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Project Scheduling & Cost Management

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Project Scheduling & Cost Management


This class meets two consecutive days

November 15 & 16, 2018  — This class will be revised to the PMBOK® Guide 6th Edition by 4-1-18


Cost management and a well-constructed schedule are the backbone of any successful project. A project’s schedule brings the entire picture of the project life-cycle into focus, giving clear and concise expectations of project milestones and completion date. Managing costs is more than tracking expenses; it considers how much work was done for the amount spent. Hands-on exercises are used to help you understand the Project Management Institute, Inc. processes for project scheduling and cost management and the principles and techniques they use. This two-day program will equip you with the critical, working knowledge you need to put together winning projects that meet the constraints of your time and budget.


Learning Points:

  • Understand the importance of a good work breakdown structure in managing cost and schedule.
  • Use Precedence Diagramming Method to develop a network diagram.
  • Practice estimating techniques that can help you create a realistic schedule and budget.
  • Use Critical Path Method to calculate project duration and flexibility.
  • Understand the importance of a time-phased budget and how to create it.
  • Understand techniques for collecting actual performance data and the impact on reports.
  • Calculate Earned Value variance and performance index for schedule and cost.
  • Use these calculations to forecast end of project performance.
  • Understand the trade-offs between schedule, cost and scope.


Overview of Project Management Basics

  • PMI® and the PMBOK® Guide processes
  • The project charter and stakeholder expectations
  • Competing demands – scope, schedule, cost

Project scheduling

  • Create a schedule management plan
  • Create a network diagram
    • Precedence Diagramming Method
    • Dependencies
    • Lead time and lag time
  • Estimating techniques
    • PERT, analogous, parametric, Delphi, bottom up, top down
    • Range estimates and confidence levels
    • Reserves
  • Estimate resources and duration’s
    • Labor Equipment, Materials, Supplies
    • Resource Assignment Matrix
    • Effort, availability and commitment
  • Create a baseline schedule
    • Critical Path Method
    • Critical Chan Method
    • Project duration and float
    • Schedule analysis and compression techniques

Cost Management

  • Create a cost management plan
  • Estimate costs
  • Create a time-phased budget

Controlling Schedule and Cost

  • Compare actual performance to planned
  • Collect actuals
  • Earned Value Management
  • Forecast and trend analysis
  • Manage changes


The PMI Registered Education Provider logo is a registered mark of the Project Management Institute, Inc.
A Guide to the Project Management Body of Knowledge, (PMBOK® Guide) – Fifth Edition, Management Institute, Inc. 2013
Copyright and all rights reserved. Material from this publication has been reproduced with the permission of PMI.

Talent Triangle values:

  • PMP/PgMP: 12 Technical  0 Leadership  0 Strategic
  • PMI-ACP: 1 Technical  0 Leadership  0 Strategic
  • PMI-SP: 7 Technical  0 Leadership  0 Strategic
  • PMI-RMP: 0 Technical  0 Leadership  0 Strategic
  • PfMP: 0 Technical  0 Leadership  0 Strategic
  • PMI-PBA: 0 Technical  0 Leadership  0 Strategic
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