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Creating a Project Budget (PMI - PMP)

Sorin Dumitrascu

The Creating a Project Budget (PMI - PMP) is course 12 of 28 of the Project Management Professional Certification Program (PMI-PMP).

Let's face it, at the end of the day, projects are really all about profit, no matter what kind of company you work for. Even if you work for a charitable organization or government, nobody wants to see a project lose money.

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The Creating a Project Budget (PMI - PMP) is course 12 of 28 of the Project Management Professional Certification Program (PMI-PMP).

Let's face it, at the end of the day, projects are really all about profit, no matter what kind of company you work for. Even if you work for a charitable organization or government, nobody wants to see a project lose money.

That's why developing a realistic budget and then managing it well is such a critical part of project management. In this course, you'll learn what goes into a cost management plan, how to estimate costs, and how to establish a realistic cost baseline for your project.

1. Project Cost Management Processes

2. The Plan Cost Management Process

3. Inputs to Estimate Costs

4. Tools and Techniques of Estimate Costs

5. Using the Bottom-up Technique to Estimate Costs

6. Outputs of Estimate Costs

7. Inputs to Determine Budget

8. Tools and Techniques to Determine Budget

9. Outputs of Determine Budget

10. Exercise: Estimating Costs and Developing the Budget

Beyond budgeting basics, this course will equip you with strategies to handle the inevitable financial surprises that can occur in any project. You'll learn how to identify potential cost risks, develop contingency plans to mitigate them, and communicate effectively with stakeholders when budget adjustments become necessary.

That’s it. Now go ahead and push that “Take this course” button, and see you on the inside.

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What's inside

Learning objectives

  • Identify activities that are part of the project cost management knowledge area
  • Distinguish between the inputs, tools and techniques, and outputs of the plan cost management process
  • Identify inputs to the estimate costs process
  • Distinguish between the tools and techniques you can use to estimate project costs
  • Describe how to use the bottom-up estimating technique to estimate project costs
  • Match the outputs of the estimate costs process to their descriptions
  • Recognize the inputs to the determine budget process
  • Recognize the tools and techniques you can use to determine your project budget
  • Identify the outputs of the determine budget process
  • Demonstrate your understanding of the estimate costs and determine budget processes

Syllabus

In this course, you'll learn what goes into a cost management plan, how to estimate costs, and how to establish a realistic cost baseline for your project.
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A day in the life of a project manager

Course Choice, Skill Development and Prior Knowledge

In this course, you'll learn what goes into a cost management plan, how to estimate costs, and how to establish a realistic cost baseline for your project.

Effective Learning

FAQs

The Project Management Professional Certification Course (PMI-PMP) includes a number of 28 sections covering the most relevant information in the Project Management Body of Knowledge (PMBOK6) developed by the Project Management Institute (PMI).

Project Management Process Group and Knowledge Area Mapping

After completing this topic, you should be able to identify activities that are part of the Project Cost Management Knowledge Area

The Science of Better Learning

Project Cost Management Overview

After completing this topic, you should be able to distinguish between the inputs, tools and techniques, and outputs of the Plan Cost Management process

Plan Cost Management: Inputs, Tools & Techniques, and Outputs

After completing this topic, you should be able to identify inputs to the Estimate Costs process

After completing this topic, you should be able to distinguish between the tools and techniques you can use to estimate project costs

Estimate Costs: Inputs, Tools & Techniques, and Outputs

After completing this topic, you should be able to describe how to use the bottom-up estimating technique to estimate project costs

Concepts, Insights and Inquiries

After completing this topic, you should be able to match the outputs of the Estimate Costs process to their descriptions

Determine Budget: Inputs, Tools & Techniques, and Outputs

After completing this topic, you should be able to recognize the inputs to the Determine Budget process

After completing this topic, you should be able to recognize the tools and techniques you can use to determine your project budget

Project Budget Components

After completing this topic, you should be able to identify the outputs of the Determine Budget process

After completing this topic, you should be able to demonstrate your understanding of the Estimate Costs and Determine Budget processes

Practical Activity: Budgeting for a Mini Project
Creating a Project Budget (PMI - PMP)

PMI Certification Info

Takeaways, Practical Applications and Endorsements

PMI PMP Exam Outline

After completing the Project Management Professional Certification Program (PMP), take your preparation to the next level with the Test Prep: Project Management Professional: PMI - PMP Exam Mastery.

