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Keeping Your Project on Budget (PMI - PMP)

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Sorin Dumitrascu

The Keeping Your Project on Budget (PMI - PMP) is course 13 of 28 of the Project Management Professional Certification Program (PMI-PMP).

Establishing the budget for a project is a vital process in project management. Yet, it means nothing if the budget is not adhered to. Controlling project cost is critical to meeting a project's budgeted targets.

And monitoring cost performance can mean the difference between the success and failure of a project. In this course, you'll learn about the control cost process. Including helpful techniques you can use to keep your project on budget.

Read more

The Keeping Your Project on Budget (PMI - PMP) is course 13 of 28 of the Project Management Professional Certification Program (PMI-PMP).

Establishing the budget for a project is a vital process in project management. Yet, it means nothing if the budget is not adhered to. Controlling project cost is critical to meeting a project's budgeted targets.

And monitoring cost performance can mean the difference between the success and failure of a project. In this course, you'll learn about the control cost process. Including helpful techniques you can use to keep your project on budget.

1. Inputs to Control Costs2. Tools and Techniques to Control Costs3. Earned Value and Cost Performance4. Forecasting Using the EAC5. To-complete Performance Index (TCPI)6. Outputs of Control Costs7. Calculating the Planned Value and Earned Value8. Comparing Schedule Performance against the Plan9. Comparing Cost Performance against the Plan10. Determining Project Performance11. Determining Project Performance12. Determining Estimate at Completion13. Determining Estimate at Completion14. Exercise: Controlling Project Costs

Project budgets rarely remain static. In this course, you'll also gain the skills to handle unexpected costs, scope changes, and potential risks. We'll cover methods to proactively identify cost-influencing factors, along with strategies for creating contingency plans to safeguard your project's financial success.

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 the inputs to the control cost process
  • Recognize the tools and techniques you can use to control project costs
  • Match earned value management values with their formulas
  • Recognize the situations in which different estimate at completion (eac) formulas are used
  • Calculate the to-complete performance index (tcpi) for a project given earned value management (evm) figures
  • Recognize how outputs of the control costs process are used
  • Calculate the planned value and earned value, given the budget, percent of time passed, and percent of work completed
  • Calculate the schedule variance and schedule performance index, given the earned value and planned value
  • Calculate the cost variance and cost performance index, given the earned value and actual costs
  • Determine project performance, given a set of raw data points
  • Utilize work performance data to determine project performance
  • Determine the estimate at completion, using the formulas in different scenarios
  • Determine estimate at completion, in different scenarios
  • Demonstrate your understanding of the control costs process
  • Show more
  • Show less

Syllabus

After completing this topic, you should be able to utilize work performance data to determine project performance

In this course, you'll learn about the control cost process. Including helpful techniques you can use to keep your project on budget.
Read more

A day in the life of a project manager

In this course, you'll learn about the control cost process. Including helpful techniques you can use to keep your project on budget.

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 the inputs to the Control Cost process.

The Science of Better Learning

Control Costs: Inputs, Tools & Techniques, and Outputs

After completing this topic, you should be able to recognize the tools and techniques you can use to control project costs

After completing this topic, you should be able to match earned value management values with their formulas

After completing this topic, you should be able to recognize the situations in which different estimate at completion (EAC) formulas are used

After completing this topic, you should be able to calculate the to-complete performance index (TCPI) for a project given earned value management (EVM) figures

After completing this topic, you should be able to recognize how outputs of the Control Costs process are used

After completing this topic, you should be able to calculate the planned value and earned value, given the budget, percent of time passed, and percent of work completed

After completing this topic, you should be able to calculate the schedule variance and schedule performance index, given the earned value and planned value

Earned Value, Planned Value, and Actual Costs

After completing this topic, you should be able to calculate the cost variance and cost performance index, given the earned value and actual costs

After completing this topic, you should be able to determine project performance, given a set of raw data points

To-Complete Performance Index (TCPI)

After completing this topic, you should be able to determine the estimate at completion

After completing this topic, you should be able to recognize how the choice of EAC formula depends on the project situation

Earned Value Calculations Summary Table

After completing this topic, you should be able to demonstrate your understanding of the Control Costs process

PMI Certification Info

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?

