Understand a project manager’s role in building a budget and the types of costs that go into one.
- [Voiceover] With most projects, money is important.…Whether you're trying to make it, save it,…or at the very least, stay within a budgeted amount.…Project cost is one of the three key constraints…you need to manage.…And the project budget is your starting point.…The project budget should be a realistic estimate…of the cost of the work you've identified…in the work breakdown structure.…If your estimate is unrealistically high,…the project could be cancelled.…
If the estimate is too low,…the project won't deliver the financial benefit…it's supposed to.…You estimate the total project cost by calculating…all the costs associated with completing the project work,…including labor, materials, and other costs, like travel.…Early in the project, you can estimate costs…for the first few levels of your work breakdown structure…to get a rough estimate of the project budget.…Then, you can create more accurate estimates…as you learn more about the project.…
Labor cost is usually a big part of a project's cost.…Labor cost is what you pay people who work on a project.…
Bonnie Biafore has always been fascinated by how things work and how to make things work better. In this course, she explains the fundamentals of project management, from defining the problem, establishing project goals and objectives, and building a project plan to managing team resources, meeting deadlines, and closing the project. Along the way, she provides tips for reporting on project performance, keeping a project on track, and gaining customer acceptance.
Lynda.com is a PMI Registered Education Provider. This course qualifies for professional development units (PDUs). To view the activity and PDU details for this course, click here.
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- Defining the components of a project
- What it takes to be a project manager
- Using project management software like Microsoft Project
- Managing project scope, budget, and schedule
- Managing project resources, including people
- Managing project risk
- Initiating a project
- Identifying and managing stakeholders
- Identifying requirements and deliverables
- Developing a project plan
- Building a project schedule
- Assigning resources to tasks
- Understanding the critical path
- Running the project
- Managing teams
- Monitoring performance
- Closing a project
Skill Level Beginner
Project Management Foundations: Communication (2014)with Doug Rose1h 47m Intermediate
1. Getting to Know Project Management
2. Exploring Project Management Knowledge Areas
3. First Things First
How to develop requirements4m 19s
4. Developing a Project Plan
5. Building a Project Schedule
6. While You Run the Project
7. Working with Teams
8. Monitoring and Controlling Progress and Performance
9. Closing a Project
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