Monday, 7 October 2013

Learn PMP for Free - 7. Project Cost Management


Happy Monday, there's nothing quite like getting the latest installment of our free PMP self-study course to get you all motivated for the week ahead. Except of course a massive coffee injection, and the certain knowledge that if you survive this day, there are only 4 more days till the weekend.

On a brighter note, having worked through last weeks Project Time Management module you should have gleaned vital knowledge in building a series of processes and outputs focused on completing a project on time and to budget. 

This week we will take a look into the world of project cost management.

What is Project Cost Management?                                                                     

Put simply, it is the process of estimating, budgeting and controlling costs which allow a project to be completed in line with a pre-approved budget. 

Project cost management is closely linked to project time and project scope management with each having an affect on the other. For example, a project that is not delivered on time, or to the WBS is likely to affect the overall spend of a project affecting overall cost. 

It is therefore vital to have an understanding of scope, time and cost management in order to successfully deliver your project.

What is covered in Project Cost Management?                                                   

In this section you will work through the following modules:

Get to grips with establishing policies, procedures and documentation that dictates the planning, managing, expending and controlling of project costs. 

Understand how to develop an estimate of the financial resources required to complete project activities.

Work through the process of aggregating the estimated costs of individual activities or work packages to establish an authorised cost baseline.

Learn all about how to monitor the status of a project, whilst updating costs and managing changes to the cost baseline of a project.

What next?                                                                                                          

Follow us on Google+, LinkedIn, Facebook or Twitter so you can keep up to speed on all the latest releases for Learn. 

Check our social channels on the following dates for the latest content:

8. Project Quality Management - Monday 14th October

9. Project HR Management - Monday 21st October

10. Project Communications Management - Monday 28th October

11. Project Risk Management - Monday 4th November

12. Procurement Management - Monday 11th November

13. Stakeholder Management - Monday 18th November

About the Author                                                                                                

Edward is a member of the Marketing team focussing on Technical writing and Community Engagement for Firebrand. Working in the Industry for over 2 years, Edward has experience with Microsoft Technologies including SharePoint and Windows Server and Exchnage Server. Edward writes for a variety of Blogs and Publications on all things Technology