Time
5 hours 14 minutes
Difficulty
Intermediate
CEU/CPE
10

Video Description

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]

Video Transcription

00:04
welcome to cyber Ate. My name is eventually queuing.
00:07
I am the subject matter experience for the Project Man's been Professional Certification course.
00:12
Today we'll be covering cost management, which is the fourth knowledge area out of the 10 knowledge Berries for the PNP.
00:19
The Project Management Professional Exam consists of five process groups which are initiation planning, execution by and controlling and closing.
00:29
There are also 10 knowledge areas.
00:31
Their integration scope, time, cost, quality,
00:36
human resource is
00:37
communication, risk procurement and stakeholder.
00:42
Out of these five process groups and 10 knowledge areas,
00:45
there are 47 total processes.
00:49
So as you can see
00:51
the knowledge Cherries on the left,
00:53
the process groups are on top
00:55
and there are 47 processes that fall within those categories.
01:02
And today we're focusing on cost.
01:04
So there are three processes within planning.
01:07
One within monitoring, controlling
01:11
so what is cost? Cost management is the knowledge area that covers financial concepts
01:15
and principles used to manage a project.
01:19
Cost management requires some basic eligible used in the planning and monitoring
01:23
in controlling process,
01:26
the four processes and costs in the cost in Algeria. Once again, our plan cost management
01:33
that's in planning estimate costs once again in planning,
01:37
determine the budget
01:38
in playing, So those are the three,
01:41
then modern controlling has control costs.

Up Next

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

Instructor Profile Image
Vince McKeown
Senior Program Manager at FGS, LLC
Instructor