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 - $849.93 See individual course offerings below for actual costs.
Course offerings
Spring/Summer 2023
Below are two offerings of OPMT 2505 for the Spring/Summer 2023 term.
CRN 62480
Duration
Mon Apr 03 - Mon Jul 10 (12 weeks)
- 12 weeks
- CRN 62480
- $793.59
Class meeting times
| Dates | Days | Times | Locations |
|---|---|---|---|
| Apr 03 - Jul 10 | Mon | 18:30 - 21:30 | Burnaby SE12 Rm. 309 |
Instructor
Michael Lachocki
Course outline
Cost
$793.59
Important information
-
No class on Apr 10, May 22 and July 3
Status
In Progress
This course offering is in progress. Please check this page for other currently available offerings or subscribe to receive email updates.
CRN 67543
Duration
Mon Apr 03 - Mon Jun 19 (12 weeks)
- 12 weeks
- CRN 67543
- $792.41
Class meeting times
| Dates | Days | Times | Locations |
|---|---|---|---|
| Apr 03 - Jun 19 | N/A | N/A | Online |
Instructor
Michael Lachocki
Course outline
Cost
$792.41
Important information
- Internet delivery format.
-
This is an asynchronous course that will be held entirely online, and does not require that you 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 and online for midterms and final exams.
Status
In Progress
This course offering is in progress. Please check this page for other currently available offerings or subscribe to receive email updates.
Fall 2023
Below are two offerings of OPMT 2505 for the Fall 2023 term.
CRN 42215
Duration
Mon Sep 11 - Mon Dec 11 (11 weeks)
- 11 weeks
- CRN 42215
- $849.93
Class meeting times
| Dates | Days | Times | Locations |
|---|---|---|---|
| Sep 11 - Dec 11 | Mon | 18:30 - 22:00 | Burnaby SW01 Rm. 3150 |
Instructor
Michael Lachocki
Course outline
Course outline TBD — see Learning Outcomes in the interim.
Cost
$849.93
Important information
-
No class on Mon, Oct 2, Mon, Oct 9 and Mon, Nov 13 This course is eligible for students to receive funding through the StrongerBC Future Skills Grant at www.bcit.ca/financial-aid/strongerbc-future-skills-grant. Students register themselves into the course, then apply for the StrongerBC Future Skills Grant to cover payment if eligible.
Status
CRN 48608
Duration
Mon Sep 11 - Mon Nov 27 (12 weeks)
- 12 weeks
- CRN 48608
- $846.35
Class meeting times
| Dates | Days | Times | Locations |
|---|---|---|---|
| Sep 11 - Nov 27 | N/A | N/A | Online |
Instructor
Michael Lachocki
Course outline
Course outline TBD — see Learning Outcomes in the interim.
Cost
$846.35
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. This course is eligible for students to receive funding through the StrongerBC Future Skills Grant at www.bcit.ca/financial-aid/strongerbc-future-skills-grant. Students register themselves into the course, then apply for the StrongerBC Future Skills Grant to cover payment if eligible.
Status
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.