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Controlling Project Costs

To appreciate the importance of project control and evaluate the cost management systems used on projects.

Photo of some coins in a vice with a calculator in the foreground
  • Duration

    2 weeks
  • Weekly study

    3 hours

There are three basic parameters on which projects are judged to be considered successful, one of which is cost. This normally translates to completing the project within the target budget, set during the earlier stages of conception and planning the project.

As such, the planning, monitoring, and control of costs become crucial functions of project management which influences and has ramifications that permeate nearly all aspects of project work. Additionally, as oversights, miscalculations, and unforeseen events threaten to derail expenditure during the progress of the project, it is vital that project managers utilise effective monitoring and control systems to promptly detect and address deviations from original planned estimates.

This Topic begins with a discussion of the basic principles involved in cost management, by delineating the types of costs incurred during project work and discussing generic approaches to their management and control.

Subsequently, the Topic provides an overview of selected cost monitoring techniques that involve a visual representation of a project’s planned expenditure. These include rudimentary as well as more advanced approaches to the plotting of planned and actual costs against time.

Finally, the topic’s latter half is dedicated to the presentation of Earned-Value Management (EVM), which constitutes a powerful and sophisticated tool for the monitoring, control, and re-evaluation of project costs.

Learning on this course

On every step of the course you can meet other learners, share your ideas and join in with active discussions in the comments.

What will you achieve?

By the end of the course, you‘ll be able to...

  • Demonstrate a systematic understanding of the systems, processes and techniques required to plan and control project.
  • Develop a critical insight into the use of a variety of techniques to enable effective planning and control of projects for effective management of all aspects of a project, including resources, time and cost
  • Asess data and information, and to critically evaluate its relevance and validity.
  • Assess problems and to synthesise a range of appropriate solutions, both recognised and innovative

Who is the course for?

For students enrolled on Anglia Ruskin University’s MSc Project Management Programme

Who will you learn with?

I am an Online Content Technician for Anglia Ruskin University. I work collaboratively with academics in the creation and application of online content on our distance learning programmes.

Who developed the course?

Anglia Ruskin University

ARU is a global university with campuses across the East of England. They are passionate about transforming lives through innovative, inclusive and entrepreneurial education and research.

  • Established

    1858
  • Location

    Cambridge, UK
  • World ranking

    Top 350Source: Times Higher Education World University Rankings 2018

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Map your progress

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  • Whenever you’re ready, mark each step as complete, you’re in control

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