Course details
The ability to have project costs come in under, or close to, the approved budget is one of the goals of all project managers. This course will cover the tools and techniques required to translate project objectives and scope into units of cost that can be used to create a budget. All aspects of project cost management will be addressed, including: planning, estimating, budgeting, financing, funding, managing, and controlling costs. Methodologies for the procurement of products/services outside of areas specific to the project team and contract management will also be examined as these relate to project costs. This will include monitoring contract fulfillment and managing change process controls.
Prerequisite(s)
- 50% in OPMT 1187
Credits
3.0
Cost
$792.41 - $831.16 See individual course offerings below for actual costs.
Course offerings
Winter 2023
Below are three offerings of OPMT 2505 for the Winter 2023 term.
CRN 82141
Duration
Mon Jan 09 - Mon Apr 03 (12 weeks)
- 12 weeks
- CRN 82141
- $831.16
Class meeting times
| Dates | Days | Times | Locations |
|---|---|---|---|
| Jan 09 - Apr 03 | Mon | 18:30 - 21:30 | Burnaby SW01 Rm. 3170 |
Instructor
Michael Lachocki
Course outline
Cost
$831.16
Important information
-
No class on Monday, February 20
Status
In Progress
This course offering is in progress. Please check back next term or subscribe to receive email updates.
CRN 83190
Duration
Mon Jan 09 - Mon Mar 27 (12 weeks)
- 12 weeks
- CRN 83190
- $792.41
Class meeting times
| Dates | Days | Times | Locations |
|---|---|---|---|
| Jan 09 - Mar 27 | N/A | N/A | Online |
Instructor
Michael Lachocki
Course outline
Cost
$792.41
Important information
- Internet delivery format.
-
Please note that the lecture component for this course is asynchronous, not requiring you to meet each and every week at a specific time, however, there will be specific timelines for assignments and exams. It is important you have a stable and consistent internet connection to access course content. Course content, type and quality of assignments, and general standards for this online course are the same as classroom courses. To be successful in this online course, plan to spend 7-10 hours per week on your studies, or more of it’s a condensed course, starting Week 1. Important course information will be sent to your myBCIT account prior to your course start date.
Status
In Progress and Full
This course offering is in progress and full. Please check back next term or subscribe to receive email updates.
CRN 89762
Duration
Mon Jan 16 - Mon Apr 03 (12 weeks)
- 12 weeks
- CRN 89762
- $792.41
Class meeting times
| Dates | Days | Times | Locations |
|---|---|---|---|
| Jan 16 - Apr 03 | N/A | N/A | Online |
Instructor
Michael Lachocki
Course outline
Cost
$792.41
Important information
- Internet delivery format.
-
You have registered for an asynchronous course that will be held entirely online, but not requiring you to meet each and every week at a specific time. Please check the registration page for any specific dates and times that you will need to be available (i.e midterm and final exams). In this course, you will be using an online teaching tool called the Learning Hub, also known as D2L or Brightspace. The Learning Hub is where your instructor will share information, resources, assignments, deadlines and this is where you will submit your work, and communicate with both your instructor and classmates. Ensure that you are able to log in before your course starts. To log in, view your courses, set up notifications, and access the tools you need, please go directly to the Learning Hub at learn.bcit.ca/d2l/home. Your course will open either on or shortly before the start date.
Status
In Progress
This course offering is in progress. Please check back next term or subscribe to receive email updates.
Learning Outcomes
Upon successful completion of the course, the student will be able to:
- Build a project cost management plan based on information from a project management plan.
- Determine summary budget and approval requirements based on a given project charter.
- Describe the enterprise environmental factors that affect the costing of a project.
- Plan the cost management processes of a project, including policies, procedures, and documentation necessary for planning, managing, expending, and controlling costs.
- Estimate project costs using various methodologies, such as parametric estimating, bottoms-up estimating, and three-point estimating.
- Explain why a project reserve (contingency fund) is needed.
- Build a project budget.
- Evaluate and propose improvements to cost performance using appropriate measurement methodologies, including earned value management.
- Develop a project procurement plan, including supplier selection criteria and methods, contract awarding, and contract management.
- Differentiate between various methods of awarding contracts and select the appropriate method.
- Assess contract performance and propose necessary actions for improvement.
- Describe the necessary actions to close a contract.
Effective as of Winter 2014
Related Programs
Project Resourcing and Cost Management (OPMT 2505) is offered as a part of the following programs:
School of Business + Media
- Project Management
Associate Certificate Part-time
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Programs and courses are subject to change without notice.