Course Overview
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
Domestic fees
$854.51 - $915.90 See individual course offerings below for actual costs.
International fees are typically 3.4 times the domestic tuition. Exact cost will be calculated upon completion of registration.
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:
- Indicates programs accepting international students.
School of Business + Media
- Project Management
Associate Certificate Part-time
Course Offerings
Spring/Summer 2026
Below are two offerings of OPMT 2505 for the Spring/Summer 2026 term.
CRN 67543
Dates
Apr 06 - Jun 22 Loading
- CRN 67543
- $854.51 Domestic fees
Class meeting times
| Dates | Days | Times | Locations |
|---|---|---|---|
| Apr 06 - Jun 22 | N/A | N/A | Online |
Duration
12 weeks
Instructor
Michael Lachocki
Course outline
Course outline TBD — see Learning Outcomes in the interim.
Important information
- Please note that the lecture component for this course is asynchronous, not requiring you to meet 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.
Confirmation
Required
To proceed with registration and add this course to the cart, please confirm:
Status
If you have any questions about this course, please contact us.
CRN 62480
Dates
Apr 13 - Jun 29 Loading
- CRN 62480
- $857.57 Domestic fees
Class meeting times
| Dates | Days | Times | Locations |
|---|---|---|---|
| Apr 13 - Jun 29 | Mon | 18:30 - 21:45 | Burnaby SW01 Rm. 3190 |
Duration
11 weeks
Instructor
Michael Lachocki
Course outline
Important information
- No class May 18
Confirmation
Required
To proceed with registration and add this course to the cart, please confirm:
Status
If you have any questions about this course, please contact us.
Fall 2026
Below are two offerings of OPMT 2505 for the Fall 2026 term.
CRN 50531
Dates
Sep 07 - Nov 23 Loading
- CRN 50531
- $871.89 Domestic fees
Class meeting times
| Dates | Days | Times | Locations |
|---|---|---|---|
| Sep 07 - Nov 23 | N/A | N/A | Online |
Duration
12 weeks
Instructor
Michael Lachocki
Course outline
Course outline TBD — see Learning Outcomes in the interim.
Important information
- This course is asynchronous, and does not require 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.
Confirmation
Required
To proceed with registration and add this course to the cart, please confirm:
Status
If you have any questions about this course, please contact us.
CRN 42215
Dates
Sep 14 - Dec 07 Loading
- CRN 42215
- $915.90 Domestic fees
Class meeting times
| Dates | Days | Times | Locations |
|---|---|---|---|
| Sep 14 - Dec 07 | Mon | 18:30 - 21:30 | Burnaby SE06 Rm. 112 |
Duration
12 weeks
Instructor
Michael Lachocki
Course outline
Course outline TBD — see Learning Outcomes in the interim.
Important information
- No class Monday, October 12
Confirmation
Required
To proceed with registration and add this course to the cart, please confirm:
Status
If you have any questions about this course, please contact us.
Programs and courses are subject to change without notice. Find out more about BCIT course cancellations.