Time
5 hours 14 minutes
Difficulty
Intermediate
CEU/CPE
10

Video Description

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]

Video Transcription

00:04
the last process under cost knowledge is monitoring controlling, which is control costs.
00:10
Control cost focuses on how to control any change the project budget. Uh, this process creates the work performance information,
00:18
cost forecasts, change requests and updates your project management plan.
00:26
Um,
00:27
the inputs for this is the project management plan,
00:30
project funding requirements and work performance data.
00:35
At this point. Remember, you're executing, so you're creating really work.
00:41
So you're monitoring that Tucker work that's done.
00:46
Your tools are earned value management. We'll go over all those formulas next
00:51
forecasting ah,
00:53
to complete performance index
00:56
performance reviews.
00:58
Project Man's been software and reserve analysis.
01:00
So we're gonna go over the forms for earn value management.
01:03
Uh, forecasting is trying to figure out what
01:07
your project's gonna do in the future, And that's part of the formulas for earn 1,000,000,000 management
01:12
performance reviews is trying to figure out where your project is,
01:15
Uh, at that point of time,
01:19
and project management software is just like Excel or Microsoft Project. It's a computer software. Trying to help you with your budget
01:29
on reserve analysis is trying to figure out
01:33
how much extra money you have in your budget

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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 project schedules and budgets.

Instructed By

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Vince McKeown
Senior Program Manager at FGS, LLC
Instructor