Only 34 processes added and 2 or 3 removed in pmbok guide 6 as compared to pmbok guide 5. Study flashcards on pmbok chapter 7 project cost management at. Project cost management 1 plan cost mgmt 2 estimate cost 3 determine budget 4 control costs. Feb 09, 2017 in this process we estimated the costs involved in completing the project. The process of cost budgeting defines time phased cost estimates for the project. Free pmp notes free pmp study material free pmp chapter. Pmp study notes chapter 7, cost management, part 1. This part of the pmp exam study notes updated for new pmp exam. Lastly, dont forget to check out the other study notes in this series and download our free 200 practice questions by clicking the links below. Understand formulas and calculations for the pmp exam in an easy and approachable way. I hope these blog posts will help you in your pmp exam preparation. Foundation guide for pmpcapm certification exam pmbok 5th edition fast pmp exam preparation for working professionals. This post is a collection of pmp study notes for pmbok 5th edition.
Please read chapter 7 from project management institute, a guide to the project management body of knowledge, pmbok guide fifth edition, project management institute, inc. Pmp certification study notes 7 project cost management. Human resources are also included, as they cost money. Project managers should analyze the needs of the project, to compare and reconcile any differences with cost requirements from management.
The guide is a document resulting from work overseen by the project management institute pmi, which offers the capm and pmp certifications. This process is relevant not only for determining the project budget, but also for change management and control process for example to validate assumptions. Conquer project time management with pmbok smartsheet. Cost estimating involves defining cost estimates for tasks. Usually i publish one post per month, so keep checking back here. Pmbok chapter 7 project cost management flashcards. Project cost management for project managers based on pmbok by dr. As you can also learn in the pmp certification training, all these project management knowledge areas include the processes which need to be performed in its own discipline. Weve put together the ultimate pmp study notes pdf to help you with the transition. It is a set of standard terminology and guidelines for project management published and updated by the project management institute pmi. Looking at each of those plans, you will see one of their inputs is the project management plan.
Learn pmi pmbok cost with free interactive flashcards. Mar 30, 2015 project cost management pmbok 5th edition slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. Cost management should occur early in project planning in order to establish a framework for all cost management processes and ensure that the project does not go over budget. Dec 19, 2019 according to the pmbok 6 guide, the project management knowledge areas help to achieve an efficient project management. Pmbok edition 5 pmp exam prep chapter 4 project integration management project management body of knowledge. Pmi has divided the large field of project management into 10 more digestible parts, which it calls the. So ultimately it will not only help you pass the certification exam, but also learn, remember and practice the nuances of project management. The tools and techniques used for estimate costs are expert judgment.
The second process involved with pmbok cost management strategies is cost budgeting. Pmbok study notes in this page can act as a reference for understanding various project management processes. If you continue browsing the site, you agree to the use of cookies on this website. Download our free redacted pmp formulas pdf guide so that youve got all. Cpi in project management measures the cost efficiency of a project. They also include outputs from other processes such as management plans for hr, cost, communications, risk, etc. How pm exam smartnotes will help you prepare with amazing pmp. I originally created the notes for my pmp certification preparation which helped me to pass the pmp exam with 4 proficient and 1 moderately proficient.
Preface thank you very much for downloading the pmp study notes based on pmbok guide 5th edition by edward chung, pmp. In 2018, the pmbok will switch from the 5 th edition to the new 6 th edition. Requiring involvement by andor work from one or more departments. The projects baseline costs are derived from the project needs as defined in these documents. The study notes have been rewritten to reflect the latest changes in the pmbok guide for the new pmp exam. Bottomup estimating involves estimating the cost and duration of the smallest activities and then adding them up to create the estimate for the whole of the project. The only aim of this guide is to provide you with a quick and succinct account of project management concepts from pmbok. The project management body of knowledge the pmbok guide 5th edition in summary reference. Appendix e includes a more detailed discussion of project management appli. Pmp mind map free download for pmp exam and capm exam. Cost management plan a cost management plan is a document that describes how the organization will manage cost variances on the project based on estimation, but acted on through monitoring and controlling labor costs are a large percentage of total project cost time money. Pmp certification study notes 5 project scope management pmp certification study.