Traffic lights

Read about what's good
what should give you pause
and possible dealbreakers
Belongs to a series of 28 courses designed to prepare learners for the Project Management Professional (PMP) certification, indicating a comprehensive curriculum
Explores earned value management (EVM) techniques, which are essential for monitoring project performance and are heavily emphasized in the PMP exam
Covers the control costs process, including inputs, tools, techniques, and outputs, aligning with the Project Management Body of Knowledge (PMBOK) framework
Teaches learners how to calculate the to-complete performance index (TCPI), a critical metric for forecasting project costs and ensuring projects stay within budget
Requires learners to calculate planned value and earned value, which are fundamental concepts in project cost management and are essential for PMP exam preparation
Explicitly advises learners to take a test prep course to prepare for the PMI-PMP exam, suggesting that this course alone may not be sufficient for exam mastery

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Reviews summary

Controlling project budget with evm for pmp

According to learners, this course is a highly relevant and practical deep dive into project cost control, particularly focusing on Earned Value Management (EVM). Many find the explanations of complex calculations clear and helpful for the PMI-PMP exam preparation. While some reviewers note the material can feel theoretical or dry at times, and a few found the calculations challenging initially, the consensus is that it provides essential knowledge for passing the exam and understanding key performance metrics. It's considered a crucial module within the larger PMP certification program.
Focuses on applying formulas to scenarios.
"The exercises on calculating variances and indices were very practical."
"Liked how they showed applying the formulas to real-world-like scenarios."
"The section on determining project performance using work performance data was quite insightful."
"Calculating the Estimate at Completion using different formulas based on situation was helpful."
Covers vital topics for certification prep.
"This module is absolutely essential for anyone preparing for the PMP exam, especially the cost questions."
"Covers exactly what you need to know about cost control for the PMI-PMP."
"Felt much more confident tackling cost-related questions on practice exams after this course."
"Definitely aligns well with the PMBOK guide content on controlling costs."
Breaks down complex cost control formulas.
"The instructor explained the EVM calculations very clearly. Made complex formulas understandable."
"Found the detailed breakdown of Planned Value, Earned Value, and Actual Costs extremely helpful."
"The section on forecasting (EAC and TCPI) was well-structured and easy to follow after the initial concepts were covered."
"I finally feel like I grasp Earned Value Management thanks to this module."
Some learners struggled with the math.
"The formulas and calculations, while explained, were still a bit challenging to grasp at first."
"Took me a few tries with the exercises to really understand the calculation logic."
"If you're not comfortable with math or formulas, dedicate extra time to this module."
"The amount of calculation practice might be insufficient for some."
May lack depth beyond PMBOK/exam context.
"While great for the exam, it felt a bit theoretical and less focused on real-world application challenges."
"Could have used more examples of handling cost overruns or change requests in practice."
"The focus is heavily on the formulas required for the PMP, maybe less so on strategic cost management."
"Felt like I learned *how* to calculate, but less *how* to proactively control costs on the ground."

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 Keeping Your Project on Budget (PMI - PMP) with these activities:
Review Project Management Fundamentals
Reinforce your understanding of core project management concepts to better grasp cost control processes.
Show steps
  • Review the project lifecycle phases.
  • Study key project management terms.
  • Practice with sample project scenarios.
Read 'A Guide to the Project Management Body of Knowledge (PMBOK Guide)'
Gain a deeper understanding of project management principles and best practices as outlined in the PMBOK Guide.
View Risk Management in Portfolios, Programs, and... on Amazon
Show steps
  • Obtain the latest edition of the PMBOK Guide.
  • Focus on the cost management knowledge area.
  • Take notes on key concepts and processes.
Practice Earned Value Management (EVM) Calculations
Sharpen your skills in calculating key EVM metrics to effectively monitor and control project costs.
Show steps
  • Find practice problems online or in textbooks.
  • Calculate Planned Value (PV), Earned Value (EV), Actual Cost (AC).
  • Calculate Cost Variance (CV) and Schedule Variance (SV).
  • Calculate Cost Performance Index (CPI) and Schedule Performance Index (SPI).
Four other activities
Expand to see all activities and additional details
Show all seven activities
Develop a Cost Control Plan Template
Create a reusable template for cost control plans to apply the concepts learned in the course.
Show steps
  • Research standard cost control plan components.
  • Design a template with sections for budgeting, monitoring, and reporting.
  • Include sections for variance analysis and corrective actions.
  • Refine the template based on course materials.
Analyze Cost Overruns in a Case Study
Apply cost control techniques to analyze a real-world case study of project cost overruns.
Show steps
  • Select a project case study with significant cost overruns.
  • Identify the root causes of the cost overruns.
  • Propose corrective actions to mitigate future overruns.
  • Document your findings and recommendations.
Create a Presentation on Earned Value Management
Solidify your understanding of EVM by creating a presentation to explain its concepts and application.
Show steps
  • Develop slides explaining PV, EV, AC, CPI, and SPI.
  • Outline the key components of EVM.
  • Include examples of EVM calculations.
  • Practice presenting the material to others.
Review 'Cost Management of Capital Projects'
Expand your knowledge of cost management techniques specific to capital projects.
View Alter Ego: A Novel on Amazon
Show steps
  • Obtain a copy of 'Cost Management of Capital Projects'.
  • Focus on chapters related to cost control and forecasting.
  • Take notes on key strategies and best practices.

