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project management
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Project Cost Management
Ahmed Aslam PMP, MPM, ACCA
Introduction to
Ahmed Aslam [email protected]
CREDENTIALS • Project Management Professional (PMP) Project Management Institute, USA
• Masters in Project Management (MPM) Szabist, Islamabad
• Chartered Certified Accountant (ACCA) Association of Chartered Certified Accountants, UK
EXPERIENCE • Vice-President Strategy/PMP trainer
Project Management Institute Islamabad Chapter
• Director Projects Company operating in the HVAC & Energy sector
• Project Management Instructor Project Finance, Cost, Risk & Change Management
INSTRUCTOR’S PROFILE
BACKGROUND CHECK
• Name
• Qualification
• Profession
• Expectations
THE RULES
• Class attendance • Max of 3 Absents/Leaves
• ½ Absent for late coming
• Disqualification on 4th absent
• Constructive discussion • Discussion driven lectures
• Speak on your turn
• No cross arguments
• Use of Mobile phone • Strictly not allowed
• Fine & confiscation
• Breaks • 20 mins at mid time
• Be back on time
CLASS REPRENSENTATIVE ?
• Responsible for Information exchange between the instructor and students
• Assist the Instructor for managing & conducting the class lecture
ASSESSMENT CRITERIA
Pre-mid Quiz 5 marks
Pre-mid Project 10 marks
Mid-term exam 30 marks
Post-mid Quiz 5 marks
Post-mid Project 10 marks
Final exam 40 marks
TOTAL 100 marks
Week 01 – Introduction to Project Cost Management
• Week 02 – Planning Project Costs
• Week 03 – Estimating Project Costs
• Week 04 – Determining a Project Budget
• Week 05 – Class activity/practice questions
• Week 06 – Quiz, Problems & Revision
• Week 07 – Project Presentation
• Week 08 - Mid-term Examination
• Week 09 – Controlling Project Costs
• Week 10 – Earned Value Management
• Week 11 – Earned Value Management (cont.)
• Week 12 – Forecasting techniques
• Week 13 – Class activity/practice questions
• Week 14 – Quiz, Problems & Revision
• Week 15 – Project Presentation
• Week 16 - Final Examination
COURSE OUTLINE
• Review Project Management basics
• Introduction to Project Cost Management
• Project Cost Management processes
LECTURE OUTLINE
PROJECT MANAGEMENT
Projects & Operations
Program, Portfolio & Strategy
The five process groups
Ten knowledge areas
The triple constraints
Project Management Office
Role of a Project Manager
PROJECT COST MANAGEMENT
• Cost is the measurement of resources that
must be expended in order to obtain an object
or complete an activity
• Project Cost Management is a series of
activities for planning, estimating, allocating,
and controlling costs within the project
PCM PROCESSES
• Plan Costs
• Estimate costs
• Determine Budget
• Control costs
PLAN COSTS
Establish policies, procedure and documents for managing costs throughout the project
ESTIMATE COSTS
• Developing an approximation of
the monetary resources needed
to complete project activities
• Prediction that is based on the
information known at a given
point in time
DETERMINE BUDGET
The process of aggregating the estimated costs of
individual activities or work packages to establish an
authorized COST BASELINE
CONTROL COSTS
The process of monitoring the status of the project to update the project budget and managing changes to the
COST BASELINE
LEARNING OUTCOMES
• Revision of Project Management basics
• What is Project Cost Management
• Project Cost Management processes