Project Cost Management

What this unit covers

The resources follow the cost processes in order: plan cost management, estimate costs, determine budget and control costs. The flashcard deck 07 PROJECT COST MANAGEMENT lists all four, then asks about stakeholders, the cost management plan and cost estimates. Other material looks at cost types, reserves, earned value and formulas.

Where to start

1. Open the Cost Management Processes slide set for an overview.
2. Work through the flashcard deck 07 PROJECT COST MANAGEMENT to learn the four processes and their terms.
3. Move to the mind maps, one process at a time.
4. Finish with quizzes.

Using the mind maps

The maps are the largest part of the page. Several cover each process, so you can compare how different contributors lay out the same topic. The Plan Cost Management map sets out inputs such as the project charter and outputs such as the cost management plan. The Control Cost map covers measurements, variances, changes, and corrective and preventive actions. The Determine Budget map moves from activity estimates up to the cost baseline, reserves and the cost budget. The Cost Types map separates variable, fixed, direct and indirect costs.

Quizzes and flashcards

The quiz Project Mngt Chapter 8 tests direct costs and cost types, such as material being recurring, variable and direct. EVM Quiz and Earned Value Management Knowledge Test suit earned value practice. For PMP preparation, try Udemy PMP Exam Prep: Module Seven Exam and the PMP knowledge flashcards. Use the Formulas deck when calculations feel shaky.

Where it fits

This unit sits within the Project Management strand of Business administration and management (incl. project management). Pick a map you like, take a quiz on the same process, and note what you missed.