This lesson offers an overview of the module. This module covers cost management which is one of the 10 knowledge areas of the PMP certification. Cost manage is the knowledge area that covers financial concepts and principles used to manage a project. Cost management requires some basic algebra and the formulas used in the planning, monitoring and controlling processes. [toggle_content title="Transcript"] Welcome to Cybrary, my name is Vincent McKeown subject matter expert for the project management professional certification course. Today we will be covering cost management which is the fourth knowledge area out of the ten knowledge areas for the PMP. The project management professional exam consist of five process groups which are initiation, planning, execution, monitoring and controlling, and closing. There are also ten knowledge areas: There are integration, scope, time, cost, quality, human resources, communication, risk, procurement and stakeholder. Out of these five process groups and ten knowledge areas, there are 47 total processes. As you can see, the knowledge areas are on the left, the process groups are on top and there are 47 processes that fall within those categories today we are focusing on cost, so three processes within planning, one within monitoring and controlling. What is cost? Cost management is a knowledge area that covers financial concepts and puts towards use to manage a project. Cost management requires some basic algebra used in the planning and monitoring and monitoring process. The four processes in the cost knowledge area once again are plan cost management; that's in planning, estimate cost, once you get to planning, determine the budget in planning. Those are the three. Then monitoring and controlling has control cost. [/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 project schedules and budgets.