Manage Cost on Construction Projects (Online)

The ability to manage project costs is vital for the project manager. The skills that you learn in this unit will prepare you for project management cost processes and documentation and be accountable for the cost performance of your project. 

The process of managing costs will vary according to the phase of the project. For example, managing costs in the planning stages involves a detailed analysis of the labour needed to accomplish the project. By breaking this down into components, it can be costed. You will also learn the five most commonly used estimation techniques so that you can forecast costs accurately. Next, you will learn how to create a budget that includes contingencies for the ‘unknown unknowns’ and ‘known unknowns’.

Once a project has commenced, you will need to track and report on the cost performance of the project using Earned Value Management techniques and formulae. You will find out how to determine if your cost blowout is significant and needs attention, and some common causes and corrective actions. Finally, you will learn how to plan and execute your project’s closure and review the project’s success.