Gain a Working Knowledge of Project Cost Management

Gain a Working Knowledge of Project Cost Management, available at $39.99, has an average rating of 4.31, with 46 lectures, based on 150 reviews, and has 569 subscribers.

You will learn about Understand the application of cost management in a project environment This course is ideal for individuals who are Those studying project management or wishing to understand cost management It is particularly useful for Those studying project management or wishing to understand cost management.

Enroll now: Gain a Working Knowledge of Project Cost Management

Summary

Title: Gain a Working Knowledge of Project Cost Management

Price: $39.99

Average Rating: 4.31

Number of Lectures: 46

Number of Published Lectures: 46

Number of Curriculum Items: 46

Number of Published Curriculum Objects: 46

Original Price: A$199.99

Quality Status: approved

Status: Live

What You Will Learn

Understand the application of cost management in a project environment

Who Should Attend

Those studying project management or wishing to understand cost management

Target Audiences

Those studying project management or wishing to understand cost management

Projects are the way of doing business and organisations need skilled people who can manage them and operate effectively in a project environment. As more organisations adopt Project Management as the tool for the implementation of work, these skills are becoming ever so in demand.

Understand and Apply Cost Management.

This program has been drawn from International Project Management Best Practice and developed to meet the requirements of the relevant unit of competence within Nationally Recognised Certificate IV in Project Management Practice in Australia.

This course is delivered in a practical real world context and whilst it is supported by theory it focusses on delivering the practical skills you can apply directly to your projects.

If you are managing projects, working in a project team or affected by projects in one way or another this course is for you. You will gain a practical insight into scope management exploring the following:

Introduction into Cost Management:

Key Terminology and the importance of Cost Management
Understanding key concepts; Tax, Depreciation and others
Increase knowledge of fundamental cost management concepts

How to Estimate the Project’s Cost

Understand estimates and the factors which affect them
Understand Top down estimation
Understand Bottom up estimation
Understand contingency

How to budget the Project

Using the WBS to develop budgets
Using different budgeting methods
Checking cash flow
Identifying approval requirements

How to Monitor and Control Costs

How to develop an effective framework
Using the Cost Management Plan
S-Curves
Dealing with variances

How to Review the Project’s Cost

Review the Project’s Budget
Report on cost effectiveness
Conduct lessons learned

At the end of this program you will have a practical, working understanding of how to manage the scope of the Project. By completing the activities, you will have met most of the requirements of the Nationally Recognised unit: Apply project cost management techniques (BSBPMG412) as part of the Certificate IV in Project Management.

The reason for developing the course

I found that the resources provided to many students undertaking studies in Project Management were lacking. They were either;

too theoretical, which prevented students applying it to their workplaces;

not engaging, such as books or PDFs;

hard to understand: using complex language to illustrate otherwise simple concepts; or

incorrect, usually written by people without a true and practical understanding of the subject.

Online learning is difficult- I know, I am the worst online student. As a result, I have designed this course to provide students with an additional resource to enhance their understanding of the topic. The course is based upon strong theoretical foundations, but delivered in a practical way- so you can apply what you learn to better your projects.�

I have also tried to make the course engaging using a mix of visual and auditory delivery accompanied by tasks which you can use to test your knowledge and apply the concepts. I have also tried to approach the subject in a casual way, which will hopefully make it a fun learning experience.

I have tried to keep the language to its simplest form, explaining industry words as I progress through the course. This will enable you to understand the vocabulary used in Project Management, without being confused by it.�

Course Curriculum

Chapter 1: Introduction

Lecture 1: Cost Management across the project life cycle

Lecture 2: Cost vs Price

Lecture 3: Lump sum v Cost plus contracts

Lecture 4: Direct v Indirect Costs

Lecture 5: Revenue v Expenses

Lecture 6: What is Profit

Lecture 7: What is return on investment (ROI)

Lecture 8: Life Cycle Costing

Lecture 9: Asset v Liability

Lecture 10: Depreciation

Lecture 11: Cash v Accrual

Lecture 12: Contingency

Lecture 13: Actual v Committed Cost

Lecture 14: Variance

Lecture 15: Cost v Budget

Lecture 16: CapEx v OpEx

Lecture 17: Sunk Cost

Lecture 18: Taxation

Lecture 19: Opportunity Cost

Lecture 20: Level of Accuracy

Lecture 21: Factors affecting estimates

Lecture 22: Top Down Estimation

Lecture 23: Bottom up Estimation

Lecture 24: Three point estimation

Lecture 25: Risk Based Contingency

Lecture 26: Work Breakdown Structure (WBS)

Lecture 27: Traditional Budgeting

Lecture 28: Zero-based Budgeting

Lecture 29: Developing the budget

Lecture 30: Payment points

Lecture 31: Cashflow

Lecture 32: Baseline

Lecture 33: Approvals

Lecture 34: Intervals to monitor costs

Lecture 35: Cost information flow

Lecture 36: Cost Management Plan (Part 1)

Lecture 37: Cost Management Plan (Part 2)

Lecture 38: S-Curve

Lecture 39: Reporting Variance

Lecture 40: Forecasting

Lecture 41: Change

Lecture 42: Corrective Actions

Lecture 43: Reviewing Cost Performance

Lecture 44: Reviewing Cost Management Process

Lecture 45: Closing Accounts

Lecture 46: Lessons Learned

Instructors

Nic Thomas
Project Management Consultant

Rating Distribution

1 stars: 3 votes
2 stars: 5 votes
3 stars: 20 votes
4 stars: 56 votes
5 stars: 66 votes

Frequently Asked Questions

How long do I have access to the course materials?

You can view and review the lecture materials indefinitely, like an on-demand channel.

Can I take my courses with me wherever I go?

Definitely! If you have an internet connection, courses on Udemy are available on any device at any time. If you don’t have an internet connection, some instructors also let their students download course lectures. That’s up to the instructor though, so make sure you get on their good side!

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