Project Cost Management Video - PMP/CAPM (PMBOK 6 - ECO 2019) by Mudassir Iqbal, PMP

Mudassir IqbalFebruary 15, 2019PMP ConceptsNo comments

Project Cost Management

No Initiative will be approved and no project will get into execution until the Project Manager or Project Management team provides the project schedule and the project budget. These are baselined during the Planning process Group so that can be used for measuring the progress of the project against a Project Management Plan and determine if the project is on track or if it requires an adjustment either through corrective actions, preventive actions, Defect repair or change requests. Project Cost Management Management processes provide the required ability to the Project Manager, so that s/he can keep the project within budget and deliver the project objectives successfully.

Project Cost Management Processes

Plan Cost Management (Planning)

Inputs	Tools and Techniques	Outputs
Project charter Project management plan Schedule management plan Risk management plan Enterprise environmental factors Organizational process assets	Expert judgment Data analysis Meetings	Cost management plan

Estimate Costs (Planning)

Inputs	Tools and Techniques	Outputs
Project management plan Cost management plan Quality management plan Scope baseline Project documents Lessons learned register Project schedule Resources requirements Risk register Enterprise environmental factors Organizational process assets	Expert judgment Analogous estimating Parametric estimating Bottom-up estimating Three-point estimating Data analysis Alternatives analysis Reserve analysis Cost of quality Project management information system Decision making Voting	Cost estimates Basis of estimates Project documents updates Assumption log Lessons learned register Risk register

Determine Budget (Planning)

Inputs	Tools and Techniques	Outputs
Project management plan Cost management plan Resource management plan Scope baseline Project documents Basis of estimates Cost estimates Project schedule Risk register Business documents Business case Benefits management plan Agreements Enterprise environmental factors Organizational process assets	Expert judgment Cost aggregation Data analysis Reserve analysis Historical information review Funding limit reconciliation Financing	Cost baseline Project funding requirements Project documents updates Cost estimates Project schedule Risk register

Control Costs (Monitoring and Controlling)

Inputs	Tools and Techniques	Outputs
Project management plan Cost management plan Cost baseline Performance measurement baseline Project documents Lessons learned register Project funding requirements Work performance data Organizational process assets	Expert judgment Data analysis Earned value analysis Variance analysis Trend analysis Reserve analysis To-complete performance index Project management information system	Work performance information Cost forecasts Change requests Project management plan updates Cost management plan Cost baseline Performance measurement baseline Project documents updates Assumption log Basis of estimates Cost estimates Lessons learned register Risk register

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Mudassir Iqbal

I am the founder of Know Your Project (KYP) IT Consulting and Training Company. We are based in Pakistan but work extensively with middle-market businesses directly in the European, Middle East and South Asia Regions, as well as through partnerships with multinational companies like yours. I have personally delivered several digital change projects across many sectors globally - including construction, technology, finance, manufacturing, warehousing, logistics, telecommunication. My areas of expertise are concerned with Business Process Re-engineering (BPR), IT Governance and Assurance, PMO Setup, and Business and IT Agility. I also have substantial experience strategizing ERP implementations and have been working with Oracle, SAP, Microsoft Dynamics and Odoo for the best part of my professional life. Both nationally and internationally, I’m also providing in-depth, high-caliber executive development and training in various fields, covering topics such as project planning, project management, leading teams, cultural change. I’m a passionate writer and speaker on the topics of Digital Transformation, CIO, ERP and Project Management.