1. Diploma Project Management
Captain Cook College
Sharon Boyle

2.  Welcome back
 Refresher re
◦ Project definition
◦ Project management plan
 An Introduction & overview of Cost Unit
◦ an overview
◦ Estimating techniques
 Morning Tea
◦ Video re Cost Estimating techniques
◦ links to WBS
◦ Discuss Assessment items
 Lunch
 Start LMS reading & Questions

3. Friday 18 January
 Discussion re Assessment Items
◦ More detail around Assessment items for Cost Unit
◦ Negotiate & agree date for Project management meeting
◦ Structuring a cost management plan
Morning Tea
 Work on either cost management plan or
 LMS activities
Lunch
 Discuss answers for Activities 1 & 3 – leave Written/Oral to
next week
 Continue working on LMS
24 & 25 January
◦ More detailed analysis - EVA
◦ Variations & Closeouts
◦ Clarification on Assessments
◦ Finish LMS activities
◦ Project Meeting

4.  The projects we are considering are characterised by the
following:
◦ the need for a comprehensive and multi-faceted project plan
◦ the need for a formal internal or external communications
strategy
◦ a dedicated and diverse project budget
◦ multiple administrative components
◦ multiple operational components
◦ a wide range of stakeholders
◦ a project operations team.
 Video Project management plan
◦ http://www.youtube.com/watch?feature=endscreen&v=mkymWo
HY48Y&NR=1
 This video is shown through youtube and this college acknowledges the
author as shown.

5.  1. Determine project costs
 2. Monitor and control project costs
 3. Conduct financial completion activities

7. ◦ Work up the resource requirements with input from
stakeholders
◦ Estimate project costs & agreed cost management
processes
◦ Develop & implement a cost management plan
subject to
 Delegated authority
 Understanding of stakeholders & others
 Usefulness to management of project finances

8.  Cost estimating from WBS & resource
schedules
 Cost budgeting - aggregating
 Cost control – influencing factor impacting on
budgets & controlling impact on project

9.  Others may include:
 relevant project authority
 program manager
 project specialists or other personnel
 team members

10.  Project costs are estimated to a level of
accuracy available considering:
◦ availability of information at the time
◦ contingencies to allow for identified risks and
uncertainty
◦ organisational requirements, for example overhead
and profit margin
◦ stage of the project life cycle

11.  Delegated authority means that activities
will:
◦ be conducted routinely or as changing
circumstances dictate
◦ be done independently within broad guidance or by
taking the lead of a team
◦ involve consultation with other project
members, teams and internal stakeholders
◦ involve the selection, use and supervision of
appropriate time management methods, tools and
techniques
◦ take into account internal organisational change
and external environmental change

12. Trudy Robinson
 Cost estimating – part 1.
 http://www.youtube.com/watch?v=hUBdN2sl
Abo&feature=relmfu

15.  Carry out the agreed financial
monitoring – actual Vs baseline
◦ Identify which cost analysis
methods are relevant
◦ Evaluate options
◦ Report to those who need to know
◦ Implement, monitor and respond
through out lifecycle.
 Costs do not let go at any
stage.

16.  Next week we will look at
◦ Earned Value Management
◦ Forecasting cost to complete
◦ Performance reviews
◦ Variance analysis

17.  Conduct appropriate close out activities
◦ Has everyone been paid?
◦ What about the variations?
◦ Where do we stand?
◦ Detailed records must be kept
◦ Any lessons learnt?

18.  Let’s discuss
 Using Microsoft Project here is the best
training video
 http://www.youtube.com/watch?v=sPwURRG
9_Gs
 Hint; watch this a few times.

19.  Welcome back
 Refresher re
◦ Project definition
◦ Project management plan
 An Introduction & overview of Cost Unit
◦ an overview
◦ Estimating techniques
◦ Video re Cost Estimating techniques
Morning Tea
 links to WBS
 Discuss Assessment items
Lunch
 Start LMS reading & Questions