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 to meet the project goal. 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) - Fourth Edition, published by the Project Management Institute (PMI®). Specifically, this course covers gathering cost information from numerous sources and then utilizing that information to apply 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 is aligned with the PMBOK® Guide - Fourth Edition, published by PMI®, Inc., 2008. Copyright and all rights reserved. Material from this publication has been reproduced with the permission of PMI®.
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)
Estimating and Budgeting Project Costs
- recognize how each process in Project Cost Management is used
- recognize the project process groups associated with the processes in Project Cost Management
- 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