Project Cost and Schedule Management (Online)

Course Overview

The triple constraints of project management – scope, time, and cost – are the focus of this on-line course. Mastering the art of planning is a key to controlling these constraints. Using facilitated discussion, complex case studies, exercises, and problem analysis, this course emphasizes the key elements of the project plan – the project work breakdown structure (WBS), project cost estimates and budgets, project schedules, and resource assignment tools. Participants will learn valuable techniques to set plan expectations with key stakeholders, kick off the execution work, monitor and track project performance (using earned value management practices), and close out the project. At the end of the course, participants will simulate briefing the plan to management and the customer to practice building a credible plan that establishes an accurate project baseline

This on-line, self-directed version for Project Cost and Schedule Management is offered in partnership with The University of Alabama-Huntsville. Participants engage with a series of video instruction modules led by our PM College instructors. This format allows you to view the modules as many times as you might like to catch any finer points, or stop and start as you might need. This format also permits flexibility by allowing you to fit this “on-demand” (available 24x7) content into whatever schedule best suits you. We do ask that once you have enrolled in the course, that you complete it within 30 days. This will keep your studies focused and allow for interaction with the instructor. Homework assignments for each module are reviewed via email by our instructors, and you receive personalized feedback on your assignments to gain the most from your studies.

Key Outcomes

Upon completion of this course, participants will be able to:

• Use various tools to make cost and schedule decisions and establish baselines
• Recognize the importance of the project scope and how it relates to cost and schedule management
• Apply various techniques to develop effective project cost estimates
• Interpret and analyze cost and schedule performance
• Identify and manage cost and schedule changes

Course Outline

Scope Planning

• Recognize the importance of scope and how it relates to cost and schedule management
• Identify the key roles stakeholders play in setting expectations
• Distinguish attributes of an effective WBS
• Use project cost and schedule inputs to create a detailed scope statement and WBS
• Analyze a WBS for completeness

Project Cost Management

• Estimate project costs
• Describe cost estimating terms and concepts
• Differentiate among units of project time
• Identify project cost estimating techniques
• Determine an initial budget

Time Management

• Describe key scheduling terms and concepts
• Identify the benefits of accurate schedules and the pitfalls that lead to ineffective project schedules
• Discuss types of schedule relationships
• Build a project schedule
• Identify techniques to schedule under varying circumstances (lean, resource constraints, and uncertainty)

The Project Baseline

• Describe the importance of the project baseline
• Identify components of a project baseline
• Explain the process of establishing the project baseline
• Describe methods of communicating the project baseline with stakeholders

Monitoring Cost and Schedule Performance

• Identify various approaches to monitoring project cost and schedule baselines
• Recognize the effectiveness of various techniques for monitoring project performance
• Recognize key terms and concepts related to Earned Value management
• Calculate point in time performance data such as cost variance (CV), schedule variance (SV), cost performance index (CPI), and schedule performance index (SPI)
• Calculate forecasts of performance using earned value algorithms such as estimate at completion (EAC) and estimate to completion (ETC)

Controlling Cost and Schedule Performance

• Recognize key activities for cost and schedule control
• Identify effective techniques for managing resource variation
• Identify the activities and results of duration compression techniques
  • Crashing
  • Fast-tracking
• Identify the elements of change control and configuration management
• Apply the change control system step

Cost, Schedule, and Course Close

• Describe the benefits of the project cost and schedule “Close-out” process
• Describe the value realization process
• Identify tools for capturing lessons learned
• Identify Cost and Schedule course lessons learned