Washington University in St. Louis

PMM201: Estimating and Project Cost Management (12 hrs)

Washington University Logo
Course summary:

Managing project costs is a crucial aspect of any organization's investment in technology or other projects. Making informed decisions about which projects to fund, change, postpone, or cancel requires accurate estimates. During project execution, estimates provide a basis for tracking and controlling costs. This course focuses on establishing project scope and estimating project costs using a comprehensive process. Technical professionals will learn financial concepts that can improve communication and teamwork with project clients, sponsors, and the project team.

The course includes hands-on practice in developing estimates and evaluating potential projects, ensuring that students are prepared to apply what they have learned. By the end of the course, participants will have a solid understanding of project cost management and be equipped with the necessary tools to make informed decisions about their organization's projects.

Course outline:
  • Cost Management Life Cycle
  • The Major components of project Estimates
  • Degrees of Estimating Quality
  • 5 Factors that influence Estimates
  • Top Down and Bottom Up Estimating
  • Estimating time and money contingency; Too much, too little, just right.
  • Project Evaluation and Approval
  • Project Controls
  • Application - balancing “art” & “science”
  • Estimating and Cost Management Improvement
Learning outcomes:
  • Use a comprehensive and repeatable process to develop detailed project estimates
  • Identifying and validating project requirements
  • Improve Business Agility
  • Link project selection to corporate strategies with strong business cases
  • Efficiently reach an initial Go No Go decision
  • Develop discrete and range estimates based on project risk exposure
  • Leveraging the Procurement Process: Estimates and contract types with external sources
  • Document project cost estimates and assumptions
  • Understand project evaluation criteria
  • Manage and control project cost accurately and timely
  • Scope changes and its effect on initial estimate
  • Perform Earned Value Analysis, User Friendly cost reports that drive decisions

Join the Waitlist

Have questions?
Contact us if you would like to speak with a program director or visit our Frequently Asked Questions page.