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Estimating Activity Costs

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• Description: Most project managers are familiar with the sinking feeling that occurs when project costs exceed expectations. Project cost management is concerned with estimating and controlling the cost resources used to complete different project activities. This course will highlight the importance of project cost management to project performance. It will cover the project inputs, tools and techniques, and outputs involved in the Project Cost Management processes. Through interactive learning strategies and real-life scenarios, the learner will explore these concepts and gain a better understanding of the Project Cost Management processes. This course is aligned with "A Guide to the Project Management Body of Knowledge" (PMBOK® Guide) - Third Edition, published by the Project Management Institute (PMI®), Inc., 2004. Copyright and all rights reserved. Material from this publication has been reproduced with the permission of PMI®.
• Target audience: Project managers who are seeking to further their project management skills to more advanced levels
• Estimated Duration: 1.6 hours
• Lesson Objectives: The Importance of Project Cost Management
  • identify the primary reason why it's important for project managers to understand project cost management.
  • match each Project Cost Management process with its description.
  • match the Project Process Groups with the Project Cost Management processes that take place within them.
  • identify the activities that precede the processes in the Project Cost Management knowledge area.
  Estimating Activity Costs
  • identify the advantages of estimating activity costs.
  • match the inputs for estimating activity costs with the descriptions of how they're used.
  • match the tools and techniques with the descriptions of how they help estimate activity costs.
  • determine whether the Bottom-up Cost Estimating technique is used correctly to estimate activity costs in a given scenario.
  • match the outputs from estimating activity costs with their descriptions.

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