This lesson covers how to control costs. This focuses on how to control any changes in the project budget. This process creates the Work Performance Information, Cost Forecasts, Change Requests and Project Management Plan Updates. [toggle_content title="Transcript"] The last process under cost knowledge area is monitoring and controlling which is control cost. Control cost focuses on how to control any change in the project budget. This process creates the work performance information, cost forecast, change request and updates your project management plan. The inputs for this is the project management plan, project funding requirements, and work performance data. At this point remember you are executing, so you are creating real work. You are monitoring that type of work that is done. Your tools are earn value management, we will go over all those formulas next, forecasting to complete performance index, performance reviews, project management software, and reserve analysis. We are going to go over the formulas for earn value management. Forecasting is trying to figure out what your project is going to do in the future and that's part of the formulas for earn value management. Performance review is trying to figure out where your project is at that point in time. Project management software is just like excel or Microsoft project. It's a computer software trying to help you with your budget. Reserve analysis is trying to figure out how much extra money you have in your budget. [/toggle_content]
Project Management Professional (PMP) - PMI
Our online PMP training course educates on how to initiate, plan and manage a project, as well as the process behind analyzing risk, monitoring and controlling project contracts and how to develop schedules and budgets.