About PMP Masterclass Module 20 – PMP Cost Management Knowledge Area
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This third and final Module of four video lessons, will cover the four PMBOK processes within Cost Management - Plan Cost Management, Estimate Costs, Determine Budget and Control Costs.
We finish the last lesson here with a quick look at how Adaptive projects perform cost management. Don't forget to carry out your exercises, exam questions and Exam Cram Glossary in Handbook 11...
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Cost Management Deliverables. The costs of human and physical resources and when those costs will be incurred. It is the job of the Project Manager to monitor and control cost against time, scope, quality and risk so that forecasts remain realistic, clearly defined and achievable
Cost Management Estimation. Estimate Costs evaluates and analyses the activity time and their resource estimates to produce a cost estimate.
A Budget is known as the Cost Baseline. A Cost Baseline takes the estimated project expenditures and relates them back to the Project Calendar – this will give the cash flow requirements as well as the total budget.
Controlling processes are proactive, they do not wait until a change occurs, rather, they try to influence the change factors.
You will learn how harness lightweight cost estimation methods to agile projects and where detailed estimates are needed.
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