Although estimating cost and determining budgets can be one process on small projects, pmi separates them into two processes because the exam assumes the pm is managing a large project. Project cost management pmbok 5th edition slideshare. Cost control is the part of project management such that cost management processes involved in planning, estimating, budgeting, and controlling costs so that the budget can be completed within the. We will discuss the main agenda of this pmbok 6 th edition. Project management plan inputs include the project charter, enterprise environmental factors and organizational process assets. Pmp certification study notes 5 project scope management. Our latest updated notes and practice test as per pmbok guide 6th edition are available to our learning management tool lms portal at. Please read chapter 11 from project management institute, a guide to the project management body of knowledge, pmbok guide fourth edition, project management institute, inc. Sep 26, 2017 although the techniques and skills for general time management and project time management often overlap, time management for projects, especially in the context of the pmbok guide, offers a much more structured approach to analyzing needs, resources, and scheduling. Pmp project management professional exam study guide 5th edition. More information on my pmp certification exam preparation can be found at my pmp exam and certification journey with free pmp. Pmbok guide, chapter 7 the questions on this topic have historically been more difficult than average for some exam takers because of unfamiliarity with. Pmp formulas and calculations advanced guide with examples. The body of knowledge evolves over time and is presented in a guide to the project management body of knowledge the guide to the pmbok or the guide, a book whose sixth edition was released in 2017.
It covers the complex project management topics not explained well in pmbok and other pmp study guides. In this pmp study guide, well cover all the processes in the cost management knowledge area in pmbok 6th edition. Hope the notes will help you preparing for your pmp certification exam. An identified area of project management defined by its knowledge requirements and described in terms of its component processes, practices, inputs, outputs, tools, and techniques. Most of the posts here are also useful for capm certification. The cost management function maintains its important focus at every stage throughout the life cycle of a project. Project management process columbus state university. Though these notes cannot replace the guide to project management body of knowledge pmbok, but they can provide a reference study material for pmp certification exam preparation. Please read chapter 7 from project management institute, a guide to the project management body of knowledge, pmbok guide fourth edition, project management institute, inc. The aacei has published a description of the full project controls process called the total cost management framework, which defines total cost management tcm as the effective application of professional and technical expertise to plan and control resources, costs, profitability and risk. The processes necessary to purchase or acquire products, services, or results needed from outside the project team. Nov 27, 2019 pmbok stands for project management body of knowledge. Qi anbang 2000 published a book total cost management of project, this book gives a brief introduction on the life cycle cost management theory and methods, this is the earliest.
My suggestion is to read pmbok as well as these notes. Pmp study notes pdf pmbok 6th edition project management. A guide to the project management body of knowledge pmbok. Let us study in this unit, the meaning of project management, its importance, classification of projects, project portfolio management system, project management structure, steps in defining. This part of the pmp exam study notes updated for new pmp exam thru 2020 is based on section 5 of new pmbok guide 6th edition. The main goal of these study notes is to make the pmp topics easier to understand and remember. T d jainendrakumar the cost management includes the processes involved in estimating, budgeting, and controlling costs so that the project can be completed within the approved budget. Through this pdf you will easily create pmp study notes for exam 2020. Cost management is one of the primary functions of project managers. Pmbok 5th edition notes for pmp exam milestonetask. Thus, project management has become an important area and its application is found in almost all the business and nonbusiness activities. Choose from 103 different sets of pmi pmbok cost flashcards on quizlet.
Pmp pmbok 5th edition chapter7 project cost management. Lastly, computerized tools can provide great assistance in estimating cost in projects. Project cost management for project managers based on pmbok. Pmp exam resourcesuse these resources for pmp exam preparation on this page i am going to provide you with a few online study resources for your pmp exam preparation, which i believe will help you in passing the pmp exam in your first attempt. The study notes explain topics that are important for pmp exam preparation and you can expect several questions from these topics. When integrated with the scopequality of the project and time management, these three functions form the core of project management. Focusing on agile development, framework practice, different methodologies, and new trends in project management.
292 575 947 1142 1011 1397 944 860 1434 121 431 1535 243 755 976 104 1013 1029 1347 905 875 683 102 1133 819 44 894 1443 1236 1309 119 62 504 26 258 1151