PMBOK 7th Edition Introduction

Effective project management is a vital skill in the arsenal of every successful project manager, and it is crucial for the overall success and competitiveness of any organization. Professionals who master the art of managing costs can open doors to greater responsibilities and become indispensable assets to their companies. By understanding and applying fundamental cost management techniques, project managers and team members can significantly impact the financial health and success of their projects.

How You Will Benefit

Participants in this course will learn essential principles of cost management and acquire insights into effective cost control strategies. The course highlights common challenges in project cost management and the potential consequences of poor cost control. A comprehensive approach to managing project costs is provided, offering attendees practical tools to handle the financial aspects of their projects confidently.

What You Will Learn

In this course, you will gain a solid foundation in cost management, including:

• Understanding the importance of project management at both individual project and organizational levels
• Identifying and overcoming common challenges in project environments
• Applying a structured approach to estimate, budget, and control project costs
• Recognizing common cost pitfalls and strategies to manage them

Who Should Attend

This course is designed for project managers, project team members, financial analysts, and any professionals interested in enhancing their cost management skills. It is suitable for those seeking to improve their ability to manage project budgets and control costs effectively.

Format

Video-on-demand; includes 6-month digital access to all training materials.

Duration / PDU Value

This course will be credit for 20 PDUs.

Outline

• Seven Step Time Management Process Overview
• Visualize
• Plan
• Prioritize
• Execute
• Monitor and Evaluate
• Adapt
• Introduction to Cost Management
• Understanding Project Costs
• Techniques for Estimating Costs
• Budgeting Strategies for Projects
• Cost Control and Monitoring
• Dealing with Cost Overruns and Variances
• Practical Case Studies and Applications
• Conclusion and Final Thoughts