Discover what goes into estimating and managing project costs to deliver a project within budget.
- [Voiceover] Because most projects have a budget,…cost management includes processes to ensure…that your project comes in within that budget.…During planning, you put together a cost management plan…that spells out how you're going…to handle costs in the project.…Next, you pull planning info together,…like your work breakdown structure, schedule,…and estimated resources…so you can estimate project costs.…
There are many estimating techniques to choose from,…such as expert judgment, parametric estimating,…and bottom-up estimating.…The methods you choose depend on the project…and your organization.…Cost estimates improve over time…as you learn more about the project.…For example, during initiation, your cost estimate…is often a rough order of magnitude,…something like plus or minus 75%.…
Once work is underway, however,…you may be able to estimate within five or 10%.…For some projects, the cost estimate becomes the budget.…However, many projects are given a budget to meet.…In that case, you may need to juggle scope,…
Author
Bonnie Biafore
Released
7/10/2016Bonnie 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.
The PMI Registered Education Provider logo is a registered mark of the Project Management Institute, Inc.
- 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
Duration
Views
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Introduction
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Welcome1m 17s
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Using the exercise files1m 17s
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1. Getting to Know Project Management
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2. Exploring Project Management Knowledge Areas
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Manage project scope2m 37s
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Learn to manage quality1m 16s
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How to manage stakeholders1m 34s
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3. First Things First
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How to develop requirements4m 19s
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4. Developing a Project Plan
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How to define work packages1m 50s
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Build a project schedule2m 2s
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Develop a project budget3m 27s
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How to identify risks3m 8s
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Develop a quality plan3m 35s
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5. Building a Project Schedule
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Learn to sequence tasks2m 36s
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Learn to use milestones1m 38s
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Make a realistic schedule1m 49s
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Understand the critical path2m 32s
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How to shorten a schedule4m 23s
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Document a baseline1m 34s
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6. While You Run the Project
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How to run a project2m 2s
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How to procure resources3m 27s
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7. Working with Teams
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Manage team resources4m 3s
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Understand team dynamics2m 39s
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8. Monitoring and Controlling Progress and Performance
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How to gather project data1m 43s
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How to execute plans3m 46s
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Manage the project schedule1m 35s
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Manage and control costs2m 29s
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Learn how to manage scope2m 37s
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Learn how to solve problems2m 23s
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9. Closing a Project
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How to close a project1m 17s
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Document lessons learned2m 31s
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Conclusion
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Video: How to work with project costs and budgets