Project Time and Cost Management Training

Level: Intermediate
Rating: 4.8/5 4.82/5 Based on 11 Reviews

Two common major areas of project overrun are time and money. In this Project Time and Cost Management training 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.

Key Features of this Training

  • After-course instructor coaching benefit
  • Learning Tree end-of-course exam included

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

Certifications/Credits:

CPE 23 Credits PMI 23 PDU

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Project Time & Cost Management 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

Project Time & Cost Management 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

Project Time & Cost Management Training FAQs

  • Will I earn PDUs from the PMI for this Project Time & Cost Management course?

    Yes, you will learn 23 PDUs after you complete this course.

  • What are the prerequisites for this Project Time & Cost Management course?

    Recommended experience for this course is the project management experience level of courses 296 & 340.

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