The Basics of Project Cost Management - Project Management Training

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To stay on budget, you need a cost management plan. Jennifer Bridges, PMP, shows you why you need a project cost management plan, and how to set up a process. She also outlines tips to keep costs in place.

[@annablackwood9500]

I Can Never Stop Enjoying The Way How This Lady Teaches Project Management

[@oohno1000]

Okay she’s been my go to for years 😃😄

[@kiranpreetsingh2329]

We appreciate you giving us with such a wonderful example of cost management. It is crucial to comprehend how the element of "cost" affects a project's likelihood of success. As a result of my project's low cost, it failed. And i should definitely put the advice you give to use to be successful in my upcoming undertakings.
Thank you

[@firstnamesecondname5341]

Why is it I used to be able to do this stuff in my sleep, but 12 years away from the industry when I tried to dive back in as an experiment suddenly my brain just went to mush…. Lovely refresher this is 👍

[@Jaguar2121]

Project costs always have a risk to exceed cost so it is good to estimate higher than required to have a buffer budget. Same goes for schedule, have a buffer in case of overruns.

[@JJ-fx3eb]

Thank u for sharing this video, very helpful!

[@bensondube2632]

WONDERFUL MAM YOU HAVE MADE MY STUDIES EASY *****

[@perera319]

Can you please help with "produce projects sub-divisions"? I am new to Business management.

[@Jashandeep_singh_mander]

It was really helpful and was explained in a really simple way and its really crazy to see such basic things and activities that we perform daily to see them on a advanced level and how they can be used properly.

[@Ana-Junubi211]

I'm progressively learning
Many thanks 🥰🥰

[@ntcuong01ct1]

Dear Friends,
I have confused between MTO and ETO (by project) of managerial accounting view. Could you explain the differences?. Thank you.

[@beiemnetgenemo9363]

wonderful study project management

[@ramejuliano7632]

Thank you very much for this! It is very helpful for us students. 😊

[@ProjectManager]

Thanks so much for watching, Rame:)

[@ProverbsforaMeaningfulLife]

Have you ever ran into a group that at the project level identified a delay in resources and is being asked by the c suite level to give the money back and basically cancel the project. How do you present that in a task level or with cost management

[@sks1875]

Crisp and to the point. Liked the presentation

[@HUNTER-cq1pd]

Thanks

[@lionking2801]

Excellent..... Thanks a lot...

[@krisdaniel9109]

Hello ma’am I guess at 1:05 mins you meant cost could exceed profits but I guess you said cost could exceed projects ✌🏻 . Over all wonderful explanation thanks

[@vikasmutha7014]

Thank You ma'adam 🙏🏻🙏🏻

[@narenthiranks1931]

thank you mam your explaination is thought able one.....

[@rogerrabbit2902]

U look like a malaysian man

[@TatsTalks]

Great breakdown. Thanks!

[@ProjectManager]

Glad to hear it!

[@easypakwanbs]

So nice explain the way you explain is very interesting

[@leocheng9428]

what an impressing explanation to cost management

[@bertsilog6640]

Thank you

[@irvinmaneta1442]

Excellent

[@julie_chen]

Thank you.

[@vachikarmenian8139]

excellent! Thank you

[@akinyemisamson6794]

please how can i register for your software? the point to click on terms and conditions, can't be seen

[@letslearn6238]

love you

[@LindaHurlbut]

Very good high level explanation

[@ProjectManager]

Thanks, Linda!

[@BEYONDTHECREATOR]

madam it is very useful thank you.

[@ProjectManager]

So happy to hear it was useful for you!

[@majidsalem2414]

Excellent the video was useful

[@ProjectManager]

Thanks :)

[@Zihaam011]

Great 👍

[@chudy.w]

"you may want to plan for natural disasters"
watching in 2020: "How did she know???"

[@marcoflores8004]

lmao after I heard that I quickly looked at the date this video was published lol

[@fernandopaula7339]

good

[@uniaainu5826]

👍👍👍👍

[@primozbenedicto3501]

Interesting

[@miltonraulmamani967]

Very good!

[@ProjectManager]

So happy to hear it, Milton!

[@AceCPAsBookkeeping]

TLDR: Cost management on projects is crucial for setting the baseline, tracking budgeted versus actual costs, and mitigating unexpected events to prevent going over budget.
00:00 📊 Project cost management is important for setting the baseline and preventing going over budget.
00:55 💰 Cost management is the process of managing project costs by estimating and developing a detailed budget to avoid financial losses and invoicing errors.
01:32 💰 Baseline project budget is used to control spending at task level, tracking labor, material, and other costs to ensure staying on budget.
02:48 💰 Track and manage various project costs such as labor, consulting fees, raw materials, software licenses, travel expenses, and telephone charges.
03:18 💰 Plan for inflation when managing project costs, as it can impact the duration and increase or decrease costs.
04:03 💰 Account for natural disasters and potential events that may impact project costs and resources.
04:23 💰 Include unexpected costs like legal fees, penalties, and labor costs in project cost management and track them in real time to respond promptly to any deviations.
05:02 💰 Size and scale your project accordingly, as any deviations can impact your budget, and use cost management tools to help manage project costs.

[@karannavnathdahiphale2342]

😮

[@XITSONGAENTERTAINMENT]

video resolution 100%

[@kcthinker]

This was a commercial

[@shammipacholi]

the video is really good in terms of the subject presented but I feel not showing so much content on board from start. It makes the audience feels overburden instead please try one content at one time, sometimes it makes the audience get distracted from the topic you are explaining to the topic shown on board.

[@UmairButtKashmiri]

Thanks

[@ProjectManager]

Of course!