies with strong business cases
• Efficiently reach an initial Go No Go decision
• Develop discrete and range estimates based on project risk exposure
• Leveraging the Procurement Process: Estimates and contract types with external sources
• Document project cost estimates and assumptions
• Understand project evaluation criteria
• Manage and control project cost accurately and timely
• Scope changes and its effect on initial estimate
• Perform Earned Value Analysis, User Friendly cost reports that drive decisions

Notes

Testimonials

"Very practical and efficient."

Fall 2018 Participant

"We learned crystal clear requirements needed for estimating cost."

Fall 2018 Participant

Accrediting Associations

• Project Management Institute (PMI) 12.0 PDU

Applies Towards the Following Certificates

• Project Management Tools & Techniques : Project Management Tools & Techniques