PMP 5 - Project Cost Management - Fifth Edition

A MindEdge courseAccess Time: 30 days

This course was designed as a supplemental study guide for the major content areas of Chapter 7 of A Guide to the Project Management Body of Knowledge (PMBOK® Guide), Fifth Edition. In this course, you will consider the general approaches to cost management, such as the methods that are used to estimate and budget for project costs. You will also learn about the interrelationship of various cost control concepts and possible responses a project management team might make if a project is falling behind schedule or overrunning its budget.

This course contains video segments of project management professionals who offer advice and best practices about how to become a more effective project manager. By submitting a question via the course's Ask the Expert link, you get access to project managers who will answer your questions within 24-48 hours.

Taking advantage of online interactivity, the course contains a vocabulary game, flashcards, and other activities to help you master the material.

After completing this course, you should be able to:

• Define cost management and its associated cost management plan
• Explain the various inputs of and methods for estimating activity cost
• Describe how to aggregate activity costs to determine budget and both periodic and total project funding requirements
• Identify the cost baseline and performance measurement baseline and their importance in earned value management
• Calculate planned value, earned value, actual cost, schedule variance, cost variance, the schedule performance index, and cost performance index
• Explain how baselines, planned value, earned value, and actual cost can be represented in graphic form
• Calculate the budget at completion, estimate at completion, estimate to complete, and the to-complete performance index and use these concepts to forecast the cost requirements of a project
• Identify the warning signs that a project is falling behind schedule or overrunning its budget and explain the various possible responses
• Explain performance-reporting techniques and updates to project documentation
• Recognize the various approaches to project selection, including return on investment and internal rate of return

Note: After successful completion, learners receive 3.5 PDUs/contact hours. Successful completion means completing all assignments in the course and scoring a minimum of 70% on the assessment at the end of the course.

Target Audience: This course is designed for adult learners with some project management experience.

Level: Intermediate

Prerequisites: Learners should have some experience in project management and will need to have access to the Project Management Institute's A Guide to the Project Management Body of Knowledge (PMBOK® Guide), Fifth Edition.

Estimated time to complete: 3.5 hours of online course work

Ask the Expert: This course has an "Ask the Expert" feature, which submits your questions directly to an expert in the field you are studying. Questions are answered as quickly as possible and usually within 24 hours.

Required Material: This course requires the Project Management Institute's A Guide to the Project Management Body of Knowledge (PMBOK® Guide), Fifth Edition.

Successful Completion Requirement for IACET CEU: Learners must achieve an average test score of at least 70% to meet the minimum successful completion requirement and qualify to receive IACET CEU credit. Learners will have three attempts at all graded assessments.