Dive deep into key topics, practice with real exam scenarios, and ensure you're fully equipped to conquer the PMI exams with confidence.

What's next?

Save this course

Save Creating a Project Budget (PMI - PMP) to your list so you can find it easily later:
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Activities

Be better prepared before your course. Deepen your understanding during and after it. Supplement your coursework and achieve mastery of the topics covered in Creating a Project Budget (PMI - PMP) with these activities:
Review Project Management Fundamentals
Reviewing project management fundamentals will provide a solid foundation for understanding cost management processes.
Show steps
  • Review the project lifecycle phases.
  • Study key project management terms.
  • Practice basic project planning techniques.
Read 'A Guide to the Project Management Body of Knowledge (PMBOK Guide)'
Familiarize yourself with the PMBOK Guide to gain a deeper understanding of project cost management principles.
View Risk Management in Portfolios, Programs, and... on Amazon
Show steps
  • Obtain a copy of the PMBOK Guide.
  • Read the sections on cost management.
  • Take notes on key concepts and processes.
Practice Cost Estimation Exercises
Practicing cost estimation exercises will help you develop your skills in estimating project costs using different techniques.
Show steps
  • Find sample project scenarios online.
  • Estimate costs using bottom-up estimating.
  • Compare your estimates to actual costs.
Four other activities
Expand to see all activities and additional details
Show all seven activities
Develop a Cost Management Plan Template
Creating a cost management plan template will help you apply the concepts learned in the course to a real-world scenario.
Show steps
  • Research cost management plan components.
  • Design a template with sections for each component.
  • Populate the template with sample data.
Budget a Personal Project
Apply the budgeting principles learned in the course to a personal project to solidify your understanding.
Show steps
  • Choose a personal project to budget.
  • Estimate the costs for each task.
  • Create a budget and track your spending.
Review 'Cost Management: Accounting and Control'
Gain a deeper understanding of cost management from an accounting perspective.
View Cost Accounting on Amazon
Show steps
  • Obtain a copy of 'Cost Management: Accounting and Control'.
  • Read chapters on budgeting and cost control.
  • Take notes on key accounting principles.
Create a Presentation on Earned Value Management
Creating a presentation on earned value management will help you synthesize your knowledge and communicate it effectively.
Show steps
  • Research earned value management concepts.
  • Create slides with clear explanations and visuals.
  • Practice presenting the material to others.

Career center

Learners who complete Creating a Project Budget (PMI - PMP) will develop knowledge and skills that may be useful to these careers:

Reading list

We've selected two books that we think will supplement your learning. Use these to develop background knowledge, enrich your coursework, and gain a deeper understanding of the topics covered in Creating a Project Budget (PMI - PMP).
Cover image
Risk Management in Portfolios, Programs, and...
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This is the foundational guide for project management, providing a comprehensive overview of processes, knowledge areas, and best practices. It directly supports the course's focus on PMI-PMP principles and provides the framework for understanding cost management. It is an essential reference for anyone pursuing PMP certification and is commonly used by project managers worldwide.
Risk Management in Portfolios, Programs, and...
Paperback
Check
Risk Management in Portfolios, Programs, and...
Kindle Edition
Check
Cover image
Cost Accounting
Save
Provides a comprehensive overview of cost management principles and techniques from an accounting perspective. It covers topics such as cost accounting, budgeting, and performance measurement. This book is valuable as additional reading to provide more depth to the existing course. It is commonly used as a textbook at academic institutions.
Cost Accounting
Paperback
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Cost Accounting
Kindle Edition
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Effort
2 total hours
Via
Udemy
Instructor
Sorin Dumitrascu
Language
English
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