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Project Time and Cost Management

COURSE TYPE

Intermediate

Course Number

923

Duration

4 Days
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Two common major areas of project overrun are time and money. In this course, you gain solid schedule and budget-management skills. You learn how to define the work and calculate a realistic critical path. You establish a budget baseline by allocating resources to tasks, aggregating project budgets and quantifying risk. By setting up Earned Value Analysis, you will be able to report on project status and forecast future performance.

You Will Learn How To

  • Create a realistic and robust project plan
  • Estimate tasks and aggregate to the project level
  • Calculate critical path to determine project duration
  • Determine total project costs
  • Quantify risk to produce a defensible baseline
  • Leverage best practices to significantly improve project outcomes

Important Course Information

Recommended Experience:

  • Project management experience at the level of:
    • Course 296, Project Management: Skills for Success, or
    • Course 340, Project Management for Software Development

Course Outline

  • Introduction
  • Identifying key issues in successful scheduling
  • Preparing realistic budgets
  • Building a baseline you can live with
  • Identifying the Work

Creating manageable activities

  • Deriving information from a statement of scope and project constraints
  • Seven rules for determining manageability

Building a deliverable-oriented Work Breakdown Structure (WBS)

  • Defining deliverables
  • Contrasting deliverable orientation with other WBS types

Translating a WBS into earned value controls

  • Determining required granularity
  • Setting up control account points
  • Establishing the Project Sequence

Defining precedence relationships

  • PMI dependency types
  • Mapping dependencies to relationship types

Establishing dependencies

  • Leveraging SME experience
  • Putting tasks in order
  • Determining lead and lag times
  • Developing Robust Schedule Estimates

Choosing the right estimating approach

  • Moving from top down to bottom up
  • Employing analogous and parametric techniques

Working with estimation tools

  • Utilizing simple in-house tools and templates
  • Taking advantage of commercially available software

Dealing with uncertainty

  • Determining a three point estimate
  • Building confidence into your numbers

Computing the critical path

  • Performing forward and backward passes
  • Identifying float/slack time
  • Estimating Project Costs

Activity-Based Costing (ABC)

  • Working with the Cost Breakdown Structure (CBS)
  • Rebuilding the WBS and a CBS using company cost codes

Categorizing costs

  • Determining activity-level direct, indirect and other costs
  • Aggregating tasks up to total individual costs
  • Ratifying the granularity of estimates

Forming the interim cost baseline

  • Determining the total project costs
  • Managing the team's estimation process
  • Conforming to accuracy requirements
  • Validating the Plan

Creating Gantt charts

  • Establishing the project duration and end date
  • Representing relative durations of activities graphically using a Gantt chart

Realistic resourcing and resource requirements

  • Building a Resource Breakdown Structure (RBS)
  • Addressing resource constraints
  • Recognizing Risk

Quantitatively analyzing risk

  • Assessing probability
  • Establishing the monetary value of the impact
  • Prioritizing risk using a Pareto analysis

Allocating contingency budgets and schedules

  • Locating and controlling contingency
  • Developing a mitigation plan
  • Baselining Your Plan

Plans that make sense

  • Declaring and revalidating project value
  • Defending your project plan

Preparing for Earned Value Management (EVM)

  • Demonstrating variance between planned and actual values
  • Forecasting project outcomes
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Exclusive Private Team Training Course

Enhance your team's effectiveness and boost productivity with this course, delivered privately to your organization or to any preferred location, including options for hybrid or all-virtual delivery via AnyWare.

This training course could be customized, and combined with other courses, to meet the specific needs of your team's training.

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Attendee Benefits

After-Course Instructor Coaching
When you return to work, you are entitled to schedule a free coaching session with your instructor for help and guidance as you apply your new skills.

Free Course Exam
You can take your course exam on the last day of your course and receive a Certificate of Achievement with the designation "Awarded with Distinction."

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Enhance Your Credentials with Professional Certification

Learning Tree's comprehensive training and exam preparation guarantees that you will gain the knowledge and confidence to achieve professional certification and advance your career.

Earn 23 Credits from NASBA

This course qualifies for 23 CPE credits from the National Association of State Boards of Accountancy CPE program. Read more ...

Earn 23 PDUs


PMI, the Registered Education Provider logo, PMP, CAPM, PMI-ACP,
and PMBOK are marks of the Project Management Institute, Inc.

This course is approved by PMI® for 23 professional development units (PDUs). For more on the Project Management Institute and a full list of courses approved for PDUs.

Technical : 20 PDUs
Business & Strategic : 3 PDUs

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