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
- CPE
- PMI PDU
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
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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
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28sAfter completing this video, you will be able to discover the key concepts covered in this course. FREE ACCESS
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4m 43sAfter completing this video, you will be able to distinguish between the tools and techniques you can use to estimate project costs. FREE ACCESS
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3. Bottom-up Technique to Estimate Costs3m 50sAfter completing this video, you will be able to describe how to use the bottom-up estimating technique to estimate project costs. FREE ACCESS
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4. Budget Determination4m 29sAfter completing this video, you will be able to recognize the tools and techniques you can use to determine your project budget. FREE ACCESS
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5. Tools and Techniques for Cost Control4m 52sAfter completing this video, you will be able to recognize the tools and techniques you can use to control project costs. FREE ACCESS
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6. Earned Value Management and Cost Performance5m 7sAfter completing this video, you will be able to match earned value management values with their formulas. FREE ACCESS
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7. Estimate at Completion (EAC)4m 38sAfter completing this video, you will be able to recognize the situations in which different estimate at completion (EAC) formulas are used. FREE ACCESS
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8. To-complete Performance Index4m 15sAfter 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 Calculations5m 29sAfter 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
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10. Schedule Variance Calculation4m 12sAfter 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
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11. Cost Variance Calculation4m 29sAfter 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
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12. Example 1: Determining Project Performance6m 54sAfter completing this video, you will be able to determine project performance, given a set of raw data points. FREE ACCESS
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13. Example 2: Determining Project Performance6m 55sAfter completing this video, you will be able to utilize work performance data to determine project performance. FREE ACCESS
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14. Scenarios 1 & 2: Estimate at Completion4m 59sAfter completing this video, you will be able to determine the estimate at completion, using the formulas for scenarios 1 and 2. FREE ACCESS
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15. Scenarios 3 & 4: Estimate at Completion6m 48sAfter 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
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