The Basics of Project Cost Management - Project Management Training

Running a small or large project?

To stay on budget, you need a cost management plan. Jennifer Bridges, PMP, shows you why you need a project cost management plan, and how to set up a process. She also outlines tips to keep costs in place.

[annablackwood]

I Can Never Stop Enjoying The Way How This Lady Teaches Project Management

[kiranpreetsingh]

We appreciate you giving us with such a wonderful example of cost management. It is crucial to comprehend how the element of "cost" affects a project's likelihood of success. As a result of my project's low cost, it failed. And i should definitely put the advice you give to use to be successful in my upcoming undertakings.
Thank you

[firstnamesecondname]

Why is it I used to be able to do this stuff in my sleep, but 12 years away from the industry when I tried to dive back in as an experiment suddenly my brain just went to mush…. Lovely refresher this is 👍

[Jashandeep_singh_mander]

It was really helpful and was explained in a really simple way and its really crazy to see such basic things and activities that we perform daily to see them on a advanced level and how they can be used properly.

[AceCPAsBookkeeping]

TLDR: Cost management on projects is crucial for setting the baseline, tracking budgeted versus actual costs, and mitigating unexpected events to prevent going over budget.

00:00 📊 Project cost management is important for setting the baseline and preventing going over budget.
00:55 💰 Cost management is the process of managing project costs by estimating and developing a detailed budget to avoid financial losses and invoicing errors.
01:32 💰 Baseline project budget is used to control spending at task level, tracking labor, material, and other costs to ensure staying on budget.
02:48 💰 Track and manage various project costs such as labor, consulting fees, raw materials, software licenses, travel expenses, and telephone charges.
03:18 💰 Plan for inflation when managing project costs, as it can impact the duration and increase or decrease costs.
04:03 💰 Account for natural disasters and potential events that may impact project costs and resources.
04:23 💰 Include unexpected costs like legal fees, penalties, and labor costs in project cost management and track them in real time to respond promptly to any deviations.
05:02 💰 Size and scale your project accordingly, as any deviations can impact your budget, and use cost management tools to help manage project costs.

[bensondube]

WONDERFUL MAM YOU HAVE MADE MY STUDIES EASY

[Jaguar]

Project costs always have a risk to exceed cost so it is good to estimate higher than required to have a buffer budget. Same goes for schedule, have a buffer in case of overruns.

[krisdaniel]

Hello ma’am I guess at 1:05 mins you meant cost could exceed profits but I guess you said cost could exceed projects ✌🏻 . Over all wonderful explanation thanks

[ramejuliano]

Thank you very much for this! It is very helpful for us students. 😊

[CoachKenny]

Have you ever ran into a group that at the project level identified a delay in resources and is being asked by the c suite level to give the money back and basically cancel the project. How do you present that in a task level or with cost management

[Ana-Junubi]

I'm progressively learning
Many thanks 🥰🥰

[JJ-fxeb]

Thank u for sharing this video, very helpful!

[leocheng]

what an impressing explanation to cost management

[easypakwanbs]

So nice explain the way you explain is very interesting

[sks]

Crisp and to the point. Liked the presentation

[akinyemisamson]

please how can i register for your software? the point to click on terms and conditions, can't be seen

[ntcuongct]

Dear Friends,
I have confused between MTO and ETO (by project) of managerial accounting view. Could you explain the differences?. Thank you.

[perera]

Can you please help with "produce projects sub-divisions"? I am new to Business management.

[narenthiranks]

thank you mam your explaination is thought able

[chudy.w]

"you may want to plan for natural disasters"
watching in 2020: "How did she know???"