Project Budget and Cost Management (Classroom and Synchronous e-learning)
About This Course
This course provides a comprehensive foundation in project cost management and budget control. It highlights the strategic role of cost management in achieving project success, preparing learners to apply proven techniques in cost estimation, budget planning and expense control effectively across varied project contexts. This course also explores the close connection between robust cost management practices and project selection, empowering learners for effective decision making with budgeting and cost control considerations necessary to meet project expectations. Learners will learn the skills to optimise resource allocation, manage financial risks, and align project budgets with broader organisational objectives, thereby contributing to sustainable growth.
What You'll Learn
1. Differentiate various types of project costs, including direct, indirect, fixed, variable, and overheads, and explain their implications.
2. Plan the cost management process for a project, including stakeholder
roles, planning tools, and budget governance.
3. Analyse how organisations prioritise and select projects based on strategic alignment, resource availability, and expected value realisation.
4. Evaluate lifecycle costing and Cost of Quality (CoQ) concepts to support
long-term financial planning and quality-based decision-making.
5. Apply common cost estimation techniques, including deterministic and
probabilistic methods, to develop realistic project budgets.
6. Conduct cost-related risk analysis, including contingency planning, risk
reserves, and response strategies.
7. Develop a time-phased project budget aligned with project schedules
and milestones.
8. Implement budgeting procedures and cost management strategies to
monitor and control project expenditures.
9. Apply Earned Value Management (EVM) techniques to assess and
interpret project cost and schedule performance.
10. Apply project costing and budget management practices to real-world or organisational project scenarios
Entry Requirements
While there is no specific admission requirement, this course is recommended for learners employed in Project Management-related roles or have previous work experience in Project Management-related roles, so as to better benefit from and appreciate the course contents.
This micro-credential course is offered under the FlexiMasters in Project Management programme, which comprises five SEQUENTIAL courses. Learners are recommended to start with courses “Fundamentals of Project Management” and “Management of Project Plan, Schedule and Resources”. Part-time learners may take up to three courses per semester, which may include the course “Project Budget and Cost Management” alongside the first two courses.