Career center

Learners who complete Keeping Your Project on Budget (PMI - PMP) will develop knowledge and skills that may be useful to these careers:
Project Manager
A project manager is responsible for planning, executing, and closing projects. They are accountable for the entire project scope, the project team and resources, project success or failure. If you want to become a project manager, this course may be useful because it teaches you how to control project costs, a crucial aspect of project management. Understanding the control cost process and techniques to keep projects on budget are essential skills for a project manager. The course also covers handling unexpected costs, scope changes, and potential risks, all of which are common challenges faced by project managers. Learning about inputs, tools, techniques, and outputs of the Control Costs process may help a project manager to effectively manage project budgets.
See salaries and explore the career path for Project Manager
Cost Controller
A cost controller’s primary duty is to analyze project costs and ensure projects stay within budget. The role involves forecasting expenses, tracking actual costs, and identifying discrepancies. People who want to become cost controllers may find this course helpful as it provides in-depth knowledge of the control cost process. You'll gain a comprehensive understanding of techniques to manage project budgets effectively. The course's focus on earned value management, forecasting using the estimate at completion, and calculating the to-complete performance index are directly applicable to the responsibilities of a cost controller. Learning to handle unexpected costs and scope changes, also covered in the course, is essential for managing budget variances efficiently.
See salaries and explore the career path for Cost Controller
Project Accountant
A project accountant is responsible for tracking project-related financial transactions, preparing financial reports, and ensuring compliance with accounting standards. People who want to become project accountants may find this course useful. The content on controlling project costs will assist project accountants. This course covering techniques to manage project budgets can help improve a project accountant's tracking and reporting abilities. The course goes over earned value management, forecasting using the estimate at completion, and calculating the to-complete performance index.
See salaries and explore the career path for Project Accountant
Program Manager
A program manager oversees multiple related projects, often with a strategic business goal in mind. They ensure alignment across projects and manage interdependencies to achieve program objectives. An aspiring program manager may find this course useful, as it addresses the vital aspect of controlling project costs, which is critical for program success. The course provides insights into the control cost process, along with helpful techniques to keep projects on budget, which directly translates to better program financial management. The course also covers methods to proactively identify cost-influencing factors and strategies for creating contingency plans.
See salaries and explore the career path for Program Manager
Project Coordinator
A project coordinator supports project managers by handling administrative tasks, tracking project progress, and facilitating communication among team members. A person who wants to become a project coordinator may find this course useful because it helps one to understand project performance. A project coordinator is responsible for tracking project progress against the budget. The course's coverage of earned value management, variance analysis, and forecasting techniques are directly applicable to a project coordinator's responsibilities.
See salaries and explore the career path for Project Coordinator
Estimator
Estimators analyze project requirements and prepare cost estimates for materials, labor, and other resources. They play a critical role in the bidding process and help ensure projects are financially viable. If you want to become an estimator, this course may be useful, as it provides a comprehensive understanding of project cost management. You will learn about the control cost process, earned value management, and forecasting techniques that are essential for accurate cost estimation. The course teaches the handling of unexpected costs, scope changes, and potential risks.
See salaries and explore the career path for Estimator
Construction Manager
A construction manager oversees construction projects from start to finish. This includes managing budgets, schedules, and resources, ensuring projects are completed safely, on time, and within budget. This course may be useful for construction managers, as managing costs is a fundamental aspect of their role. The course provides critical insights into the control cost process and techniques to maintain projects within the allocated budget. The course also touches on handling the complexities of unexpected costs, scope changes, and potential risks. A construction manager can leverage the skills learned to proactively identify cost-influencing factors.
See salaries and explore the career path for Construction Manager
Program Coordinator
A program coordinator helps oversee multiple projects within a program, ensuring they align with the overall program goals and objectives. If you want to become a program coordinator, this course may be useful because it helps to control project costs, which is important for program success. The course provides practical techniques to keep projects on budget and manage cost overruns. The course additionally goes over methods to proactively identify cost-influencing factors and strategies for creating contingency plans.
See salaries and explore the career path for Program Coordinator
Financial Analyst
Financial analysts provide guidance to businesses making investment decisions. They assess financial data, analyze past performance, and make projections to advise companies and individuals on investment strategies. This course may be useful for financial analysts who work on projects. The course on keeping a project on budget can help financial analysts understand the financial aspects of project management. The skills to handle unexpected costs, scope changes, and potential risks. This helps financial analysts in accurately forecasting project costs and advising on financial strategies.
See salaries and explore the career path for Financial Analyst
Engineering Manager
An engineering manager leads a team of engineers in planning, designing, and executing engineering projects. They ensure projects are aligned with organizational goals and completed within budget and on schedule. This course may be useful for engineering managers who oversee projects with significant financial components. The course provides essential skills to handle unexpected costs, scope changes, and potential risks. Techniques like earned value management (EVM) and the to-complete performance index (TCPI), taught in the course, prepare engineering managers to manage project performance, given a set of raw data points.
See salaries and explore the career path for Engineering Manager
Product Manager
Product managers guide the strategy, roadmap, and feature definition for a product or product line. They analyze market trends, customer needs, and competitive landscapes to develop and launch successful products. Although product managers are not always responsible for project costs, depending on a company's needs they may be required to be aware of cost considerations. As such, product managers may find this course useful, as it can help them to keep a project on budget. The course goes over how to handle unexpected costs, scope changes, and potential risks.
See salaries and explore the career path for Product Manager
Portfolio Manager
A portfolio manager oversees a collection of projects and programs that align with an organization's strategic goals. They ensure resources are allocated effectively and projects deliver the expected benefits. This course may be useful for portfolio managers who need to control project costs, which impacts the overall portfolio performance. The skills to handle scope changes, and potential risks, can help portfolio managers make informed decisions about project investments and resource allocation.
See salaries and explore the career path for Portfolio Manager
Business Analyst
Business analysts analyze an organization's processes and systems to identify areas for improvement. They work with stakeholders to understand business needs and recommend solutions to enhance efficiency and effectiveness. If you want to become a business analyst, this course may be useful because of its content on project management. While business analysts are not always project managers, an understanding of the way project costs can be controlled may add another tool to a business analyst's tool box. This course can assist business analysts who, for example, are embedded within a project team.
See salaries and explore the career path for Business Analyst
Management Consultant
Management consultants advise organizations on how to improve their performance and efficiency. They analyze business challenges and develop solutions to help companies achieve their goals. This course may be helpful to management consultants, particularly those working on projects. It provides insights into keeping projects on budget. Understanding the control cost processes, earned value management, and forecasting techniques covered in the course can help management consultants provide more effective advice to their clients.
See salaries and explore the career path for Management Consultant
Financial Controller
A financial controller manages a company's financial reporting and oversees accounting operations. They ensure financial statements are accurate and compliant with regulations. People who want to become financial controllers may benefit from this course, which may help them understand how projects contribute to the overall financial health of an organization. The course provides valuable insights into how to effectively control project costs, which is a key factor in achieving financial targets. Understanding the methods to handle unexpected costs and scope changes, helps them better manage financial risks.
See salaries and explore the career path for Financial Controller

