PMP Module 4 - Cost
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Part of Cybrary's PMP certification course, these slides describe the 4th of 10 Knowledge Areas discussed in the video series. If you're interested, please watch the videos and download the rest of the slides from out site - Cybrary.IT Cybrary's goal is to provide knowledge for FREE! We believe IT and Cyber Security training should be free, for everyone, forever. Join us in demanding liberation, and help us in forcing change. #hacktheindustry Like us on Facebook: https://www.facebook.com/cybraryit/timeline or Follow us on Twitter: https://twitter.com/cybraryIT (@cybraryIT) & on Instagram: @cybrary.it
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PMP Module 4 - Cost
- 2. Project Management Process Table • 5 Process Groups • Initiation, Planning, Executing, Monitoring & Controlling, and Closing • 10 Knowledge Areas • Integration, Scope, Time, Cost, Quality, Human Resources, Communication, Risk, Procurement, and Stakeholder. • 47 Total Processes • Processes are categorized by Process Group and Knowledge Area. 2
- 3. 3 Project Management Process Table
- 4. Cost Management Overview Cost Management is the knowledge area that covers financial concepts and principles used to manage a project. Cost Management requires some basic algebra and formulas used in the planning and monitoring and controlling processes. • 4 processes in the Cost Knowledge Area • Plan Cost Management (Planning) • Estimate Cost (Planning) • Determine Budget (Planning) • Control Cost (Monitoring & Controlling) 4
- 6. 6 Planning – Plan Cost Management • Plan Cost Management is the process that creates the Cost Management Plan which defines the methods used to prepare, configure, track and control costs. • Plan Cost Management is the initial process that creates the Cost Management Plan. • Its inputs are: • The Project Management Plan – • Project Charter – • Its tools are: • Expert Judgment • Analytical Techniques Plan Cost Management
- 7. 7 Plan Cost Management Cost Management Plan Helps the Project Manager and team with: •Establish cost of activities and work packages •Establish the cost accounts •Establish policies associated with updating the budget •Deal with cost changes Planning – Plan Cost Management
- 8. 8 Project Management Plan Project Charter Cost Management Plan Inputs Output Tools Planning – Plan Cost Management Expert Judgment Analytical Techniques Plan Cost Management Plan Cost Management
- 10. 10 Planning – Estimate Costs • Estimate Costs process is focused on making accurate estimates of the project budget. This creates Activity Cost Estimates and Basis of Estimates. Its inputs are: • The Cost Management Plan – • Human Resource Management Plan - • Scope Baseline – • Project Schedule – • Risk Register - Estimate Costs
- 11. 11 Estimate Costs • Estimate Costs process is focused on making accurate estimates of the project budget. This creates Activity Cost Estimates and Basis of Estimates. Its tools are: • Expert Judgment • Analogous Estimating • Parametric Estimating • Bottom-Up Estimating • Three Point Estimating • Reserve Analysis • Cost of Quality • Vendor Bid Analysis • Project Management Software Planning – Estimate Costs
- 12. 12 Estimate Costs • Estimate Costs process is focused on making accurate estimates of the project budget. This creates Activity Cost Estimates and Basis of Estimates. Its tools are: • Expert Judgment • Analogous Estimating • Parametric Estimating • Bottom-Up Estimating • Three Point Estimating • Reserve Analysis • Cost of Quality • Vendor Bid Analysis • Project Management Software Planning – Estimate Costs
- 13. 13 Estimate Costs • Estimate Costs process is focused on making accurate estimates of the project budget. This creates Activity Cost Estimates and Basis of Estimates. Its tools are: • Expert Judgment • Analogous Estimating • Parametric Estimating • Bottom-Up Estimating • Three Point Estimating • Reserve Analysis • Cost of Quality • Vendor Bid Analysis • Project Management Software Planning – Estimate Costs
- 14. 14 Cost Management Plan HR Management Plan Scope Baseline Project Schedule Risk Register Activity Cost Estimates Basis of Estimates Inputs Output Tools Expert Judgment Analogous Estimating Parametric Estimating Reserve Analysis Estimate Costs Perform Quality Assurance Planning – Estimate Costs Cost of Quality Vendor Bid Analysis Project Management Software
- 16. 16 • Determining the budget rolls up the cost estimates to into a total project budget that creates the Cost Baseline which includes a time based approach to determine project costs as time passes and the Project Funding Requirements. This creates the Cost Baseline, and Project Funding Requirements. Its inputs are: • Cost Management Plan • Scope Baseline • Activity Cost Estimates • Basis of Estimates • Project Schedule • Resource Calendars • Risk Register • Agreements Determine Budget Planning – Determine Budget
- 17. 17 • Determining the budget rolls up the cost estimates to into a total project budget that creates the Cost Baseline which includes a time based approach to determine project costs as time passes and the Project Funding Requirements. This creates the Cost Baseline, and Project Funding Requirements. Its tools are: • Cost Aggregation • Reserve Analysis • Expert Judgment • Historical Relationships • Funding Limit Reconciliation Determine Budget Planning – Determine Budget
- 18. 18 Cost Baseline Determine Budget Planning – Determine Budget
- 19. 19 Project Funding Requirements Determine Budget Planning – Determine Budget
- 20. 20 Cost Management Plan Scope Baseline Activity Cost Estimates Basis of Estimates Project Schedule Resource Calendars Risk Register Agreements Cost Baseline Project Funding Requirements Inputs Output Tools Cost Aggregation Reserve Analysis Expert Judgment Control Quality Determine The Budget Planning – Estimate Costs Historical Relationships Funding Limit Reconciliation
- 22. 22 • Control Costs focuses on how to control any changes in the project budget. This process creates the Work Performance information, Cost Forecasts, Change Requests and Project Management Plan Updates. This creates Work Performance Information, Cost Forecasts, Change Requests, Project Management Plan Updates. Its inputs are: • Project Management Plan • Project Funding Requirements • Work Performance Data Control Cost Monitoring & Controlling – Control Cost
- 23. 23 • Control Costs focuses on how to control any changes in the project budget. This process creates the Work Performance information, Cost Forecasts, Change Requests and Project Management Plan Updates. This creates Work Performance Information, Cost Forecasts, Change Requests, Project Management Plan Updates. Its inputs are: • Earned Value Management • Forecasting, To-Complete Performance Index (TCPI) • Performance Reviews • Project Management Software • Reserve Analysis Control Cost Monitoring & Controlling – Control Cost
- 24. 24 Project Management Plan Project Funding Requirements Work Performance Data Work Performance Information Cost Forecasts Change Requests Project Management Plan Updates Inputs Output Tools Earned Value Management Forecasting, TCPI Performance Reviews Control Quality Control Costs Planning – Estimate Costs Project Management Software Reserve Analysis