Planning and Managing the Project Budget (2021 Update)

PMI Project Management Professional 2021 Update    |    Everyone
  • 15 videos | 1h 12m 7s
  • Includes Assessment
  • Earns a Badge
  • Certification CPE
  • Certification PMI PDU
Rating 4.5 of 296 users Rating 4.5 of 296 users (296)
Project management requires some financial savvy. Project cost management involves cost estimates, vendor bid analysis, and determining realistic budgets and then keeping them on track. While terms like cost aggregation and baseline, reserve analysis, and earned value management (EVM) are initially daunting, with some background and work, these tasks and tools can be understood and mastered. In this course, you'll learn to the basics of creating budgets and estimating and controlling costs. You'll explore cost forecasts, estimating using methods like estimate to complete (ETC), estimate at completion (EAC), cost performance index, and bottom-up and analogous estimating.

WHAT YOU WILL LEARN

  • Discover the key concepts covered in this course
    Distinguish between the tools and techniques you can use to estimate project costs
    Describe how to use the bottom-up estimating technique to estimate project costs
    Recognize the tools and techniques you can use to determine your project budget
    Recognize the tools and techniques you can use to control project costs
    Match earned value management values with their formulas
    Recognize the situations in which different estimate at completion (eac) formulas are used
    Calculate the to-complete performance index (tcpi) for a project given earned value management (evm) figures
  • Calculate the planned value and earned value, given the budget, percent of time passed, and percent of work completed
    Calculate the schedule variance and schedule performance index, given the earned value and planned value
    Calculate the cost variance and cost performance index, given the earned value and actual costs
    Determine project performance, given a set of raw data points
    Utilize work performance data to determine project performance
    Determine the estimate at completion, using the formulas for scenarios 1 and 2
    Recognize how the choice of eac formula depends on the project situation

IN THIS COURSE

  • 28s
    After completing this video, you will be able to discover the key concepts covered in this course. FREE ACCESS
  • 4m 43s
    After completing this video, you will be able to distinguish between the tools and techniques you can use to estimate project costs. FREE ACCESS
  • Locked
    3.  Bottom-up Technique to Estimate Costs
    3m 50s
    After completing this video, you will be able to describe how to use the bottom-up estimating technique to estimate project costs. FREE ACCESS
  • Locked
    4.  Budget Determination
    4m 29s
    After completing this video, you will be able to recognize the tools and techniques you can use to determine your project budget. FREE ACCESS
  • Locked
    5.  Tools and Techniques for Cost Control
    4m 52s
    After completing this video, you will be able to recognize the tools and techniques you can use to control project costs. FREE ACCESS
  • Locked
    6.  Earned Value Management and Cost Performance
    5m 7s
    After completing this video, you will be able to match earned value management values with their formulas. FREE ACCESS
  • Locked
    7.  Estimate at Completion (EAC)
    4m 38s
    After completing this video, you will be able to recognize the situations in which different estimate at completion (EAC) formulas are used. FREE ACCESS
  • Locked
    8.  To-complete Performance Index
    4m 15s
    After completing this video, you will be able to calculate the to-complete performance index (TCPI) for a project given earned value management (EVM) figures. FREE ACCESS
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    9.  Planned Value and Earned Value Calculations
    5m 29s
    After completing this video, you will be able to calculate the planned value and earned value, given the budget, percent of time passed, and percent of work completed. FREE ACCESS
  • Locked
    10.  Schedule Variance Calculation
    4m 12s
    After completing this video, you will be able to calculate the schedule variance and schedule performance index, given the earned value and planned value. FREE ACCESS
  • Locked
    11.  Cost Variance Calculation
    4m 29s
    After completing this video, you will be able to calculate the cost variance and cost performance index, given the earned value and actual costs. FREE ACCESS
  • Locked
    12.  Example 1: Determining Project Performance
    6m 54s
    After completing this video, you will be able to determine project performance, given a set of raw data points. FREE ACCESS
  • Locked
    13.  Example 2: Determining Project Performance
    6m 55s
    After completing this video, you will be able to utilize work performance data to determine project performance. FREE ACCESS
  • Locked
    14.  Scenarios 1 & 2: Estimate at Completion
    4m 59s
    After completing this video, you will be able to determine the estimate at completion, using the formulas for scenarios 1 and 2. FREE ACCESS
  • Locked
    15.  Scenarios 3 & 4: Estimate at Completion
    6m 48s
    After completing this video, you will be able to recognize how the choice of EAC formula depends on the project situation. FREE ACCESS

EARN A DIGITAL BADGE WHEN YOU COMPLETE THIS COURSE

Skillsoft is providing you the opportunity to earn a digital badge upon successful completion on some of our courses, which can be shared on any social network or business platform.

Digital badges are yours to keep, forever.

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