Managing Project Schedules and Costs
Course Description
Project managers must be capable of establishing realistic schedules and budgets that support business objectives and meet customer expectations. Delivering project results within the agreed upon time, cost and quality constraints is a challenge in an environment that is constantly changing.
The reality is that projects that are under-resourced, with imposed stakeholder deadlines that often take longer and cost more than they would if they had been planned properly. This creates unplanned economic disadvantages for organizations and often results in longer-term problems. Project leaders have a responsibility to define realistic schedules and budgets using available resources and time constraints.
The two-day course will teach the necessary knowledge, methods, techniques and leadership skills to enable project managers to establish realistic schedules and budgets for projects that support business objectives.
Learn the art and science of managing schedules and controlling projects that effectively use the tools of project management. Students will focus on managing the constraints faced in any project: time, resources, materials, budget and quality. Students will also be introduced to the importance of professional responsibility in scheduling and cost management as well as an introduction to the MyProjectAdvisor® Leadership Competency Pyramid.
Student Prerequisites:
This is an advanced scheduling and cost management course for students who have mastered the basics of the PMBOK®. Students should have completed the Project Management Essentials course or the equivalent.
The course includes:
- Presentations
- Discussions
- Skills Practice
- Group exercises
- Networking
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Objectives
- Understand the importance of customer needs and constraints in scheduling and cost management
- Learn how to translate the work breakdown structure into a schedule
- Identify key planning inputs for schedule and costs
- Create a Resource Assignment Matrix
- Master the ability to create resource requirements, pools and plans
- Apply different estimation methods
- Calculate PERT estimates
- Calculate schedules using the precedent diagram method
- Master critical path method
- Understand critical chain method
- Understand how to baseline and when
- Recognize input changes to schedule and costs
- Master the ability to forecast future project performance based on historical data
- Recognize how to proactively monitor cost and schedule changes
- Closeout projects with acceptance
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Outline
Schedule and Cost Management Background
- Overview of project management processes
- Review of project constraints
- Defining customer needs
- Project requirements—a review
- The work breakdown structure—a review
- Schedule and cost management documentation
Developing Resource and Time Estimates
- Types of estimation methods
- Concepts – Cost estimating, cost budgeting, cost control
- Inputs to budget – Types of costs
- Creating a project requirements list, resource pool and resource plan
- The responsibility matrix
- Productivity measures for time and cost
- PERT Estimates
Creating the Project Schedule
- Creating a project network diagram
- Arrow diagramming and precedence diagramming methods
- Basic scheduling and network calculations
- Critical path method
- Calculating critical path
- Overview of critical chain
- Using Gantt charts and schedules in management reporting
- Creating milestone charts
- Using constraints on the schedule
- Impact of risk on budget and schedule
- Reducing schedule time / tradeoffs
Using Baselines Effectively
- Types of baselines
- Things to check before baselining your schedule and budget
- Creating realistic baselines
- Changes to baselines
- Cumulative cost vs. cost periods
Controlling the Project
- The process of control change
- Expectations for change
- Finding sources of change
- Validating change (benefit case)
- Updating the project plan
- Importance of communicating changes on projects
Project Variances and Forecasting
- Trend analysis, importance of early warning
- Basics of earned value concepts
- Formulas of earned value
- Rules for earned value
- Using earned value to forecast
- Establishing an earned value system on your project
Closing Out the Project
- Objectives of the project – benefits
- Transition to support / maintenance
- Contract closeout
- User acceptance
- Administrative closure
Importance of Leadership Project Variances and Forecasting
- Why do project managers struggle with schedules?
- Importance of leadership qualities
- Credibility in the scheduling process
- The MyProjectAdvisor® Leadership Competency Pyramid
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Contact Hours
Students will receive:
14 PDUs
1.4 CEUs
Certificate of completion
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Who Should Attend
- Certified Project Managers
- Project managers seeking certification
- PMO Managers
- Business analysts
- Project team members
- Organizational Change Agents
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Evaluation Comments
- “I thought the class was very informative. I feel better prepared to meet my responsibilities as a project manager.” – Class participant
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“PMI is a registered trademark of the Project Management Institute, Inc.”
“PMP is a registered trademark of the Project Management Institute, Inc.”
“PMBOK is a registered trademark of the Project Management Institute, Inc.”
“CAPM is a registered trademark of the Project Management Institute, Inc.”
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