Project Cost Control (PMBOK 2000)

Overview/Description
 Are you running into the problem where the budget for your project is set in stone no matter what is happening to the costs, schedule, or scope of the project? What you are missing is proper cost control. This course will show you how a proper cost control system can help you manage changes to the project budget. It will bring you through detailed descriptions, business-based examples and practice questions about the inputs to project cost control, the tools and techniques used in project cost control, and the outputs from project cost control. This course is the third in the "Project Cost Management (PMBOK 2000-aligned)" series for project management, following "Project Resource Planning (PMBOK 2000)" and "Project Cost Estimating and Budgeting (PMBOK 2000)." It is aligned with "A Guide to the Project Management Body of Knowledge" (PMBOK® Guide) 2000 Edition, published by the Project Management Institute (PMI®).

Target Audience
 This series is targeted specifically for project managers, project team members, functional managers with employees assigned to project teams, project stakeholders, any team manager or member interested in project management, executives committed to their organization's growth, managers required to take on new challenges, and top managers with vision.

Expected Duration
2.5 hours

Lesson Objectives:

Inputs to Project Cost Control

  • recognize the value of understanding the inputs to cost control.
  • identify the function of the cost baseline.
  • identify the reasons why a change may be made to the project cost baseline.
  • identify the function of performance reports as an input to cost control.
  • recognize the common formats of performance reports.
  • identify the function of a change request.
  • implement a cost management plan, given a scenario.

    • Tools and Techniques for Project Cost Control

  • recognize the importance of tools and techniques used in project cost control.
  • identify the five steps of a cost change control system.
  • use various indicators to measure project cost performance, given a scenario.
  • choose the appropriate type of computerized tools to use in project cost control, given a scenario.

    • Outputs from Project Cost Control

  • recognize the value of developing high-quality outputs from cost control.
  • identify the reasons why cost estimates would be revised.
  • determine when a budget would be updated.
  • determine which means of corrective action has been used, given a scenario.
  • choose the appropriate method of calculating the estimate at completion for a project, given a scenario.
  • match lessons learned and project closeout activities to examples.

    • Course Number: PROJ0453