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
$828.96 - $831.16 See individual course offerings below for actual costs.
Course offerings
Fall 2022
Below are two offerings of OPMT 2505 for the Fall 2022 term.
CRN 42215
Duration
Mon Sep 12 - Mon Dec 05 (12 weeks)
- 12 weeks
- CRN 42215
- $831.16
Class meeting times
| Dates | Days | Times | Locations |
|---|---|---|---|
| Sep 12 - Dec 05 | Mon | 18:30 - 21:30 | Burnaby SW01 Rm. 3150 |
Instructor
Michael Lachocki
Course outline
Cost
$831.16
Important information
-
No class on October 10
Status
In Progress
This course offering is in progress. Please check back next term or subscribe to receive email updates.
CRN 48608
Duration
Mon Sep 19 - Mon Dec 05 (12 weeks)
- 12 weeks
- CRN 48608
- $828.96
Class meeting times
| Dates | Days | Times | Locations |
|---|---|---|---|
| Sep 19 - Dec 05 | N/A | N/A | Online |
Instructor
Michael Lachocki
Course outline
Cost
$828.96
Important information
- Internet delivery format.
-
Important Information: Internet delivery asynchronous course format. This is 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).
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.