Managing Project Resources: Budgets, Estimates and Performance (Intermediate) (PMMBEP)
Good project planning has long been shown to be one of the cornerstones of successful project performance. The challenges involved in the development of a sound project plan, however, are often overlooked. When the least is known about a project, a project manager is expected to define costs, schedules, resource requirements, and other project parameters. These initial estimates are really guesses of future conditions, which will become better defined as the project proceeds. Admittedly all estimates are educated guesses, but in the project world they often then become cast in concrete. How does a project manager face this important task with confidence?
Once a project has moved beyond the initial planning stages, the project manager is also faced with the challenge of conveying project performance to a management that often is not familiar with project terminology. For the most part, upper management of most organizations and clients understand the world in financial terms such as revenue recognition, profitability, and cash flow. Project selection is often based, at least in part, on the financial considerations of the project. Translating project terminology and concepts into financial terms and concepts is a key role for the successful project manager. Fortunately, there are good approaches to dealing with these concerns. This course takes a practical look at estimation (theory and practice), project baselines, budgeting, financial analysis, and evaluating and measuring project performance.
Upon completion of the course, a successful student will be able to:
- Describe estimation theory as it applies to project management
- Understand how to develop a project budget
- Identify and apply the tools of resource allocation to projects
- Describe how to apply project controls
- Understand how to communicate project information to the management level
This is an onsite course.
This is an interactive course. Through a series of lectures, discussions and group work participants will be exposed to the following topics:
- Estimation theory and practice
- Budget development
- Resource allocation
- Project Controls
This course is offered twice a year. Other available sections include:
PMMBEP 15S1: April 30, 2015–May 1, 2015
Notes: Breakfast, networking lunch and all materials included in tuition.
This course fulfills elective requirements for both the Project Management Strategy Certificate and Advanced PM Certificate.