Project Scheduling and Cost Management
Projects attempt to achieve maximum value for minimum cost, and they often compete with other projects and operations within the organization for resources and financing. This course covers recently developed methods and value based metrics that, properly applied, can significantly impact project and portfolio value and revenue. By quantifying each side of the classic Triple Constraint Triangle, the value returned by the project and its contribution to the organizational portfolio can be accurately assessed and optimized. The course focuses on the project as an investment, and addresses both the theoretical and practical skills necessary to successfully manage that investment. Techniques covered include Estimated Monetary Value of the project scope; critical path and precedence diagramming methods of scheduling; resource optimization; and decision-making processes that optimize both project performance and return on investment.
At the end of the course, students will be able to:
Explain the core principles of the project as investment, and itemize the main contributing factors of product and project scope to that investment.
Explain how the project investment may be affected by schedule, and compute the value of a project schedule that is delayed or accelerated.
Prepare a detailed project work breakdown structure that aligns with project scope.
Build a project schedule through critical path method and precedence diagram method by identifying task dependencies, constructing a project network diagram, and using advanced techniques and metrics to optimize a schedule using MS Project.
Make activity-based resource assignments and level resources.
Develop a comprehensive project budget based on scheduling data and other project parameters, and establish the cost baseline.
Use resource scheduling metrics to justify staffing levels.
Explain, compute, and use effective techniques and metrics to track and control a project, such as earned value analysis, resource justification, profitability, and critical path methods.
Explain, justify, and compute management reserve and buffers based on project risk, and estimate the cost of such reserves.