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