Project Time and Cost Management Training

Course 923

  • Duration: 4 days
  • Language: English
  • 17 NASBA CPE Credits (live, in-class training only)
  • 17 PMI PDUs
  • Level: Intermediate

Two common major areas of project overrun are time and money. In this Project Time Management and Project Cost Management training course, you gain solid schedule and budget management skills. You learn how to define the work and calculate a realistic critical path. You establish a budget baseline by allocating resources to tasks, aggregating project budgets, and quantifying risk. By setting up Earned Value Analysis, you will be able to report on project status and forecast future performance.

Train your whole team by bringing this course to your facility

  • In-Person

  • Online

Project Time and Cost Management Training Course Benefits

In this course, you will learn how to:

  • Create a realistic and robust project plan.
  • Estimate tasks and aggregate them to the project level.
  • Calculate critical path to determine project duration.
  • Determine total project costs.
  • Quantify risk to produce a defensible baseline.
  • Leverage best practices to significantly improve project outcomes.


Project management experience at the level of:

Project Time and Cost Management Training Outline

  • Identifying critical issues in successful scheduling
  • Preparing realistic budgets
  • Building a baseline, you can live with

Creating manageable activities

  • Deriving information from a statement of scope and project constraints
  • Seven rules for determining manageability

Building a deliverable-oriented Work Breakdown Structure (WBS)

  • Defining deliverables
  • Contrasting deliverable orientation with other WBS types

Translating a WBS into earned value controls

  • Determining required granularity
  • Setting up control account points

Defining precedence relationships

  • PMI dependency types
  • Mapping dependencies to relationship types

Establishing dependencies

  • Leveraging SME experience
  • Putting tasks in order
  • Determining lead and lag times

Choosing the right estimating approach

  • Moving from top down to bottom up
  • Employing analogous and parametric techniques

Working with estimation tools

  • Utilizing simple in-house tools and templates
  • Taking advantage of commercially available software

Dealing with uncertainty

  • Determining a three-point estimate
  • Building confidence into your numbers

Computing the critical path

  • Performing forward and backward passes
  • Identifying float/slack time

Activity-Based Costing (ABC)

  • Working with the Cost Breakdown Structure (CBS)
  • Rebuilding the WBS and a CBS using company cost codes

Categorizing costs

  • Determining activity-level direct, indirect, and other costs
  • Aggregating tasks up to total individual costs
  • Ratifying the granularity of estimates

Forming the interim cost baseline

  • Determining the total project costs
  • Managing the team's estimation process
  • Conforming to accuracy requirements

Creating Gantt charts

  • Establishing the project duration and end date
  • Representing relative durations of activities graphically using a Gantt chart

Realistic resourcing and resource requirements

  • Building a Resource Breakdown Structure (RBS)
  • Addressing resource constraints

Quantitatively analyzing risk

  • Assessing probability
  • Establishing the monetary value of the impact
  • Prioritizing risk using a Pareto analysis

Allocating contingency budgets and schedules

  • Locating and controlling contingency
  • Developing a mitigation plan

Plans that make sense

  • Declaring and revalidating project value
  • Defending your project plan

Preparing for Earned Value Management (EVM)

  • Demonstrating variance between planned and actual values
  • Forecasting project outcomes

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Project Time and Cost Management Course FAQs

Yes, you will learn 23 PDUs after you complete this course.

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