Project Cost and Procurement Management

Course Objectives

• Understand the processes of cost management and procurement management
• Create and refine activity effort and cost estimates
• Define and use project cost metrics, including Earned Value Management (EVM) and project return on investment (ROI)
• Aggregate project costs and develop a project budget
• Assess and initiate project procurement to engage external resources
• Define the types and components of a contract
• Negotiate and finalize a contract
• Monitor and control project costs and manage project procurements

 
What You'll Learn

• PMBOK® and PMI tools
• Cost estimating (internal and external labor, materials, equipment, travel, communications, overhead, etc.) and refinement
• Delphi technique
• Using spreadsheets and software tools for project cost management
• Cost metrics and Earned Value Management (EVM)
• Alternatives to EVM
• Project budgeting
• Cost aggregation 
• ROI analysis
• Negotiating project budget changes
• Validating project funding with sponsor, stakeholders
• Procurement planning selection requirements and criteria
• Projects undertaken on a contract basis (providing outsourced services)
• Request and evaluation of Proposals (RFPs) and Statement of Works (SOWs) 
• Contract negotiation and award process
• Cost and procurement control and close-out
• Ongoing risk management

How You'll Learn

• Lectures
• Team projects