Controlling Project Costs (PMBOK Guide Fifth Edition)

Course details

• Establishing the budget for a project is a vital process in project management, yet it means nothing if the budget is not adhered to. Controlling project costs is critical to meeting a project's budget targets, and monitoring cost performance can mean the difference between the success and failure of a project. This course provides an overview of the Control Costs process. It introduces the best practices outlined in A Guide to the Project Management Body of Knowledge (PMBOK® Guide) - Fifth Edition, published by the Project Management Institute (PMI®). Specifically, the course examines the inputs, tools and techniques, and outputs of the Control Costs process. In terms of the tools and techniques, it shows how to monitor cost performance through earned value management (EVM), forecasting, and other techniques such as to-complete performance index (TCPI) and reserve analysis. It also demonstrates how to calculate planned value, earned value, actual cost, schedule and cost variance, and schedule performance and cost performance indices. This course provides a foundational knowledge base reflecting the most up-to-date project management information so learners can effectively put principles to work at their own organizations. This course will assist in preparing the learner for the PMI® certification exam. This course is aligned with the PMBOK® Guide - Fifth Edition, published by PMI®, Inc., 2013. Copyright and all rights reserved. Material from this publication has been reproduced with the permission of PMI®.
• recognize how inputs to the Control Costs process are used
• match the tools and techniques used in the Control Costs process with their descriptions
• calculate variance and index values associated with the earned value management (EVM) technique
• calculate estimate at completion (EAC) values in different scenarios
• recognize the situations in which different estimate at completion (EAC) formulas are used
• calculate the to-complete performance index (TCPI) in a given scenario
• match sources of performance reviews to their descriptions
• recognize how outputs from the Control Costs process are used
• match the considerations associated with revising the cost performance baseline to their examples