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Training ServicesProject Foundations®

Scope, Time, and Cost: The Core of Project Management

The Challenge
Project cost overruns and delays are all too common. This can result from inadequate project planning, poor risk management, vendor delays and a host of other factors. All of this uncertainty can make it very difficult to accurately predict the final cost and completion date of projects.

The Solution
Scope, Time, and Cost: The Core of Project Management delivers practical, hands-on training in the development and management of scope plans, schedules and budgets. Realization of Business Value is established as the ultimate goal of every project. Attendees are then shown how to establish a basis for project control with a well-developed charter and project plan. This includes use of Work Breakdown Structure, Risk Analysis and other techniques to drive budget accuracy; employment of Earned Value Management for accurate forecasting; and effective Change Control as a primary means of controlling cost and schedule. Topics covered during this course include:
  • Relationships among project, program and portfolio budgets
  • How project management prevents cost overruns and delays
  • How to develop a good schedule and useful cost estimates
  • The Budget lifecycle
  • How to create both preliminary and detailed project budgets
  • Setting the project performance baseline
  • How to report on project cost and schedule progress
  • The usefulness of Earned Value for forecasting time and cost
  • How to manage the cost of risk
  • How change control contains project cost and prevents delays
  • How an effective Transition can enhance Business Value
Who should attend
This course is of immediate value to Product Owners, Project and Program Managers, Portfolio Managers, Budget Analysts, Project Estimators, Functional Managers, PMO/COE Directors, Product Development Director, Senior Managers, Acquisition/Procurement Officials, and Business Managers with project responsibility.

This course assumes some experience with project work and budgeting. A course similar to Effective Project Management is recommended.

Course Outline

I. Introduction
  • Scope, time and cost
  • Problems with scope
  • Problems with schedule
  • Problems with budgets
  • Promise of effective Project Management
  • Course blueprint
II. Time, Cost, and Scope in Context
  • Programs and portfolios
  • Why we do projects - Business Value
  • Choosing the right projects
  • Importance of estimates
III. Project Initiation
  • Objectives of Initiation
  • The Project Charter
  • Business and project objectives
  • Preliminary scope
  • Cost of risk
  • Cost estimates
  • Triple constraint and the control of projects
IV. Project Planning: Scope and Schedule
  • Work Breakdown Structure (WBS)
  • WBS Dictionary
  • Importance of requirements
  • Project Network Diagram and Critical Path
  • Resource planning
  • Impact of scope and schedule on budget
V. Project Planning: Procurement
  • Planning for procurement
  • Solicitation
  • Vendor search and selection
  • Contracts
  • Procurement timing
  • Procurement pitfalls
  • Impact of procurement on budget
VI. Project Planning: Risk
  • Definition of risk
  • Sources of risk
  • Tools for risk identification
  • The risk register
  • Evaluating risk
  • Risk responses
  • Risk reserves and the risk budget
  • Impact of risk management on cost and time
VII. Project Planning: Budget
  • Primary budget functions
  • Sources of project cost
  • Budget lifecycle
  • Time Phased Budget
  • Project Funding Curve
  • Reporting cost status
  • Cost forecasting
  • Controlling cost
VIII. Project Monitoring and Control: Change Control
  • Project objectives of Monitoring & Control
  • Sources of change
  • Foundation for change control
  • The work of change control
  • Change control tools
  • Benefits of change control
IX. Project Execution: Status Reporting and EVM
  • Project objectives of reporting
  • Status reporting
  • Project metrics
  • Earned Value Management (EVM)
  • Planned Value Curve
  • Cost and Schedule Forecasting
  • Impact of status reports
X. Project Execution: Transition
  • Project objectives of Transition
  • Purpose of Transition
  • Delivering Business Value
  • Steps to successful Transition
  • Transition benefits
  • Impact of Transition on Budget
XI. Project Close
  • Project objectives of Project Close
  • Contract closure
  • Administrative closure
  • End of Project Report
  • Lessons learned
  • Impact of Project Close
Learning Approach
  • A highly experienced instructor will use interactive lecture format, over 25 hands-on exercises, team activities, group discussions, and other techniques to drive home the essential points of this material.
  • You have the option of using your own, ongoing project as the focus of class exercises. As a result, not only do you gain experience with the tools, but you also learn more about your project.
  • We will build on your prior experience in this topic, while providing you with a structure and vocabulary to use in future projects.
  • If you have modest project management knowledge, you will find that the clarity of the material and direct presentation style of the instructor will make the subject matter easy to understand.
  • You will receive a Participant Guide which will help you follow the material, take notes and retain what you learned so that you can apply it on your job.
  • All course material is fully aligned with the latest release of PMBOK® and BABOK® Guides.
Why should I take this course?
  • If you are experiencing difficulties defining and managing project budgets and schedules, the material in this course will give you an understanding of steps you can take to gain control.
  • Experienced project managers will obtain a vocabulary and framework that lends new perspectives on budgeting to the wealth of experience they already have.
  • All participants take home a set of tools and techniques to help them deal with the many aspects of project scope control, scheduling and budgeting.
  • Take this course and learn how to avoid the scheduling and budgeting problems that business managers most often encounter in their projects.

Every course and workshop in our Project Training program is fully customizable. We can deliver the training program you need onsite and at an attractive discount. Call us toll free in the US at 1.800.877.8129, or +1.919.495.7371 International.

All of our courses are fully compliant with the latest release of each relevant standards document such as the PMBOK® Guide, Standard for Portfolio Management, BABOK® Guide and others.
Course Information
Course ID: 2050
Duration: 3 days
Class size: 6 - 24
· PMP® certified instruction
· Comprehensive Participant Guide
· Certificate of Participation
· 21 PDUs / Contact Hours in project management education

Download this course description as a printable PDF document.
Pricing Information
On-site discounts are available.
Ready to enroll?
Fill out the Training Request Form online or call 1-800-877-8129
(+1 919-495-7371)

Questions?  Please feel free to Contact Us

Training Providers:
License this courseware!  Call 1-800-877-8129
(+1 919-495-7371)
for more information.
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