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 Keeping Your Project on Budget (PMI - PMP).
Cover image
Risk Management in Portfolios, Programs, and...
Save
While the course focuses on project cost control, understanding portfolio management provides context for how individual projects contribute to overall organizational goals and financial performance. This standard outlines the principles and processes for managing portfolios of projects. It is useful for project managers who want to understand the broader strategic context of their work.
Risk Management in Portfolios, Programs, and...
Paperback
Check
Risk Management in Portfolios, Programs, and...
Kindle Edition
Check
Cover image
Alter Ego
Save
Provides a comprehensive overview of cost management techniques specifically tailored for capital projects. It covers topics such as cost estimating, budgeting, and control. This book is valuable as additional reading. It offers practical guidance and real-world examples to help project managers effectively manage costs throughout the project lifecycle.
Alter Ego: A Novel
Paperback
$$

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Rating
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Effort
2.5 total hours
Via
Udemy
Instructor
Sorin Dumitrascu
Language
English
Traffic lights
Read about what's good
what should give you pause
and possible dealbreakers
Belongs to a series of 28 courses designed to prepare learners for the Project Management Professional (PMP) certification, indicating a comprehensive curriculum
Explores earned value management (EVM) techniques, which are essential for monitoring project performance and are heavily emphasized in the PMP exam
Covers the control costs process, including inputs, tools, techniques, and outputs, aligning with the Project Management Body of Knowledge (PMBOK) framework
Teaches learners how to calculate the to-complete performance index (TCPI), a critical metric for forecasting project costs and ensuring projects stay within budget
Requires learners to calculate planned value and earned value, which are fundamental concepts in project cost management and are essential for PMP exam preparation
Explicitly advises learners to take a test prep course to prepare for the PMI-PMP exam, suggesting that this course alone may not be sufficient for exam mastery
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