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Cost Management

Course Description

"Cost Management" gives project managers basic tools for predicting, monitoring and adjusting project schedules and budgets. At its conclusion, learners can expect to understand how to:

Calculate a cost performance index (CPI)
Calculate a schedule performance index (SPI)
Calculate estimated costs at completion (EAC), using the most appropriate method

The course consists of three chapters that explain, demonstrate and provide practice in applying each of the above techniques. The course's self-test can be taken as a pre-assessment and/or mastery quiz. Exercises involve learners in applying both concepts and skills. The body of the course is supported with a glossary, supplemental reading, and an indexed help section.

Content

"Cost Management" places basic cost management tools within the grasp of nearly any project manager. Each skill sequence builds on the one before. Using clear explanations and providing ample practice, this course makes learning when and how to use cost management calculations and indices as uncomplicated as possible.

Specifically, the course teaches project managers to use the Cost Performance Index (CPI) to monitor whether a project is on-budget, the Schedule Performance Index (SPI) to determine whether a project is on schedule, and three methods for caluclating Estimated At Completion (EAC) to adjust projected costs along the way.

The supplemental course materials are designed for the entire series. The glossary extends beyond the terms used in this module. New terms in the text are linked to the glossary, or users can go to the glossary to look up terms by scrolling or using the alphabetical index. The resources section is a treasure trove of brief articles on a variety of management topics.

Overall, for managers new to cost management methodologies, this course should prove useful, regardless of the number of zeroes and commas in their project budgets.

Platform

The course design is simple and straightforward, which works well for skill-building. On-screen text and simple graphics deliver the information needed, never distracting from content. The practice elements are well-designed, both in content and in action. They build understanding, one step at a time. Learners are consistently involved in practicing, primarily through multiple choice questions. Both problems and the selection of answers are better than average for a course of this type.

It's easy to move around this course. Navigation is intuitive and flawless, although help is available for novice users.

Value

If these cost management tools aren't already in your project management toolkit, this course is an efficient and cost-effective way to acquire them. The time and money spent are likely to be repaid many times over the first time you apply these methods to a real-life project.


		Rating:
		Publisher: Publisher's Price: $50.00 for 1 year of course access
		Course Duration: 2 to 4 hours
		Operating Systems: Windows 95 Windows 2000 Windows 98 Windows NT Required Plugins: None Required Skill Level: All Skills Miniumum Bandwidth Required: 56 kbps Audience: Project managers