Planning and managing project budget

Course description: 

The training leads participants through the process of creating a budget for the project, underlining the risks and problems that may be encountered during creation, and going over ways in which to effectively deal with these troubles. The most commonly used methods to evaluate the cost-effectiveness of projects and effectively use them are explained and practiced in this training.

The training is based on PMI standards described in the primary publication the PMBOK® Guide and the experience of the trainers conducting the classes.  


Course purpose: 

To acquire the ability to construct a complete budget for the project and the use of financial indicators to assess the viability of the project and its condition.  

Target group: 

This course is designed for project managers and the members of the steering committees.  


Advanced knowledge of project management principles is required for this training. Experience in project management would be helpful.  


 2 days


A good complement to the training are courses for managers concerning the use of office tools; in particular, spreadsheets.

Course outline: 
  • Project - basic concepts
    • The organizational structure of the project
    • Main roles in the project
    • Project management processes
    • Process groups
    • Knowledge areas
  • Cost of the project
    • The basics of good project budget
    • Where are the costs of the project coming from?
    • The lifecycle of the project and project product - the costs and benefits
    • Uncertainty in the project - also in financial terms
    • How much “it” will cost; planning in the project
      • Work breakdown structure (WBS)
      • The approach to the management of change
      • Orders in the project
      • Types of contracts
    • Estimating the costs
      • The accuracy of the estimates
      • Parametric estimation
      • Comparative estimating
      • The bottom up estimating (bottom up)
      • The three-point estimating (PERT)
      • Expert methods (Delphi, brainstorming)
      • The cost of project management
      • Reserves
  • The project budget
    • Aggregation of costs - essential ingredients
    • Cash flow in the project
  • Changing the time value of money
    • Future Value i Present Value
  • Evaluation of projects - selecting the "best" project from the portfolio - Financial ratios
    • Payback Period
    • Discounted Payback Period
    • Break-Even Point
    • Net Present Value
    • Internal Rate of Return
    • Profitability Index
    • Return of Investment
  • Project control
    • In example of the earned value method (EVM)
  • Closing the project - the closure of the project budget and orders



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